Latest in Banking Highlight
Latest in Banking
AlexBank achieves EGP 2.783bn net profit in 2017
The Bank of Alexandria (AlexBank) announced that it recorded a net profit of EGP 2.783bn in 2017, marking an 83.8% from their 2016 results, while the bank’s net profit before taxes registered at EGP 3.665bn, with a 96.1% growth. According to the press statement issued by the bank, the witnessed improvement reflects a notable performance …
Egyptians flock to purchase ‘Aman’ insurance certificates
NBE offering Aman certificates to temporary workers of companies dealing with it
International bonds push Egypt’s foreign reserves to $42.524bn at end-February
Egypt recorded the highest foreign reserves in its history at $42.524bn at the end of February from $38.209bn at the end of January 2018, an increase of $4.314bn, the Central Bank of Egypt (CBE) said on Sunday. Egypt received the yields of its recent eurobond issuance, which was in February, amounting to $4bn, and were …
HDB brings nationwide branches to 81
Bank opened first branch in Matrouh, second branch in Borg El Arab to open this week
EALB joins Egyptian Union of Microfinance
Bank aims to expand in microfinance for its great economic, social importance, says chairperson
Visa cooperates with Banque Misr, ExxonMobil to achieve financial inclusion: Visa GM for North Africa
Newly launched City of Dreams proved games can be powerful teaching tools
AIB allocates EGP 100m to finance microprojects: chairperson
Bank injected EGP 80m to finance microprojects through associations, companies
4 state-run banks to offer Aman insurance certificates Sunday
Certificates to cover temporary workers, other individuals without social security coverage
How to get personal or mortgage loans from CIB?
Commercial International Bank – Egypt (CIB) offers personal loans ranging from EGP 5,000 to EGP 1m without any guarantees, with a repayment period of up to 120 months. The bank additionally provides free life insurance for each borrower until the end of the loan period and allows borrowing with client’s deposits or savings certificates as …
Egypt among top 5 African banking markets: McKinsey
Egypt was chosen among the top five banking markets in Africa in terms of growth and profitability, according to a study by management consulting firm McKinsey & Company. The McKinsey report said that Egypt, Angola, Nigeria, South Africa, and Morocco account for 68% of the continent’s total banking revenues. The report identified four archetypes among …
Credit Agricole’s personal loans reached EGP 6.165bn in 2017
The value of personal financing at Credit Agricole – Egypt increased to EGP 6.165bn at the end of 2017 compared to EGP 5.393bn in 2016, an increase of EGP 772m. According to a statement by the bank, personal loans accounted for 84.2% of the bank’s total loans, reaching EGP 5.193bn at the end of 2017 …
Egypt’s microfinance portfolio reaches EGP 11.12bn at end-2017
The value of Egypt’s microfinance portfolio reached EGP 11.12bn at the end of 2017, versus EGP 6.66bn in 2016, according to Mona Zulfikar, chairperson of the Egyptian Union of Microfinance. She said the active customer base in the sector increased by 26% in 2017 to reach 2.53 million clients compared to 2 million at the …
How to get a personal loan from the NBG – Egypt
Are you planning your wedding? Do you need to make improvements to your home? Do you need a long-awaited vacation? If you wish for one of those things and do not have sufficient liquidity to cover your needs, the National Bank of Greece – Egypt (NBG) offers you a personal finance programme to meet all …
Electricity Ministry, UNDP, AmCham hail successful application of CIB energy efficiency
The Commercial International Bank-Egypt (CIB) received a special award from the Energy Efficiency Project in recognition of its leading role in supporting and contributing to the national energy efficiency strategy through its various initiatives. The award was presented to Hisham Ezz Al-Arab, CIB chairperson and managing director, during the monthly luncheon of the American Chamber …
SMEDA’s microfinance balance reaches EGP 7.12bn
The microfinance balance at the Small and Medium Enterprise Development Authority (SMEDA), formerly the Social Fund for Development, is estimated to have reached EGP 7.12bn at the end of 2017 compared to EGP 4.48bn at the end of 2016, according to Nevine Badr El-Din, head of the central sector of microfinance at SMEDA. Badr El-Din …
Cabinet approves ABE’s new board of directors
Daily News Egypt learned that Prime Minister Sherif Ismail issued a decree approving the formation of the Agricultural Bank of Egypt (ABE)’s new board of directors, which will last for three years. The new board includes Elsayed Elkosayer as chairperson of the board and Samy Abd El Sadek and Tamer Gomaa as vice chairpersons. The …
Crédit Agricole Egypt’s net profit reaches EGP 1.957bn at end-2017
Bank will continue to support major investment projects in Egypt, in partnership with other entities of Crédit Agricole Group, says Finas.
