SECON to start withdrawing loan acquired from Banque Misr, NBE before end of March
Company will not borrow from banks currently, will participate in major national projects, says Hasanen
Hossam Mounir
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SMEs comprise 9.5% of United Bank’s loan portfolio by end of December 2015
We target 25% increase in funds directed to SMEs from the total loan portfolio within four years, says Abdul Hamid
Banque Misr targets increase in SMEs loans to EGP 1.5bn by end of FY 2015/2016
The bank provides 55% of the total funds granted by banks as part of the Mashrouak initiative
IDBE launches 11 products, programmes to finance SMEs: bank chairperson
Loans to SMEs represent 16% of bank’s total loan portfolio, which we aim to increase up to 20% before end of 2016, says El-Kosayer
UNB-Egypt aims to increase SMEs loans to 8% of total portfolio by year’s end
Bank developed a strategy to increase finances provided to the sector to 20% of its total loans within four years
Metropolitan Consulting supports CBE’s initiative for financing SMEs
Nagaty said the company’s goal behind this step is to contribute to supporting the expansion of already existing SMEs, or establishing new companies
CBE considers launching initiative to support micro-enterprises
Intensive meetings held with ministries, authorities responsible for financing micro-enterprises to finalise initiative
EBI to hold conference on risk management in the banking sector
The conference will be held under the auspices of governor of the Central Bank of Egypt (CBE) Tarek Amer; the discussion will focus primarily on the latest developments of risk management in banks
Offering United Bank for sale still pending: chairman
CBE, other parties still studying issue of sale, we have not received instructions so far, says El-Kady
HDB records gross profits of EGP 491.2m for 2015
The HDB’s loans portfolio increased by 15.5% to record EGP 8.2bn, while deposits increased by 21.8% recording EGP 11.7bn
Bankers expect interest rates on savings instruments in pounds to rise
The Monetary Policy Committee of the CBE decided to raise deposit and lending rates at the Egyptian central bank by 1.5%, brining the rate to 10.75% for deposits and 11.75% for lending
Banque du Caire aims to inject EGP 2bn into SMEs during 2016: Chairperson
El-Zahid said the bank has been supporting these projects for more than 10 years, and the loans directed to them represent 5% of the bank’s loans portfolio
UAB, World Bank to conclude study on initiatives to support SMEs
There are serious steps being taken to support SMEs in Egypt, Sudan, Tunisia, Oman, Morocco, Iraq, and Libya, says secretary-general
CBE governor claims responsibility for reduction of pound’s value against dollar
In a meeting with the CBE deputy governor and various banking officials, Amer reaffirmed the Egyptian central bank’s role in navigating the Egyptian economy
NBE records EBT of EGP 10.4bn during FY 2014/2015
The bank also achieved a 23% growth in loans granted to small and medium-sized enterprises (SME) with EGP 16.6bn provided through June 2015, while retail loans increased by 20% to reach EGP 31.5bn in June 2015
Banque Misr pays EGP 3.6bn in taxes, achieves highest net profit in its history
The bank’s net profit reached EGP 4.2bn in FY 2014/2015, compared to EGP 2.5bn in 2013/2014, with a 66.3% growth rate after paying EGP 3.616bn in taxes
AIB aims to increase SMEs loans portfolio to EGP 7bn by 2020
The volume of loans provided to SMEs amounted to EGP 1.5bn, equal to 40% of bank’s loans portfolio, says chairman
CBE sells $1.5bn to cover portion of temporary credit facilities to importers
Banks are required to redeposit amounts obtained in the CBE auction with a 1.23% yield over one year
CBE to hold exceptional $1.5bn auction
CBE sold $200m to banks operating in the local market at rate of EGP 8.85 per dollar, through an exceptional tender, to cover the demand of food commodities importers
NBE, Banque Misr issue CDs with 15% yield
The NBE and Banque Misr will issue the CDs beginning on Monday for a period of 60 days, according to El-Etreby
Pound devaluation shakes market
EGX-30 jumps by 6.7%, amid renewed hopes for FDIs and major concerns over inflation and budget deficit
CBE raises price of US dollar to EGP 8.85
Banks will sell US dollars at EGP 8.95, up from EGP 7.83
US dollar declines to EGP 9 in informal market
Banks await fresh dollar liquidity to be injected through exceptional CBE auction
Foreign deposits, withdrawals balance out at banks on Wednesday, Thursday
Approximately $8m exited one of the largest banks following CBE decision to cancel cap on foreign currency withdrawals and deposits
Arab-American banking dialogue to discuss international cooperation, combating terrorism financing
Union of Arab Banks to issue largest database on financial and banking laws, legislations in Arab world, says Fattouh
Exchange firm officials prepare for expanded meeting with CBE
El-Abyad denies any agreement between CBE and exchange firms on a specific price for dollar
Amer condemns media for promoting exaggerated dollar prices in informal market
We cannot consider the process of dollar trade outside the banking sector and exchange firms with trustworthy prices, says Mohamed Abdel Aal
Private banks discuss protecting dollar liquidity after launch of high-interest CDs
The CBE is widely projected to raise basic interest rates by 0.5-1 percentage points next Thursday to shore up the pound
‘Belady’ euro certificates offered to Egyptians in Europe
These certificates are similar to the ‘Belady’ dollar certificates that the three banks offered at the beginning of March.
Ashraf Elkady to take office of United Bank of Egypt by April
Elkady currently serves as assistant managing director of Suez Canal Bank, where his last day will be on Thursday