Arab Finance: Drive Finance, a subsidiary of GB Corp, has successfully closed its sixth securitization bond issuance valued at EGP 2.4 billion, according to a bourse filing.

Rated by the Middle East Rating & Investors Service (MERIS), the offering marks the first tranche under Capital Securitization's 16th program, which amounts to EGP 25 billion.

The Commercial International Bank (CIB) and the Arab African International Bank acted as financial advisors, managers, arrangers, and underwriters for the issuance. The underwriting syndicate also included Bank Al Baraka.

Meanwhile, the Arab African International Bank served as the custodian and placement agent. Al-Deriny Law Firm served as the legal counsel, while Baker Tilly acted as the auditors for the transaction.

In November, Drive Finance penned a syndicated credit facility worth EGP 5 billion to support the expansion of its consumer finance and factoring portfolios.

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