Latest in Banking Highlight
Latest in Banking
Barclays Egypt awaits sale of local unit to implement strategic plans
EGP 1bn achieved in SMEs financing portfolio as of March
EGP 12bn increases in size of Egyptian Gulf Bank assets
Bank plans to increase its retail banking portfolio to EGP 1.4bn by end of 2016
Pound to depreciate to EGP 9.5 to US dollar by end of 2016: Standard & Poor’s
The Central Bank of Egypt (CBE) devaluated the pound by 13% in March 2016, which hints at further devaluations, according to Standard & Poor’s.
NBE considers granting EGP 7bn to economic sectors in coming period: deputy chairperson
The bank settled EGP 2bn of non-performing debts from July 2015 until the end of April 2016, says Aboul Fotouh
CBE confirms banks’ commitment to its instructions for financing small, very small projects
The Central Bank of Egypt (CBE) affirmed that the banks operating in the Egyptian market are committed to its instructions for financing small and very small projects. Some media reports claimed that some people in business had received the funds allocated to the small projects according to the CBE’s initiative launched in January, the CBE …
Egypt to impose EGP 900 fee on sugar exports until year’s end: industry minister
This decision will secure the needs of the local sugar market, says Qabil
Deutsche Bank faces angry shareholders
Germany’s biggest lender has told its shareholders gathered for an annual meeting it’s not quite back to growth yet, but on its way. The bank’s investors, however, are angry about scandals and losses.
Private sector accounts for 59.3% of credit facilities granted by banks to clients: CBE
Industry at forefront of economic sectors funded by banks followed by services, while the agriculture sector came last
Council to coordinate between CBE, Finance Ministry to legalise informal sector
Bylaws to govern the agricultural SEs to be issued within days
CIB targets to increase number of SME customers to 80,000 in 4 years
The bank finances these projects by providing EGP 50,000 to EGP 25m, and is keen to reach the owners of those projects in all of Egypt’s governorates.
SME Banking Egypt 2016 begins on Monday under ‘Roadmap for the Future’
Daily News Egypt to monitor major challenges facing the banking sector and provide a comprehensive vision to support it
NBE granted EGP 1.65bn to 2,663 small and very small enterprises over 4-month period: deputy chairperson
73% of the enterprises were granted loans to expand their activities, 27% of the financed enterprises were newly established
Public banks stop selling their 15% interest certificates on Sunday
The three state-owned banks have begun offering these certificates in mid-March 2016
NBE’s net profit EGP 5.8bn in the first half of FY 2015/2016
The bulletin stated that the total equity at the bank amounted to EGP 33.5bn
Local, international institutions offer to invest $1.5bn in treasury bills
Interest rate on bills stabilised at same level as the CBE’s latest tender in February
Banque Du Caire to invest EGP 700m in transport, electricity sectors: chairperson
The bank will focus on the energy and transport sectors in part due to the large social impact and for their alignment with the government’s development plans, according to al-Zahid
CBE provides banks with $118.7m in weekly auction
The CBE sold US dollars at a fixed price of EGP 9.78. Banks have been directed to sell the US currency to their customers at a price of EGP 8.88
Issued credit cards increased to 2.813m at December’s close: CBE
Top five banks operate 97% of electronic points of sale and 63.7% of ATMs
NBE, CIB, Banque Misr, QNB Al-Ahli, HSBC hold over half of banking sector’s total profits as of December 2015
The CBE said in a recent report that the net profit of the banks operating in Egypt reached EGP 35.882bn as of the end of December 2015
Five banks acquire 59.6% of banking sector total assets: CBE
Top ten banks acquire 72.4% of total deposits, 67.6% of loans, from among 40 banks operating in local market
23.1% increase in value of financial investments for banks: CAPMAS
The Central Agency for Public Mobilization and Statistics (CAPMAS) issued on Thursday its annual bulletin of statistics and financial indicators for banks, insurance, currency exchange, and brokerage companies for fiscal year (YR) 2014/2015.
CBE expects UAE deposit before end of May
The CBE’s governor says Egypt has not received any deposits from abroad since he took the helm in November 2015
Most of Greek bailout money went to banks: study
Only 5 percent of international bailout money for Greece was used to kickstart the country’s languid economy, a new study has found. The rest was used to pay back private creditors, many of which were banks.
Bank giants settle rate manipulation charges
Seven major global banks have settled a lawsuit in the United States accusing them of market manipulation. They were suspect of colluding to rig the daily benchmark for interest rate exchange contracts.
CBE fixes dollar price in Tuesday auction, dollar remains stable in informal market
Through its weekly auction, the CBE sells dollars to banks working in the local market. On Tuesday, banks were auctioned$118.7m, and sold to their clients at a rate ofEGP 8.88 to the dollar
Electronic payments account for no more than 2% of consumer spending in Egypt: Visa general manager for North and West Africa
Visa acquires 61.5% of electronic payment cards market in Egypt and globally, according to Nielsen Corporation
Deutsche Bank failing to limit crimes: watchdog
Deutsche Bank hasn’t done enough to prevent its accounts from being misused to launder money, circumvent international sanctions or even finance terrorism, the UK’s financial regulatory agency has found.
CBE grants banks $118.7m, returns to quota in Tuesday’s auction
Banks were granted this amount at a price of EGP8.78 to the dollar. Banks will sell to clients at a price of EGP8.88 to the dollar
Meetings to determine fate of closed companies, restore stability to exchange market
CBE signed a penalty on the violating companies, which are ready to close if such actions are in favor of the state, says Al-Abyad
Former CBE governor Ramez named AIB chairman
Cabinet appoints state representative to AIBs board
