Latest in Banking Highlight
Latest in Banking
Only the Egyptian people can solve their current economic problems: ex-CBE governor
Egypt has lived through more difficult problems, but the collaboration between Egyptians and increased high-quality production helped overcome those problems, says Hassan
Egypt has great potential that enables it to recover quickly: Elsayed
We have been working in the Egyptian market for 80 years; we have been through most of the current problems, says managing director of NCR
CBE expected to increase interest rate by 1% on Thursday
High inflation, application of VAT would raise Egyptian pound’s interest rate by 2% by the end of 2016, says analyst
EU banking reforms coming to an end
Eurozone banking supervisor Daniele Nouy is worried about high levels of non-performing loans (NPLs) on eurozone banks’ balance sheets. Guidelines on how banks should deal with their NPL burdens are in development.
HDB suspends cards of manipulative clients, closes their accounts: chairperson
Banks are making great efforts to solve foreign currency shortage in Egypt
UAE deposit boosts CBE foreign exchange reserves by $1bn in August
The Central Bank of Egypt (CBE) revealed on Sunday evening that its foreign exchange reserves increased by $1.028bn at the end of August
NCR intends to offer omnichannel service in Egypt: managing director for Africa
The company aims to supply Egyptian banks with the latest banking technology in the world, says Elsayed
UNB aims to boost SMEs financing to 8% of its total loans portfolio by end of 2016: vice chairperson
Union National Bank-Egypt (UNB) aims to boost its financing directed to small- and medium-sized enterprises (SMEs) to 8% of its total loan portfolio by the end of 2016, according to the bank’s Vice Chairperson Mohammad Nasr Abdeen. Abdeen told Daily News Egypt that the bank has put together a strategy through which its SMEs-directed funding …
United Bank intends to participate in the loan arranged for TE: bank’s chairperson
Volume of bank’s syndicated loans portfolio amounts to EGP 500m, with most of the funds going to electricity and petroleum projects, says Elkady
AIB aims to increase loans granted to SMEs to EGP 7bn in 4 years: chairperson
The bank invested EGP 600m in the SMEs sector in 2015, with a current portfolio of EGP 1.5bn, says Seif El-Nasr
Banks granted EGP 207.7bn more credit facilities over 11-month period: CBE
Industry sector accounts for 32.2% of the credit facilities; while only 1.4% went to agriculture
Household sector acquires 75.3% of total deposits in banks in May: CBE
The household sector acquired 75.3% of the total deposits in banks in May, according to a recently issued report by the Central Bank of Egypt (CBE). The bank stated in its report that the household sector acquired about 78% of the total local currency deposits and about 63.3% of the total foreign currency deposits. According …
Banque Misr launches service for credit score via ATM enquiry
Banque Misr launched a service that allows its customers to enquire about their credit score via ATMs. Mohamed El-Etreby, chairperson of Banque Misr, said that this service is part of the bank’s strategy to adopt the latest technologies in banking services to meet the needs of its clients and provide them with unique services. This …
Optimism amid crackdown on informal market stabilise unofficial currency exchange pool: Banker
Trading currency is becoming difficult and the price is seeing large variation due to the embargo on the currency mafia, says Abdel Aal
Banque du Caire prepares to fund Suez Canal Development Projects: executive board member
The bank is prioritising its available US dollars to raw materials and production requirements, says Mokhtar
HDB Loans portfolio amounts to EGP 8.7bn as of June: chairperson
Net profits of the bank reached EGP 394.7m in the first half of 2016, increasing 22.6% y-o-y, says El-Sebai
US dollar shortage restricts activities of credit leasing companies
Import companies have suspended operations amid difficulty opening letters of credit, says CEO of A.T. Lease
CBE provides 10-year interest-free loan worth EGP 31bn to 3 major banks
The loan is for supporting banks’ capital base and for adjusting the capital adequacy rate
CBE secures government needs of euros through €600m treasury bills tender
The CBE received 35 offers to cover the tender totalling €786.9m, and accepted 29 for €651.9m
Treasury bond balance increases by EGP 5.1bn at end of July: Finance Ministry
The Ministry of Finance has announced that the government’s outstanding balance in local currency treasury bonds reached EGP 750.1bn by the end of July, an increase of EGP 5.1bn from EGP 745bn in June. A recent report issued by the Ministry of Finance details two types of bonds in Egyptian pounds. The first is the …
Parliamentary committees approve PBDAC Act, transfer of its ownership to the CBE
We are awaiting the final vote; this move would restore the bank’s real role in serving Egyptian farmers, says bank chairperson Elkosayer
Total value of banknotes issued increases by EGP 10bn in May: CBE
Banknote issuance recorded its highest level to GDP since June 2015
The United Bank launches service of instant self-enquiry about creditworthiness for its customers in cooperation with I-Score
The bank is to launch a package of new digital solutions to meet the customers’ needs, said El-Kady
Banks to finish classifying SMEs, microenterprises to be financed by end of August: I-Score head
Nile Rating Company, specialised in SMEs, has merged in I- Score, said Kafafi
The United Bank to be sold late 2016, early 2017: chairperson
The CBE received requests from a large number of international institutions to acquire the bank; it will shortlist the institutions that will examine the bank, said El-Kady
Metropolitan Egypt negotiates with Egyptian Gulf Bank, Banque Misr to provide financing for Enmaa projects
Enmaa needs financing worth EGP10m in the form of letters of guarantee for tenders
Panic dominates after punishment toughened on currency traders
Employees in exchange companies in the informal market express concern, outrage over parliament’s recent decision to crackdown on currency traders
Banks continue to curtail US dollar use overseas
Banks are lowering limits of different types of cards and reducing hard cash granted to its clients when traveling
Would shutting down exchange companies solve the US dollar crisis?
Opponents to the proposal point to the companies’ role in securing hard cash to non-bank customers, and claim that controlling them is easier than chasing traders on the streets
Exchange companies to hold expanded meeting, discuss repercussions of official and popular escalation against them
We are ready to close immediately if this would solve the US dollar crisis, says El-Abyad