Latest in Banking Highlight
Latest in Banking
NPA, CIB sign MoU for regulating financial services
The cooperation between major economic entities will increase the volume of financial transactions in the official market and support SMEs, Ezz Al-Arab says.
Egypt to receive 2nd tranche of AFDB loan within two weeks: AFDB
The government also called for AFDB to finance a sewage plant in Abu Rawash
Hariri family sells its share in Arab Bank to group of investors
Oger Middle East Holding Company, owned by the Hariri family, sold its share in the Arab Bank on Wednesday. The company’s share, which amounted to about 20% of the bank’s shares, was sold to a group of Jordanian and Arab investors, including Sabih El-Masry, the current chairperson of the board of directors of the bank, …
Usage of cards abroad dropped by 55% following flotation: CBE
Egyptians usage of cards abroad dropped by a value of $223m in November and December 2016, following the Central Bank of Egypt (CBE) decision to float the national currency—a drop of 55% compared to the same months in 2015. In a press release on Tuesday, CBE stated that data from banks indicate that payments via …
Banks operating in Egypt record EGP 56bn net profits in 2016: CBE
The Egyptian banking sector is powerful and capable of overcoming the effects of the flotation of the pound, with capital adequacy of 14.9%, Negm says
Egyptian remittances amount to $4.6bn in Q4 2016: CBE
Total remittances sent home from Egyptians working abroad rose during the period between October and December 2016 by about $500m, reaching $4.6bn; compared to $4.1bn during the same period in 2015—a growth of 11.8%, according to the Central Bank of Egypt (CBE). Remittances from abroad are considered one of the most important resources for foreign …
QNB named most valuable banking brand in Middle East and Africa
“QNB Group has maintained its ranking of the most valuable banking brand in the Middle East and Africa region,” according to the annual survey carried out by Brand Finance and published by The Banker magazine, an affiliate to the internationally acclaimed Financial Times newspaper. The award also placed the QNB brand among the Brand Finance …
Egyptian SMEs Association to review obstacles facing projects on Monday
The Egyptian Small- and Medium-sized Enterprises (SMEs) Association is set to host Nevine Kashmiri as the assistant to the managing director of the department for funding small-, medium-, and large-sized enterprises on Monday to discuss some of the constraints faced by SMEs and micro enterprises, during a monthly forum held by the association. Khaled Nagaty, …
United Bank completes 90% of developments of its electronic infrastructure in cooperation with Misys: chairperson
The bank has become ready to begin providing smart digital banking services and solutions on an international level, says Ashraf Elkady
CIB organises mobile payment services workshop for micro enterprises
CIB realised that microfinance organisations and their customers are the most dynamic sectors that should be supported, says Farag
Banque Misr considers arranging syndicated loans worth EGP 54.7bn to a number of major economic sectors
Bank secures first place in the Egyptian banking market for marketing and management of syndicated loans and project financing
Increase of EGP 38.4bn in total credit facilities granted by banks to customers from July to October: CBE
The private sector acquires 59.6% of total credit facilities
14 banks finance 62,000 housing units with EGP 5bn within CBE initiative: Abdel Hameed
Head of the Mortgage Finance Fund Mai Abdel Hameed said that 14 banks pumped EGP 5bn into financing 62,000 housing units within the framework of the initiative by the Central Bank of Egypt (CBE) launched in February 2014 to finance the low- and middle-income housing. She added that the fund provided EGP 1.1bn of cash …
QNB AlAhli signs cooperation protocol with General Authority for the Suez Canal Economic Zone
We are keen to have a positive and influential role in financing national projects, says El Dib
NBE, Banque Misr grant EGP 10bn in loans to SMEs in January
Banque Misr is considering pumping new loans worth EGP 1bn into the sector
HDB raises number of branches to 71, opens in El Tor
The Housing and Development Bank (HDB) has increased the number of its branches to 71, after opening a new branch in El Tor. Fathy El-Sebai, chairperson of the HDB, inaugurated the new branch in El Tor last week. This would be the fifth branch in South Sinai, along with three branches in Sharm El-Sheikh in …
NBE arranged 10 syndicated loans worth EGP 50bn in 2016
NBE occupied the first position in the Egyptian market, and the third position in Africa, according to Bloomberg
NBE and e-finance contract with 14 public universities to collect students’ tuition fees electronically: Abu ElFotouh
205,000 students are using prepaid cards in order to achieve financial inclusion and to reduce cash dealings in markets, says Hegazy
NBE, Banque Misr, CIB offer EGP 1.148bn worth of securitisation bonds for Corplease
The National Bank of Egypt (NBE), Banque Misr, and the Commercial International Bank (CIB)—as managers of placement, promoters, and underwriters—have issued and covered a new batch of securitisation bonds for Corplease Financial Leasing at a total value of EGP 1.148bn on four segments with different maturity periods ranging between 1-7 years. The NBE’s share in …
Banque Misr financed import operations worth $2bn, post-flotation collection of US dollars surpassed $1bn
We aim to increase MSMEs financing to EGP 25-30bn by 2019, branches to 780 in two years, says El-Etreby
Reform measures taken in 2016 to positively reflect on performance of economy, banks in 2017: El-Damaty
Payment of temporary facilities obtained by customers in foreign currency is the most prominent challenge facing the banking sector
2017 is the year to rectify the Egyptian economy, bank investment opportunities abound: Fahmy
Banks to look for alternative financing opportunities as state reduces dependence on budget deficit financing in 2017, says Fahmy
2017 is full of opportunities and challenges for banks in the Egyptian market: Fayed
Bank Audi will focus on financing food, medicine, and production requirements this year
2017 is the year of harvesting fruits of 2016 economic reforms: Tinawi
ABC-Egypt finalised preparing SMEs service infrastructure; ready to begin supporting the sector
Banks to be vital for supporting the economy in 2017: Elkosayer
PBDAC will continue its role to serve Egyptian peasants with greater diversification of its products
Banks to increase size of financing for factories and projects, reduce size of funding budget deficit: Elkady
United Bank aims to implement a strong expansion plan in various sectors after the capital increase by the CBE
I expect a major breakthrough for the economy and banking activity in H2 of 2017: Abu ElFotouh
NBE has SMEs, industry, exports as top priority in 2017
New year to witness real beginning for attracting foreign investments, allowing banks to finance national, investment projects: El Zahid
Sectors of transportation, logistics, construction, industry, food, and basic commodities top indsutries the bank plans to finance in 2017
Strong expectations for banks to increase financing to SMEs and major projects in 2017: El-Etreby
Banque Misr aims to implement a strong plan to expand in terms of products and geography
NBE finances imports worth $4.3bn for public, private sectors since pound flotation
NBE’s proceeds reached $2.2bn since 3 November 2016, while savings certificates with 16-20% of interest collected more than $182bn, according to NBE vice president Abu ElFotouh