Latest in Banking Highlight
Latest in Banking
Industrial sector acquires 28% of bank loans in March
Most loans in the banking sector worldwide are granted to the industrial sector, says Ezz El-Din Hassanein
CBE raises interest rate to its record high in 11 years
This increase boosts the CBE’s deposit rate to 11.75% and lending to 12.75%
Ambiguity mars CBE’s next move on EGP interest rates
The Central Bank of Egypt faces difficulty on inflation hike of more than 2% in May
NBE secures EGP 30m of loans for Taba and Nuweiba resorts: member of Nuweiba-Taba Investors Association
NBE secures EGP 30m of loans for Taba and Nuweiba resorts: member of Nuweiba-Taba Investors Association
Treasury bond balance increases by EGP 2.02bn at end of May: Finance Ministry
These bonds were put forward from 12 February 2008 until 26 April 2016. The interest rate on these bonds ranges between 9.15% and 17%.
CBE sells $120m to banks to release imported intermediate goods stuck in customs
El-Menilawy added that the CBE on Tuesday morning had asked the departments responsible for issuing letters of credit in banks to submit reports of the requests of customers whose intermediate goods are stuck in customs.
TBEA China awaits response from Electricity Ministry to complete loan of $500m from the Export-Import Bank of China
Offer expires after two months
Egyptian Banking Institute organises visits to India, Hungary to learn about SME financing
The purpose of the visit to Hungary was to meet heads of units of SME financing in banks in order to identify the basis for the application of international practices in financing these projects in Central and Eastern Europe
CBE offers treasury bills worth $700m
New tender to be issued for payment of old bills offered in June 2015 worth $728.5m
PBDAC is best placed to achieve financial inclusion as it reaches 50% of Egyptians: chairperson
He told Daily News Egypt that there are some six million farmers in Egypt and another four million people serving as temporary agricultural labour, resulting in a total of 10 million people.
PBDAC awaits supervision by CBE to implement development plan: chairperson
The new law does not exclude the bank from Ministry of Agriculture supervision
Egypt’s foreign debt grows by $5.6bn at end of Q3 FY 2015/2016: CBE
The new figure marks an increase of $5.6bn (11.8%), the CBE reported
No intention to turn PBDAC into commercial bank: chairperson
We seek to change the misconception that we simply offer fertiliser to farmers; PBDAC is a comprehensive bank providing all services to farmers, says El-Qosayer
Six problems facing the bank in the coming period: PDBAC chairperson
The challenges include resolving EGP 4bn worth of non-performing debts, raising efficiency of assets worth more than EGP 2bn, and diversifying products
Beltone acquisition of CI Capital falls apart
On Thursday, Beltone announced it was unable to reach an agreement with CIB to extend the deadline for the acquisition offer
NBE signs EGP 1.98bn loan with Alexandria National Refine and Petrochemical
The loan is earmarked to establish a naphtha and continuous catalyst regeneration unit with a capacity of 850,000 tonnes per year
CBE issues new regulations for financing agriculture, industry medium enterprises
The Central Bank of Egypt (CBE) issued on Wednesday the regulations for implementing the initiative to finance medium enterprises operating in the sectors of agriculture and industry
Banking sector provides $33.7bn to cover needs of state, importers in 7 months: CBE’s Governor
Amer demonstrates with Al-Sisi the CBE’s efforts to support foreign exchange reserves and banks’ role to alleviate foreign currency crisis in the market
CBE reprints EGP 1 banknotes to face small change shortage
The new EGP 1 banknotes will be signed by Governor of the CBE Tarek Amer for the first time since he took office in November 2015.
Banks prepare to receive donations from citizens for charities at beginning of Ramadan
Dozens of organisations will receive donations, such as the Misr El Kheir Foundation, Magdi Yacoub Heart Foundation, 57357 Hospital, Orman Charity Association, and Resala
Barclays continues to implement its expansion plan in Egypt despite bank’s sale: finance director
The plan includes five pillars, the most important of which is the expansion in lending for huge projects and multi-national companies and focusing on financing SMEs, said Sherif
$510m increase in Egypt’s foreign exchange reserves in May: CBE
The Central Bank of Egypt (CBE) announced that foreign reserves increased by $510m during May, to register the eighth monthly consecutive rise. In a press statement released on Wednesday, the CBE said that foreign exchange reserves rose to $17.520bn in May, compared to $17.01bn in April. The CBE did not reveal the reasons for this …
IMF hires CBE deputy governor to pen fiscal, monetary policies for emerging nations
Rania Al-Mashat will assume her duties in early August
CBE receives banks’ proposals to amend Banking Law
The CBE’s legal department should compile suggestions and form a committee for study, says FEB legal adviser
CBE sets new regulations for marketing banking products at gatherings, conferences
The CBE’s approval is required for delegates to market their products, says deputy governor
NBE aims to increase size of SMEs portfolio by 20% by end of next June: deputy chairperson
The bank follows a special philosophy in dealing with these enterprises based on sustainable development and focusing on quality along with quantity
Barclays rules out financing SMEs during current period
We want to have a good position in financing SMEs first, we do not know the strategy of the bank’s new buyer, said El Behery
El-Salawy appointed as CEO of ABK Egypt
El-Salawy was the deputy chief executive officer at the Union National Bank (UNB), leading the Corporate Banking Division, Treasury and Investment, SMEs and Financial Institution activities
Banking services exempted from VAT, banks call for further clarification
Previous disputes between banks and the Egyptian Tax Authority on the definition of banking services are behind banks’ unwillingness to abide by VAT, says FEB adviser
NBE studying expansion into Saudi market in next period
Bank collected $500m from foreign currency saving schemes