Latest in Banking Highlight
Latest in Banking
AIBK signs partnership agreement with Fawry to provide e-payment services
Cooperation with Fawry is beginning of digital banking services, says Seif El-Nasr
NBE aims to increase assets to EGP 1.5tn by end-June 2018: vice chairperson
Bank seeks to increase its loans for major companies to EGP 350bn, SMEs portfolio to EGP 40bn, deposits to EGP 1tn
NBE, Banque Misr discontinue their 20% interest rate saving certificates
The National Bank of Egypt (NBE) will discontinue offering the platinum saving certificate with an annual return rate of 20%, starting from the end of the workday on 15 February 2018, Yehia Abu El-Fotouh, the vice chairperson of NBE told Daily News Egypt on Thursday. However, current certificate owners will continue to have the same …
CBE lowers interest rates 1% for the first time since floatation
The Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) decided to lower the overnight deposit rate, the overnight lending rate, and the rate of the Central Bank of Egypt’s (CBE) main operation by 100 basis points to 17.75%, 18.75%, and 18.25% respectively. The discount rate was also reduced by 100 basis points to 18.25%. …
Women receive 51% of total loans offered by SMEDA in 2017
Women more likely than men to pay off loans, the rate of default almost nonexistent, says Gamea
Egypt’s international bonds rise to $16.64bn
Bonds are maturities ranging from 1-30 years, due in period from April 2020 to February 2048
ABE, SMEDA sign EGP 40m deal to finance women projects
60% of deal’s value allocated to women below poverty line
Local, foreign financial institutions offer $1.213bn investments in Egyptian T-bills
Highest interest in tender amounted to 3.30%, lowest recorded 3.25%, with average of 3.295%
Services sector 2nd largest beneficiary of bank loans: CBE
Private sector received 61.8% of banks’ total credit facilities by end-October 2017
AAIB co-finances largest solar energy project in ME in Aswan
The Arab African International Bank (AAIB) has successfully contributed to financing the largest solar power project in Egypt and the Middle East in Benban, Aswan, becoming the largest solar power plant in the region with a target capacity of 1.8 GW. According to Hassan Abdalla, executive director of the AAIB, Egypt is one of the …
CBE approves establishment of Banque du Caire’s leasing company with EGP 100m paid-up capital
Company will contribute to a better future for bank’s investment, financing plans: Fayed
Loans up by EGP 10bn, deposits increase by EGP 42bn in October 2017: CBE
Total financial position of banks in Egypt scores EGP 4.795tn
Will CBE cut interest rates on Thursday?
Amer hinted at imminent cuts, but linked them to curbing inflation first
Global stock markets crisis will not affect Egypt’s bonds issuance: CBE
An official source at the Central Bank of Egypt (CBE) said that the crisis in the global stock markets, ongoing since the end of last week, will not affect government plans to issue new international bonds worth between $4bn and $5bn, and will not affect the bond’s return rate. The state-run Middle East News Agency …
CBE governor reveals secret of FX reserves hike in January 2018
CBE, banks proceeds amount to $5.6bn in January, Paris Club premiums down to $350m, including $60m paid in December 2017, $290m in January
Foreign reserves hit record high of $38.21bn at end-January 2018
Volume of foreign currency liquidity up $1.036bn, gold up $135m, says CBE
Five Egyptian investment banks receive MENA Fund Manager Performance Awards
Five Egyptian investments bank have received the MENA Fund Manager Performance Awards 2018 in Dubai, winning a total of nine awards out of 29 on Sunday. The five winners where Acumen Asset Management, CI Capital Asset Management, EFG Hermes Asset Management, Rasmala Egypt Asset Management, and HC Securities & Investment. Acumen Asset Management managed to …
SMEDA to launch 2nd stage of SMEs online platform in March
First stage was launched in August 2017, provided information about services for SME owners
EBI kicks off 2018 with launch of e-learning services: executive director
EBI trains more than 50,000 trainees annually, provides over 63,000 training hours, 3,200 training programmes, says Nossier
AIBK, vaIU agree to support car sales for Uber drivers through installments
Protocol aims to boost financial inclusion in Egypt
EALB studying granting EGP 3bn for various economic institutions’ activities
Bank contributed EGP 175m in joint loan granted to Memaar Al Morshedy
$10m loan to finance MSMEs from SANAD in partnership with Banque du Caire
The SANAD Fund for MSMEs (SANAD) announced, in a press statement on Monday, that it will finance a $10m senior loan to Egypt’s Banque du Caire to support the expansion of the bank’s lending operations for micro, small, and medium enterprises (MSMEs). Banque du Caire, which is Egypt’s sixth largest bank, with its status as …
IDWBE corporate financing portfolio up by EGP 1bn: vice chairperson
Bank aims to inject EGP 450m to link natural gas to 160,000 households, says Azzam
Emirates NBD provides real estate funding up to EGP 5m
Emirates NBD-Egypt offers real estate loans worth up to EGP 5m.
EBI discusses digital transformation of banks
In cooperation with the International Finance Corporation (IFC), the Egyptian Banking Institute (EBI) organised a round table to discuss the digital transformation of banks. “Digital transformation affects all our daily activities, from social media to daily financial and banking transactions,” according to Abdel Aziz Nossier, executive director of the EBI. He added that banks have …
Governmental banks offer sterling pound savings certificates
The National Bank of Egypt (NBE), Banque Misr, and Banque du Caire will offer savings certificates to Egyptians in pounds sterling under the name “Belady Certificate” within days. During 2016, the three governmental banks offered Belady Certificates in both euros and US dollars in order to attract remittances from Egyptians abroad. The certificates are to …
CBE asks banks to monitor some customer accounts
The Central Bank of Egypt (CBE) requested that banks operating in the local market monitor the accounts to which insurance dues and pensions are transferred to. In a letter to the banks, Gamal Negm, deputy governor of the CBE, said that the CBE has received information confirming the existence of a number of bank accounts …
ABE aims injecting EGP 4.5bn in new loans during 2018: El Kosayar
ABE directs about 80% of loan portfolio to agricultural, livestock sectors, associated activities
ABE, 3 government agencies manage provision of livestock, distribution to small breeders
Bank will provide necessary funds for livestock imports, says El Kosayar
CBE issues standard criteria for accepting electronic payment using QR Code
Standard criteria is a new step towards digital economy and contributing to the faster and more secure provision of financial services to all citizens at a lower cost, says Helal