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ADIB Egypt establishes EGP 10m consumer finance firm

ADIB Egypt establishes EGP 10m consumer finance firm
ADIB Egypt will hold a 98% stake in the new company
Abu Dhabi Islamic Bank
ADIB
6.46% 16.01 0.97

Cairo – Mubasher: Abu Dhabi Islamic Bank-Egypt (ADIB Egypt) announced the establishment of Abu Dhabi Islamic Consumer Finance with an issued and paid-up capital of EGP 10 million. 

ADIB Egypt will hold a 98% stake in the new company which will operate in line with the provisions of law no. 18 of 2020, according to a bourse disclosure on Tuesday. 

In the first half (H1) of 2021, ADIB Egypt posted net profits of EGP 680.15 million, compared to EGP 530.57 million in H1-20, including minority shareholders' rights.