Latest in Banking Highlight
Latest in Banking
CBE signs protocol to link ‘Nafeza’ customs platform with banking system
This step is in line with the state’s direction to implement the Advanced Cargo Information system, which aims to improve Egypt’s global index in the field of cross-border trade, and reduce the cost of imports by reducing the release time and accurately identifying the parties to the transaction in accordance with the procedures. This happens by linking Egyptian banks to the unified-window system of the Ministry of Finance through an electronic platform to receive the documents and data of shipments coming to Egypt electronically and present them to the banks to complete the work cycle without waiting for the original documents. This makes the import process rather speedy, eventually raising the country’s index in foreign trade operations.
Delegation of 4 African countries visits Egypt to enforce cooperation on MSE development
Nevine Gamea, Egypt’s Minister of Trade and Industry, and Executive Director of the Micro, Small and Medium Enterprises Development Agency (MSMEDA), received the delegation.
Egypt’s external debt increases to $137.9bn in June 2021: Central Bank
Long-term debt ($124.2bn) accounts for 90.1% of total external debt, whereas short-term debt ($13.7bn) accounted for 9.9%
Egyptian businesses predict double-digit revenue growth: HSBC
83% of businesses expect profitability to grow in next 12 months
NBE launches ‘B2B’ e-payment service for corporates
Bank aims to expand e-payments in line with Central Bank’s direction towards digital transformation: Aboul Fotouh
Tripartite cooperation to launch FAB – Lucky Visa Platinum Credit Card
New product to facilitate issuing credit cards for customers via Lucky Egypt app
CBE launches EGP 5.5bn initiative to finance transition to modern irrigation
Initiative targets switching 4 million feddan to modern irrigation through loans from NBE, ABE
CIB launches ‘Bedaya’ accounts to enhance financial inclusion in Egypt
New product aims to facilitate managing business finances for companies, self-employed individuals with simplified account opening process
CIB, IFC move forward with Green Bond programme
Ongoing cooperation between both sides amounts to $70m
Islamic banking in Egypt valued at EGP 407bn in September 2021
Faisal Islamic Bank of Egypt in first place with turnover of EGP 126bn
CBE directs banks to increase operation financing for companies in light of global prices hike
CBE Governor urges banks to end financial disputes with companies, individuals
ADCB – Egypt, SAS launch real-time AI system to combat fraud
New system is an important step towards achieving the bank’s strategy of pioneering digital transformation while ensuring protection and security: ElSewerky
Suez Canal Bank reports net profits of EGP 377m in September 2021
Bank’s total financial position increased to EGP 57bn in September from EGP 54bn in December 2020, with 5% growth
saib registers $14.167m net profits in September 2021
The bank’s interest income recorded $299.5m in September 2021, compared to $302.3m in September 2021, a decrease of 1%. While interest expenses amounted to $199.121m compared to $209.8m.
CBE’s decision to increase women representation on bank boards is highly praised
Decision comes within permanent efforts of CBE to empower women economically, show confidence in their abilities: Maya Morsi
CBE amends instructions on bank governance, board formation
Maximum two terms for non-executive board members, with limit of six consecutive or separate years
CIB reports net income growth of 62% to EGP 3.81bn in 3Q 2021
Exceptional performance is driven by both balance sheet fundamentals and resilient solvency, says bank’s management
CBE to issue $1.6bn worth T-bills on Monday
Proceeds of bid directed to pay previous tender worth $1.585bn
HDB reports EGP 2.038bn profits before taxes in September 2021, with 6.5% growth
Bank’s recent results reflect strong operational performance, developing clear strategy to be among top commercial banks: Ghanem
Keeping policy rates unchanged remains consistent with 7% (±2%) inflation target: CBE
Yields on Egyptian Eurobonds have been broadly stabilized in August 2021 after inching up in July 2021
CBE approves instant payment network regulations, to be launched in current quarter
Regulations aim to allow payments sent between accounts at different banks to be credited, debited instantly, says Rami Abulnaga
Egypt is a very dynamic market with great potential: HSBC Egypt Chairperson
Egypt is one of main arteries for flow of global trade, which makes it an attractive destination for international investors
CBE launches 23 initiatives to support Egyptian economy during COVID-19 crisis: FEB chief
Six banks offer VACSERA EGP 170m to produce COVID-19 vaccine: El-Etreby
Egyptian banking sector’s net foreign assets exceed $11bn in September 2021: CBE
Non-governmental deposits in local currency record EGP 4.239trn in September 2021
ADCB – Egypt wins 5 awards, ElSewerky named CEO of the Year 2021
Ihab ElSewerky, CEO and Managing Director of ADCB-Egypt, was honoured during the Digital Banker Middle East and Africa Awards for Innovation in Retail Banking and was awarded the CEO of the Year 2021.
CBE expected to keep interest rates on hold for eighth time in a row
The MPC periodic meeting comes amid strong market expectations that it will keep Egypt’s interest rates unchanged for the eighth time in a row, despite the rise in the inflation rate in the recent period, and there are expectations of a further rise in the coming period.
Ending state of emergency in Egypt to attract more FDIs, improve credit rating: Banking leaders
On Monday evening, Al-Sisi announced ending the extension of the state of emergency nationwide for the first time in many years.
ADIB Egypt launches digital consumer financing arm
Egyptian Financial Regulatory Authority grants ADI- Consumer Finance operating license
Financial position of banks in Egypt rises to EGP 8trn in end July: CBE
Deposits amount to EGP 5.837trn, credit facilities record EGP 2.855trn
Agricultural Bank of Egypt aims to reach 35 million customers with its services: Farouk
ABE to complete development of 1,000 branches nationwide by late 2022