Latest in Banking Highlight
Latest in Banking
Abu Dhabi Commercial Bank – Egypt achieves 14% net profit growth in 2020
Bank eyes continued expansion in Egyptian market, targeting 25% growth rate by 2021 end
EIB, Banque Misr sign €425m worth credit line agreement to finance SMEs
This agreement represents first tranche of €750m agreed upon earlier
First Abu Dhabi Bank fully acquires Bank Audi’s Egypt operations
Transaction is expected to be completed within next few months
CIB Sustainability Reporting Award recipients attend GRI Certified Training Workshop
Award launched in celebration of the bank’s five years of sustainability reporting
Egypt records 5% average headline urban inflation in 2020: CBE
Real GDP growth records -1.7% in Q2 of 2020, before recovering to 0.7% during Q3 of 2020
Egypt’s annual urban headline inflation declines to 5.4% in December 2020: CBE
Subsequent inflation target has been set at average of 7% (±2%) during Q4 of 2022, as announced in December 2020
BLOM BANK announces execution of SPA for Egypt operations
A definitive agreement has been signed by BLOM Bank and the Arab Banking Corporation (Bank ABC) that will see the former sell its entire 99.4% stake in its Egypt operations to the latter. In an announcement by the two sides, the sale will take place subject to its obtaining the necessary approvals from the Central …
HSBC eyes regional growth opportunities as GDP, trade rebound
HSBC has ambitious business plans in the Middle East, North Africa and Turkey (MENAT), where a rebound in GDP and international trade will position the region as one of the fastest growing in the world over the coming decade. As the nine markets in which the bank operates in the region bounce back from the …
Crédit Agricole Egypt releases first integrated sustainability report
Bank’s report highlights its keenness to preserve environment and commitment to Paris Climate Agreement’s target of reducing carbon emissions
Bank ABC completes acquisition of BLOM Bank’s Egypt operations for $480m
BLOM Bank Egypt employees expect new owners’ delegation to review work system
Banks adhere to cash dividends halt in Egypt to support capital base
Decision aims to maintain banking sector’s integrity, take proactive steps to meet potential risks, say bankers
Central Bank of Egypt explores ways to salvage tourism amid COVID-19 crisis
The Central Bank of Egypt (CBE) Governor, Tarek Amer, has held a high-level ministerial meeting to discuss methods of supporting the tourism sector during the novel coronavirus (COVID-19) pandemic.
ECB’s Lagarde says to go forward with digital euro
According to the ECB, a digital euro would be an electronic form of central bank money accessible to all citizens and firms.
Central Bank halts cash dividends at banks in anticipation of continued pandemic
Banks will not make cash dividends from profits or retained earnings to shareholders in anticipation of potential risks associated with pandemic
Egypt’s external debt rises to $125.3bn in September 2020
Long-term dues account for 90.2% of country’s total external debt
Measures adopted by central banks, governments mitigate COVID-19 impact on global economy: CBE
Outlook for near term growth in global economic activity expected to be affected by second COVID-19 wave, preventive measures
Central Bank of Egypt directs for accelerating financial transfers
Intra bank transfers to be carried out in 2 hours, while interbank transfers in 3 hours
Egypt’s net international reserves rise to $40.062bn in December 2020
FX reserves increase by about $364m to $35.399bn in December
Central Bank of Egypt issues instructions to manage operating risks at banks
The Central Bank of Egypt (CBE) has issued new instructions regarding the management of operation risks at banks working in the Egyptian market. The CBE also said that it is continuously following up on and applying international practices in the field of banking supervision in the Egyptian banking system. This takes place by regular observation …
Egypt’s central bank allocates EGP 15bn to finance dual-fuel vehicle conversions
According to the central bank imitative loan period ranges from seven to 10 years, with the repayment to be made in equal monthly instalments
Central Bank of Egypt receives 35 bids worth $1.0511bn for latest T-bills tender
The Central Bank of Egypt (CBE) has announced it has received 35 offers worth $1.0511bn from local and foreign investors, to cover a US dollar-denominated Treasury bills (T-bills) auction.
Central Bank of Egypt extends initiatives to support individual, tourism defaulters until June
The Central Bank of Egypt (CBE) has decided to extend its initiatives to support defaulters, whether individuals or tourism companies, for a further six months.
Capital gain on 24% stake sale of Aman could reach EGP400m: Source
The capital gain on the recent 24% stake sale of Aman for Non-Banking Financial Services (ANBFS) to the National Bank of Egypt (NBE) could amount to about EGP 400m, a source has exclusively told Daily News Egypt.
Central Bank of Egypt to issue $850m worth T-bills tender on Monday
The Central Bank of Egypt (CBE) will issue, on Monday, a tender for one-year US dollar-denominated Treasury bills (T-bills), worth $850m, due on 4 January 2022.
Egyptian pound appreciates 30 piasters against US dollar in 2020 despite COVID-19
Local currency is likely to see further gains against US dollar in 2021
High solvency, liquidity enable Egypt banking sector to function successfully amid COVID-19: Central Bank
Banking sector has witnessed high financial stability in past years, allowing it to deal with many crises, contain their repercussions
EIB, Banque Misr partner to speed up SMEs recovery from COVID-19 in Egypt
€425m to support Egyptian SMEs, mid-caps
National Bank of Egypt acquires 24% stake in Aman Financial Services for EGP 480m
National Bank of Egypt Chairperson Hisham Okasha said that this step is an important step for the bank towards reducing cash transactions
CIB unique among Egyptian banks regarding environmental transparency
The Commercial International Bank (CIB) announced, on Wednesday, that it has furthered its commitment to environmental transparency by disclosing its environmental impact through the Carbon Disclosure Project (CDP).
Portfolio investment flows to EMs to recover slowly in 2021: CBE
Egyptian economy contained reversal in portfolio investment flows thanks to its relatively stable foreign currency sources and large net foreign reserve