Latest in Banking Highlight
Latest in Banking
CBE-hosted FinTech Innovation sprint launched to address COVID-19 challenges
Innovation sprint in line with Egypt’s FinTech strategy, promotes entrepreneurs and startup cooperation with financial institutions to address COVID-19 challenges
National Bank of Kuwait – Egypt to increase issued, paid-up capital to EGP 5bn
Bank will also increase authorised capital from EGP 2.5bn to EGP 10bn
Al-Sharif Group, NBE sign EGP 978.2m financing contract for Shepherd Hotel renovation
Renovation and upgrade of Cairo’s renowned hotel is expected to take 42 months
CBE amends provisions of tourism initiative guaranteed by Finance Ministry
New amendment stipulates that initiative would end after exhausting amount allocated or by June 2021, whichever is closer
saib Bank sees net profits grow 84% to $20.4m in 2020
Increase in profits was driven by high net income from return, net trading income
Central Bank of Egypt reveals market performance indicators in September 2020
Customer deposits break EGP 5trn mark for first time in local market
HSBC launches its first cashback credit card in Egypt
Product is tailored to evolving needs of its Egyptian cardholders: Visa Country Manager
Mashreq Bank – Egypt launches ‘Turbo Loan’ for businesspeople, self-employed
New product ensures quick credit approvals within 48 hours, with credit limit of up to EGP 750,000, repayment periods of up to 7 years
Housing and Development Bank records 96% growth in retail loans in 2020
Bank also reports 380% and 20% increase in auto loans and customer deposits, respectively
ABE makes notable contribution to sector revival, countryside development: Chairperson
Bank sees huge increase in loan portfolio to EGP 44.5bn in 2020, of which EGP 31bn directed to MSMEs, says Alaa Farouk
Banque Misr submits tender offer to acquire 90% stake in CI Capital
News of Banque Misr’s intention to acquire further shares in CI Capital pushed company’s stock to its highest level in 8 months
CBE offers 1-year T-bills bid worth $980m on Monday
Proceeds of bid are used to pay for value of previous bid put forward on 11 February 2020
Banque Misr, NBE maintain interest on savings vessels
Proceeds of NBE’s various savings certificates increase by over EGP 230bn since mid-2020
Crédit Agricole rolls out Egypt’s 1st environment-friendly contactless payment cards
New polylactic acid cards from G+D are certified as environment-friendly by international bodies
saib Bank to increase retail portfolio, financing for national projects, SMEs
saib Bank opens first innovative financial education centre as part of digital development plan, aims to have four centres in 2021
Global economic recovery depends on effectiveness, availability of COVID-19 vaccines: CBE
The CBE decided on Thursday, to keep the basic interest rates at 8.25% for deposits, 9.25% for lending, and 8.75% for main operation rate.
AAIB lends support to Egypt’s cashless economy drive
Bank to offer Egyptian merchants state-of-the-art N-Genius™ payment platform
Federation of Egyptian Banks contributes EGP 500m towards COVID-19 vaccine
Banks working in Egyptian market have donated over EGP 750m towards this cause
Central Bank of Egypt to review interest rates for 1st time in 2021 on Thursday
In its last meeting for 2020, Bank decided to maintain deposit and lending rates at 8.25% and 9.25%, respectively
CIB included in 2021 Bloomberg Gender-Equality Index
The Commercial International Bank (CIB) announced, on Tuesday, that it has been included on the 2021 Bloomberg Gender-Equality Index (GEI). The Bloomberg GEI is the world’s comprehensive, investment-quality data source on gender equality at publicly-held companies. The 2021 Bloomberg Gender-Equality Index includes 380 global companies spanning 11 sectors, representing 44 countries and regions. Collectively, the …
CIB included in 2021 Bloomberg Gender-Equality Index
Inclusion is bank’s third consecutive year of recognition for its strides in gender equality
Net foreign assets in banking sector rise EGP 20.991bn in December 2020
Household sector added EGP 643.108bn in local currency deposits during 2020
National Bank of Egypt adds NIB’s investment certificates to its savings vessels: Official
Net sales of former NIB’s certificates stood at about EGP 435bn in 2020
Bank Audi – Egypt reports EGP 10bn increase in assets, deposits during 2020
Bank Audi – Egypt has revealed that its total assets rose to EGP 85.6bn at the end of 2020, compared to EGP 75.3bn at the end of 2019. The latest figures represent an increase of EGP 10.3bn, and a growth rate of 13.7%.
Digital banking transactions through CIB’s Mobile Banking jump to EGP 53bn in 2020
CIB presents 2020 digital transformation results amid COVID-19
Egyptian Arab Land Bank seeks partnerships with real estate developers to utilise assets: Chairperson
Bank’s SMEs, retail banking portfolios increase to EGP 5.8bn, EGP 1.9bn respectively
CIB, City Edge sign cooperation protocol providing EGP 1bn for housing units
Bank to provide payment facilities to City Edge customers, mainly mortgage finance with 20-year repayment period within Central Bank’s initiative
Agricultural Bank of Egypt to settle EGP 6.3bn in bad debt for 238,000 farmers
Initiative includes EGP 3.9bn for principal debt and EGP 2.4bn for accumulated returns
National Bank of Egypt records EGP 1.8trn deposits, EGP 866bn loans in 2020
Bank’s customer base rises to 15.4 million, of whom 5.4 million subscribers to Al Ahly Net service, with EGP 417bn transaction volume
HSBC launches Sustainable, Transition Finance Team in Middle East
Team will help institutions, corporates, and individuals’ transition to more sustainable economy