Year 2019

December 12, 2019

Deutsche Bank celebrates 60 years in Egypt

Deutsche Bank’s 60-year commitment to Egypt and the broader African continent was celebrated last week with a reception at the Four Seasons hotel in Cairo. Deutsche bankers from across divisions travelled to Cairo to celebrate with over 200 clients and stakeholders.

The bank established a representative office in Egypt’s capital in 1959 to facilitate trade not only between Germany and Egypt, but between Germany and the entire African continent.

Today, the bank’s office provides its local partners with access to a global network of products and services. The bank operates as the main trade partner for all Egyptian banks and is active in Debt Capital Markets (DCM), Structured Trade and Export Finance (STEF), Trade Finance, Cash Management and Global Markets.

Ahmed Shehab, Head of Deutsche Bank AG Representative Office Cairo, said: “We are pleased to share our 60-year celebration with our global colleagues and local partners. We have been unwavering in our commitment to our presence in Egypt through both gratifying and challenging times and we are proud of our support for the local economy in addition to our global and local partners in the country and the continent over the years.”

Deutsche Bank has also led a number of inaugural transactions. Last year for example, Deutsche Bank helped the government of Egypt arrange its first euro dominated bond ever, raising 2 billion euros in the international debt capital markets - a transaction which was oversubscribed by almost four times. Furthermore, Deutsche Bank arranged a substantial Repo transaction for the Central Bank of Egypt and have executed several Repo transactions for other local banks.

In 2017, DB financed three power plants for 3.5 billion euros for the Egyptian Electricity Holding Company (EEHC). Supported by German export credit agency Euler Hermes, these deals represent part of the single largest order ever for our partner, Siemens, the largest-ever export finance transaction by the Structured Trade & Export Finance business, and the largest-ever export financing in the Egyptian market.

Deutsche Bank, in its role as Coordinating Initial Mandated Lead Arranger and Coordinating Bookrunner, arranged and syndicated to 17 international banks three Euler Hermes backed loans for EEHC totalling 3.5 billion euros with payment guarantees by the Egyptian Ministry of Finance. Moreover, for the first time ever Deutsche Bank assumed the role of Environmental Lead Bank and managed a truly complex environmental and social project due diligence process.

To see the transaction featured on Deutsche Bank’s Positive Impact hub, click here

Remarking on the bank’s presence in Egypt, Claire Coustar, Head of EM Structuring and ICG CEEMEA said, “Egypt has and continues to be an important client base and market for the bank. We are proud to have supported the Central Bank ahead of Egypt’s IMF facility in 2016 and have successfully completed transactions across the Sovereign, FI and corporate sectors in Egypt. Congratulations to the team across the investment and corporate bank on its client and product delivery and on the occasion of this important milestone. We are excited about the growing business opportunities in Egypt and look forward to continuing our successful partnerships.”

Daniel Schmand, Head of the Corporate Bank, EMEA, added, “We remain deeply committed to our local presence in Egypt, which remain an important contributor to the success of our Corporate Bank in EMEA”.


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Last Update: December 12, 2019
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