Latest in Banking Highlight
Latest in Banking
Increase of EGP 63.8bn in loans, EGP 51bn in deposits at Banque Misr
Bank achieved the highest profits in its history, a total of EGP 10.2bn, pays EGP 4.7bn in taxes
EFSA approves deal to sell CI Capital to Arab and Egyptian investors
This comes after the deal of selling CI Capital Holding to Naguib Sawiris failed
EGP loses ground to USD, falls to EGP 16.3 at NBE, Banque Misr
The Egyptian pound losing ground to the US dollar will last for three months, according to Arqaam Capital
CBE provides banks $420m to cover companies’ flotation debts
The Central Bank of Egypt (CBE) provided $420m to local banks to cover the debt, which occurred by the different foreign currencies exchange rate due to flotation. This offer is valid for companies with debts of less than $5m and whose sales do not exceed EGP 500m. This came after the CBE’s governor Tarek Amer …
NBE achieves EGP 12.5bn NIAT for FY 2015/2016: chairperson
NBE’s balance sheet increased by EGP 183.6bn, while the loan portfolio hits EGP 231.3bn, says Okasha
18 Egyptian banks on UAB Top 100 African Banks ranking
Egyptian banks’ assets on the list account for 21% of total assets of Africa’s biggest 10, managing assets of $234.5bn
CIB-Egypt raises savings account returns to 12.5%
The Commercial International Bank (CIB)-Egypt has raised the upward return of the savings account in the Egyptian pound to reach 12.5% annually, as part of the bank’s commitment to providing a diverse package of innovative and developed banking products to meet the needs of its clients. According to a report issued by the bank, the …
Banque Misr launches nationwide cash transfer service via mobile phones
Banque Misr has launched a cash transfer service that enables clients and non-clients all over Egypt to transfer cash via mobile phones over 24 hours, as a new edition to the bank’s distinguished services. To transfer money through this service, the client has to go to any of the Banque Misr branches all over Egypt …
NBE will secure its branches with Egyptian technology to support Egyptian products
NBE signed a contract with Benha Electronics Company to supply electronic, metal-detecting security gates
Increase in deposit rates at Crédit Agricole by end of Q1: Beltone
Gradual increase in financing imports and exports, thanks to currency availability following flotation
CBE considers making amendments to the SMEs initiative
Regular meetings in FEB to look into the problems facing banks during initiative implementation, taking suggestions, according to prominent banker
CBE sets controls for its initiative to renovate tourism sector
Banks finance 75% of total replacement and renovation cost, clients bear the remaining amount
Strong fluctuations of pound against the dollar over the upcoming period
The dollar’s rate ranging between EGP 14 and EGP 15.5 achieves the required balance, further decline will not serve the state’s interests, says Abdel Aal
EGP 16bn volume of deals implemented by Abu Dhabi Islamic Capital-Egypt since 2012
The company receives an international award for its role in marketing EGP 2bn worth of funds for the EETC
EGP exchange rate against USD remains stable
Settles below EGP 16 for first time since December 2016
Benha Electronic Industries supplies 62 metal detectors to NBE
The National Bank of Egypt (NBE) signed a contract agreement with one of the Ministry of Military Production’s subsidiaries, Benha Electronic Industries, to supply 62 metal detector gates to the bank. The contract was signed by the chairperson of the company, Magdy Hamdeen, and Hossam Salah Eldeen, the head of administrative support at the NBE. …
Dollar continues decline, expected to stand at EGP 16 in short term
The price of the pound against the dollar will reach equilibrium in the fourth quarter of 2017: Youssef
Assigning implementation of New Administrative Capital to Egyptian companies falls in favour of banks in Egypt: Abdellah
Banks are required to facilitate procedures for those companies to obtain letters of guarantee and necessary funds
CIB supports entrepreneurs in cooperation with AUC
AUC V-Lab celebrates the graduation of the first cycle of FinTech Accelerator
EBRD lends NBD–Egypt $125m to support its capital base and stimulate growth
Emirates NBD-Egypt and the European Bank for Reconstruction and Development (EBRD) signed an agreement for a $125m subordinated loan to augment Emirates NBD Egypt’s capital base and support its growth strategy aimed at becoming a leading private sector bank in Egypt. The subordinated loan qualifies as a tier 2 capital as per the recently modified …
NBE injected EGP 7.5bn to finance 9,200 SMEs in first year of CBE’s initiative to support these projects
77% of SMEs obtained loans to expand its existing activities and 23% to newly established projects
CBE maintains same interest rate
Having increased the interest rate three times in 2016, the CBE does not plan to raise it further
Banks experiencing significant disposal operations of foreign currency; dollar registers lowest level since November 2016
Significant decline in Arab and foreign currencies traded in domestic market due to decline in dollar prices
Pound continues strengthening against USD, expected to settle below EGP 17 to the dollar within days
Significant increase in hard cash supply as foreigners invest in government debt instruments
The initiative contributes to providing new funding opportunities for adding deposits in banks: El-Baradei
CBE initiative to finance low- to middle-income housing is a large starting point for the mortgage market in Egypt, says executive director of Egyptian Banking Institute
Mortgage companies participating in CBE initiative to finance low- to middle-income housing
Mortgage finance companies operating in the domestic market started to prepare their participation in an initiative launched by the Central Bank of Egypt (CBE) in 2014 to finance low- to middle-income housing. According to Ahmed Haggag, chairperson and managing director of Sakan Finance, said that the company completed the preparations for a new programme to …
Only 14 banks among 39 operating in Egypt participated in mortgage-financing initiative launched by CBE to finance low- to middle-income housing
These banks provided EGP 5bn to finance the purchase of 62,000 housing units since the launch of the initiative in February 2014
United Bank to be first bank to join Egyptian SMEs Association
The bank is to sign a cooperation protocol with the association to investigate aspects of technical and financial support for the development of this sector, Kashmiri
Export Development Bank to increase small and midsize enterprises portfolio to EGP 5bn in 2019
The mortgage portfolio of the bank amounts to EGP 10m, and we aim to increase it to EGP 50m by late June 2017, says El-Menshawy
NBE to increase retail banking portfolio to EGP 43bn by end of June
We aim to transfer the micro-finance portfolio to the retail sector and increase mortgage volume to EGP 5bn by the end of June 2018