Latest in Banking Highlight
Latest in Banking
4 banks acquire 90% of Islamic banking in Egyptian market
Faisal Islamic Bank of Egypt ranked first with EGP 119bn turnover in March 2021
The Sovereign Fund of Egypt and EFG Hermes Holding sign agreements for the acquisition of 76% of Arab Investment Bank
Transaction will be capital increase that will raise Bank’s paid-in capital to EGP 5bn
CBE amends 2 initiatives supporting Egypt’s tourism industry
Initiatives aimed at financing replacement, renewal of hotels and transport fleets, payment of salaries, wages, maintenance
Egypt’s annual headline urban inflation declines to 4.1% in April 2021: CBE
Monthly headline urban inflation registers 0.9% in April 2021
Financial position of banks in Egypt increases to EGP 7.3trn in February: CBE
Foreign investments in Egypt’s T-bills amount to EGP 313.68bn in March 2021
National Bank of Egypt to finance 1.5-million-feddan reclamation project beneficiaries
Bank records EGP 14.6bn in agricultural loans given to 34,000 projects
CIB receives 1st Gender Equity Seal in MENA region, co-chairs Egypt’s Closing Gender Gap Accelerator
The certification is guided by the World Bank’s Gender Equity Model, which identifies the areas of focus and maps out the needed actions to accomplish the model’s objectives in each area.
Egypt sees EGP 104.191bn increase in local currency bank deposits during March 2021: CBE
Foreign currency deposits see stability, while volume of foreign assets at CBE amount to EGP 621.783bn
CBE to review interest rates amid strong expectations of no change
Bank maintains, on 18 March, its basic interest rates for third consecutive time at 8.25% for deposit, 9.25% for lending
Egypt’s external debt up $1.8bn to $125.3bn in September 2020: CBE
Long-term debt accounts for 90.2% or $113.0bn of total external debt
CBE approves 3rd edition rules for mobile wallet payment services
Transactions made through mobile wallets in 2020 reach EGP 100bn, according toCBE
Egypt sees some leading indicators to maintain economic recovery in Q4 2020: CBE
Upward movement builds on initial recovery following easing of partial lockdown measures, despite some way to go to pre-COVID-19 levels
saib Bank targets over 50% growth in retail banking portfolio during 2021
Personal loans represent 48% of bank’s total loan portfolio, while auto loans stand at 15%, says Amr Nossair
Financial inclusion top priority for Housing and Development Bank: Chairperson
Bank conducts first periodic draw for 2021 on Children, Youth Savings Account prizes
Financial position of banks in Egypt rises to EGP 7.158trn in January 2021: CBE
Net foreign assets increase by EGP 152.5bn over 7 months
NBE’s Tamkeen for microfinance begins activities in Upper Egypt
Company plans to acquire number of fintech, non-banking service companies during next three years, integrate them into current platform, says Chairperson Dalia Al-Baz
Banks in Egypt increase capital to comply with new banking law
Law stipulates minimum capital of EGP 5bn for banks operating in Egyptian market, $150m for foreign bank branches
Egypt provides electronic channels for pension disbursement
Move supports state’s direction to transform into cashless society, increase use of electronic channels
Banque du Caire reports EGP 3.2bn net profit in 2020
Bank overcame challenges of 2020, banking sector one of strongest sectors supporting national economy, says Tarek Fayed
NBE provides services to clients at New Administrative Capital through mobile unit
Bank is keen to increase financial inclusion among Egypt’s youth, one of country’s most important segments that NBE seeks to include
HSBC, Reefy sign EGP 150m revolving facility for Egyptian women-led MSMEs
Agreement supports CBE aim to raise microbusinesses, SME sector contribution to formal economy, women empowerment
CBE to provide ABE additional EGP 1bn to finance livestock project
Approval from CBE raises lending portfolio for this project to EGP 3bn, says ABE Chairperson Alaa Farouk
Egypt’s Edita Food Industries borrows EGP 90m from NBK to finance local expansion
Loan will also go towards financing necessary maintenance to ensure efficiency, quality of company’s products
Agricultural Bank of Egypt expands ‘Bab Rizq’ microfinance programme to 150 branches
Programme aims to increase income, improve livelihoods in rural areas, achieve financial inclusion for female breadwinners, says Alaa Farouk
ADIB Egypt reports EGP 1.196bn in net profit during 2020
Consolidated financial results for 2020 show positive indicators, despite negative repercussions of COVID-19 pandemic
Bank Audi Egypt to launch new internet, mobile banking applications soon
Bank is keen on improving customer banking experience, by providing more ease in carrying out all banking transactions with best security measures: Iman Badr
Suez Canal Bank to increase contribution in car replacement initiative, puts SMEs finance plan
Bank’s SMEs portfolio reaches EGP 2bn, retail banking records EGP 1.2bn in 2020, says Chairperson Hussein Refaey
Banks in Egypt see EGP 2.448trn credit facilities in November 2020: CBE
Total bank deposits rose to EGP 5.126trn in November 2020, compared to EGP 5.088trn in October 2020
Comprehensive restructure plan in place for Egyptian Agricultural, Rural Development Company: ABE Chairperson
New Board of Directors will be formed alongside establishing two main headquarters in Minya and Beheira
EGP 1.166trn increase in financial position of banks in Egypt during 2020: CBE
Banks report EGP 325.761bn reserves, EGP 162.274bn provisions to nonperforming loans