Latest in Banking Highlight
Latest in Banking
PBDAC negotiates with SFD to obtain EGP 100m loan: PBDAC chairperson
The loan will finance agricultural industrialisation projects and greenhouses at low cost, says Elkosayer
EFG Hermes revenues up 10% y-o-y
Increase due to higher fee, commission income, rising contributions from leasing business, revenues from acquisition of Tanmeyah
Finance Ministry chooses Dechert to offer US dollar bonds abroad
7 global law firms submitted bids, says government source
Return to normal demand on US dollar in informal market
CBE allocates the value of Tuesday’s tender to cover imports of medicines, vaccines, and baby formula
Egypt pays $2.25bn of external debt in July: CBE
Foreign exchange reserves dropped $2bn in July, reaching lowest point since January 2015
The transformation and decline of Deutsche Bank
Shares of Deutsche Bank and Credit Suisse have been dropped from the prestigious Stoxx Europe 50 share index. Is European banking in decline? And if so, what are the factors that led to its current parlous state?
Government banks rely on own resources to obtain US dollars, not on CBE tenders: head of Banque du Caire
Banque du Caire, along with all state-owned banks, does not obtain its US dollars from tenders of the Central Bank of Egypt (CBE) held on Tuesdays, said CEO and chairperson of Banque du Caire Mounir, El Zahid. El Zahid told Daily News Egypt that the National Bank of Egypt, Banque Misr, and Banque du Caire …
Banque du Caire enhances its role in social responsibility in 2015: El-Nahas
The bank launched numerous humanitarian initiatives, most importantly the charity convoys that provide services to citizens in Upper Egypt villages
Banque du Caire aims for 10-12% growth in loan portfolio by year’s end: Financial Sector manager
The bank aims to increase its deposit portfolio to EGP 91bn, says Ismail
Banque du Caire aims to become the strongest bank supporting SMEs: CEO
Banque du Caire seeks to become the strongest bank operating in the Egyptian market in the field of small- and medium-sized enterprises financing (SMEs), according to Mounir El-Zahid, CEO and chairperson of the bank. El-Zahid said that the bank has considerable experience in financing these projects. It has created a separate department for SMEs, trained …
Banque du Caire to remain under state control after increasing its capital by 20% on EGX: chairperson
The bank will continue its role in serving the economy, even after the government’s stake in it is reduce
Egyptian Gulf Bank scores net profits of EGP 240.6m in H1 of 2016
The Egyptian Gulf Bank (EGB) achieved net profits of EGP 240.6m during the first half (H1) of 2016. The bank’s profits increased by 100%, compared to the same period in 2015. The bank’s financial results for H1 in 2016 showed a significant growth in all activities and indicators. The bank’s net income has increased by …
Banque du Caire profits increase by EGP 690m in 2015: El-Zahid
All of the bank’s profits resulting from real operations, not the product of asset sales, says chairperson
NBE finances 47,000 SMEs with EGP 28bn as of end of June
Bank aims to increase volume of provided SME funds to EGP 72bn over next 4 years, says Okasha
Stabilising US dollar exchange rate, CBE confuses dollar holders once again
The CBE directed banks to allocate foreign currency for imports of medication
US dollar loses EGP 0.10 on informal market reaching EGP 12.40
Informal market started lowering the selling prices of the US dollar after news of the IMF’s $12bn loan to Egypt
Bankers weigh in on the proposal to convert government’s debt to banks into shares in national projects
Some believe it is feasible while others claim it is fruitless
A new start needed for Italy’s banks?
The Italian finance professor Claudio Zara calls for flexibility in eurozone rules covering government-financed bailouts in cases where banks’ bad-debt burdens were largely caused by economic downturns – as in Italy.
British retail bank Lloyds announces more job cuts
Lloyds Banking Group has said it will have to speed up its cost-cutting plan to help offset a more testing business environment. Britain’s largest retail bank is to axe many more jobs as part of the scheme.
US dollar loses over 50 piastres on informal market following announcement of $12bn loan from IMF
The US dollar is likely to see more depreciation in the coming period, says El-Etreby
Dollar shortage created an inflationary recession in the local market: investors
Manufacturers rely on the informal market for US dollars, and securing 25% of industrial sector needs would stabilise US dollar exchange rates
High prices, inflation increase not behind CBE’s decision to keep pound’s price against US dollar: analysts
The devaluation of the Egyptian pound against the US dollar is one of the biggest reasons behind the price increase, but not the sole reason
CBE stabilises US dollar exchange rate, further confuses market
The Central Bank of Egypt (CBE) stabilised the US dollar exchange rate against the Egyptian pound at EGP 8.78 in its tender on Tuesday. The market is still waiting for any hint from the CBE to predict whether it will devalue the pound again or not. The banks will sell US dollars to their customers …
57% of Egypt’s companies are isolated from banks’ finance: EIB chief economist
Despite the progress accomplished by the government, effort is still needed to facilitate more investors and the private sector, says minister
Hike of US dollar strengthens currencies against Egyptian pound
Pound sterling jumps to EGP 16 and euro to EGP 13, while Arab currencies see the heaviest trading
Banks obtained $26.8bn from the CBE to finance importing basic commodities from 30 December 2012 until 19 July 2016: CBE
The CBE held 462 regular auctions to sell $19.382bn as well as nine exceptional auctions worth $7.397bn in less than four years
How can Al-Sisi fulfil his promise to solve the US dollar shortage in 170 days?
Stability of the foreign exchange market requires the government and the CBE to take unconventional and bolder measures, says Abdel Aal
Foreign cash flow must be transferred to banking sector via EGX due to US dollar crisis
Recent amendments aim to keep up with the economic conditions and not restrict investors, says EFSA chairperson
UAB reviews banking risks in de-Risking Forum
The Union of Arab Banks (UAB) will hold a de-Risking Forum entitled “Enhancing the Supervisory and Regulatory Frameworks Related to Correspondent Banking—de-Risking” from 19 to 21 August at the Grand Rotana Hotel in Sharm El-Sheikh. The UAB explained that this forum will shed light on the key challenges that are currently facing Arab and correspondent …
NBE gives SUMED $100m to finance project for the trading and storage of petroleum products
The loan will also finance the launch of a quay in Ain Sokhna