Latest in Banking Highlight
Latest in Banking
CBE closes 5 exchange companies for committing violations: deputy governor
Negm said the closure of money exchange companies and revoking their licenses is one of the sanctions provided for in banking law
Banks must adhere to risk management system: CBE
Banking is most supported sector following 2011 revolution, owing to banking reform process, says Negm
Amer calls for bank leaders to hold expanded meeting next Sunday
Meeting is first of its kind since Amer took office in November 2015, first confrontation between him and excluded bank leaders
CBE has no right to reduce CEOs’ tenures under banking law: legal adviser
CBE Governor Tarek Amer surprised the banking sector by issuing a decree on Thursday to limit the tenure of executive officials in banks to nine years, whether consecutive or cumulative
United Bank leaders deny knowledge of selling bank to strategic investor
We have not yet received any formal notification from CBE, says El-Kady
CBE, international institutions begin assessing AAIB, Banque du Caire in preparation for IPO
Timing, price, and promotion are important factors for a successful launch on the EGX, says financial analyst
Banks to receive 1.5-4.75% commission in return for fixed exchange rate for foreign investment
This mechanism allows foreigners to contract with banks on a specific exchange rate, for instance, EGP 8.78 for $1 according to the current rate at the Central Bank of Egypt (CBE)
Are CBE’s initiatives enough to develop SMEs?
Daily News Egypt speaks to experts on how to support and develop this sector
CBE reduces term of executive officials in banks to 9 years
The Central Bank of Egypt (CBE) issued on Thursday a decree to limit the tenure of executive officials in banks to nine years, whether consecutive or accumulative. The decree, of which a copy was obtained by Daily News Egypt, revealed that the decision does include executive officials in banks who have completed nine years in …
Credit Suisse to cut further 2,000 jobs
Swiss banking giant Credit Suisse is ramping up its restructuring program in a bid to cut an extra $1 billion in costs. A further 2,000 jobs are now set to go, on top of the 4,000 job cuts announced last month.
Restructuring PBDAC, serving farmers’ interest are top priorities: El-Kosayer
El-Kosayer to hold first meeting in the PBDAC on Wednesday; controversy surrounds the presidency of IDBE
Private banks begin raising interest rates on saving schemes in pounds
The step came after public banks raised their interest rates and an increase occurred in the return on debt instruments by which banks invest most of their liquidity in pounds
CBE provides banks with $104.5m, sets US dollar price at EGP 8.78
On Tuesday, the official dollar price in banks was EGP 8.83 for purchasing and EGP 8.88 for selling
CBE appoints Alsayed Al-Qussair as chairman of PBDAC
Al-Qussair succeeds Atteya Salem, the former chairman of PBDAC
Banque Misr targets increase in SMEs loans to EGP 1.5bn by end of FY 2015/2016
The bank provides 55% of the total funds granted by banks as part of the Mashrouak initiative
IDBE launches 11 products, programmes to finance SMEs: bank chairperson
Loans to SMEs represent 16% of bank’s total loan portfolio, which we aim to increase up to 20% before end of 2016, says El-Kosayer
UNB-Egypt aims to increase SMEs loans to 8% of total portfolio by year’s end
Bank developed a strategy to increase finances provided to the sector to 20% of its total loans within four years
Metropolitan Consulting supports CBE’s initiative for financing SMEs
Nagaty said the company’s goal behind this step is to contribute to supporting the expansion of already existing SMEs, or establishing new companies
CBE considers launching initiative to support micro-enterprises
Intensive meetings held with ministries, authorities responsible for financing micro-enterprises to finalise initiative
EBI to hold conference on risk management in the banking sector
The conference will be held under the auspices of governor of the Central Bank of Egypt (CBE) Tarek Amer; the discussion will focus primarily on the latest developments of risk management in banks
Offering United Bank for sale still pending: chairman
CBE, other parties still studying issue of sale, we have not received instructions so far, says El-Kady
HDB records gross profits of EGP 491.2m for 2015
The HDB’s loans portfolio increased by 15.5% to record EGP 8.2bn, while deposits increased by 21.8% recording EGP 11.7bn
Bankers expect interest rates on savings instruments in pounds to rise
The Monetary Policy Committee of the CBE decided to raise deposit and lending rates at the Egyptian central bank by 1.5%, brining the rate to 10.75% for deposits and 11.75% for lending
Egyptian Banking Institute organises SME development workshop
The workshop also reviewed the Malaysian experience in the field of developing this sector by experts from SME Corp, SME Bank Malaysia, and Maybank
Banque du Caire aims to inject EGP 2bn into SMEs during 2016: Chairperson
El-Zahid said the bank has been supporting these projects for more than 10 years, and the loans directed to them represent 5% of the bank’s loans portfolio
UAB, World Bank to conclude study on initiatives to support SMEs
There are serious steps being taken to support SMEs in Egypt, Sudan, Tunisia, Oman, Morocco, Iraq, and Libya, says secretary-general
CBE governor claims responsibility for reduction of pound’s value against dollar
In a meeting with the CBE deputy governor and various banking officials, Amer reaffirmed the Egyptian central bank’s role in navigating the Egyptian economy
NBE records EBT of EGP 10.4bn during FY 2014/2015
The bank also achieved a 23% growth in loans granted to small and medium-sized enterprises (SME) with EGP 16.6bn provided through June 2015, while retail loans increased by 20% to reach EGP 31.5bn in June 2015
Banque Misr pays EGP 3.6bn in taxes, achieves highest net profit in its history
The bank’s net profit reached EGP 4.2bn in FY 2014/2015, compared to EGP 2.5bn in 2013/2014, with a 66.3% growth rate after paying EGP 3.616bn in taxes
AIB aims to increase SMEs loans portfolio to EGP 7bn by 2020
The volume of loans provided to SMEs amounted to EGP 1.5bn, equal to 40% of bank’s loans portfolio, says chairman