UNB signs 4 agreements to support small investors in agriculture, land reclamation
Main sectors to be financed by bank are agricultural crops, livestock production, poultry, fish farms, medicinal plants, aromatic plants
Banks avoid interest rate cuts to maintain depositors
Few banks implement interest rates cuts on savings accounts one week after CBE decision to cut basic interest rate by 1%
SMEDA signs contracts worth EGP 23.8m with NGOs to finance microprojects in 8 governorates
Funding allows implementation of nearly 2,380 projects, 25% directed to women-owned enterprises, says Gamea
EALB considers assets management company for its hotels, resorts: chairperson
Global group, private institutions in Egypt will participate in company, start managing Long Beach Hotel in Hurghada, says Kamal
Limited response from banks to CBE’s move to lower interest rates
ALCOs of banks operating in Egypt will hold intensive meetings Monday to study effects of CBE decision
Attijariwafa Bank Egypt loan portfolio grew 31% at end-Q3 2017
Real estate, energy, food, leasing, microfinance sectors accounted for large part of bank’s loans Attijariwafa Bank-Egypt achieved a 31% growth in total loans by the end of Q3 2017, after the bank registered growth in corporate loans by 38% to reach EGP 8.6bn, up from EGP 6.3bn at the end of 2016. According to the …
AAIB contributes to long-term joint financing of EGP 4bn for Misr Petroleum, COOP
Funding solidifies bank’s role in supporting energy sector, says AAIB CEO
SMEDA signed contract with Banque du Caire worth EGP 500m to fund microenterprises
25% of contract dedicated to women, 60% to workers below poverty line, 70% to rural areas
Wave of large cuts in bank interest rates on deposits, loans starting Sunday
Banks operating in the local market started on Sunday a wave of major cuts in their interest rates and some loans, in response to the decision of Central Bank of Egypt (CBE) to reduce its basic interest rate by 1%, a move that is the first of its kind since 3 November 2016. This came …
How to get a personal loan from AlexBank
If you are a government or private sector employee whose employer transfers salaries to the bank through a written statement, you can obtain a personal loan from the Bank of Alexandria (AlexBank). According to the bank, the payment period is up to eight years, with competitive interest rates and fees. The minimum amount of financing …
Islamic banking valued at EGP 240bn at end-2017
The volume of Islamic banking in Egypt by the end of 2017 amounted to EGP 240bn, marking a growth of 16% from 2016, according to Mohamed El-Beltagy, head of the Egyptian Islamic Finance Association (EIFA). He explained that Islamic banking accounts for about 6% of the banking business in Egypt. He also said that the …
ABE launches electronic portfolio
The Agricultural Bank of Egypt (ABE) has signed a cooperation protocol with e-Finance for issuing the bank’s electronic portfolio through mobile to the bank’s customers. According to ABE Chairperson Elsayed Elkosayar, this service allows customers to pay bills, deposit, withdraw, and transfer from one portfolio to another, track their accounts and pay instalments in an …
CBE activates electronic link between Egyptian banks, COMESA countries
The Central Bank of Egypt (CBE) held a workshop attended by 60 representatives of the Export Development Authority (EDA), members of export councils, chambers of commerce, business associations and many companies working with Common Market for Eastern and Southern Africa (COMESA) countries to familiarise them with the electronic link system between Egyptian banks and African …