Latest in Banking Highlight
Latest in Banking
$56m increase in foreign exchange reserves at end of February: CBE
The Central Bank of Egypt (CBE) revealed Thursday the balance of foreign exchange reserves increased by approximately $56m in February 2016. It explained in statement on its website the reserves increased in February to $16.534bn compared to approximately $16.478bn in January.
Egypt’s US dollar certificates issuance positive for banks, insufficient to quell liquidity pressure: MOODY’S
The sale of US certificates for sale to Egyptian expatriates will increase the three government-owned banks’ dollar funding; a credit positive especially since bank dollar liquidity has tightened in recent months, according to Moody’s released Wednesday
NBE, Banque du Caire, Banque Misr to accept subscriptions of Egyptians expats to ‘Bilady’ dollar certificate starting Tuesday
Minister of Immigration and Egyptian Expatriate Affairs Nabila Makram said that the bond certificate is a response to calls from Egyptians living abroad to have a high yield bond certificate that can also bolster Egypt’s economy
Amer, banking leaders attend Builders of Egypt Forum to highlight banking sector’s role financing major projects
The forum this year will focus on development of national projects
Accountability State Authority approves financial statements of IDBEE for past 3 years
We are working to have 2015 budget approved before mid-2016, Says El-Kosayer
AAIB celebrates first graduating class in sustainable finance programme
MOSTADAM was jointly established by the AAIB, the United Nations Development Programme (UNDP), and the Egyptian Corporate Responsibility Centre (ECRC) in 2012
NBE, Banque Misr, Banque Du Caire to launch ‘Bilady’ certificates for Egyptians abroad
Certificate will be issued in dollars with three and five-year maturation periods and yields ranging between 3.5% – 5%
Money transfers of Egyptians working abroad may save the day for Egypt
El-Kosayer sent out invitation through DNE asking Egyptians abroad to transfer 25% of their income to banks and to get the same amount in EGP
ADIB posts EGP 1.852bn increase in net loans portfolio
Loans portfolio at the bank increased by 1% in Q4 of 2015, compared to Q3, and by approximately 21.9% compared to December 2014: Beltone
Banque du Caire conducts study of EGP 1.5bn investment
The bank invested EGP 1.4bn in projects related to electricity, housing, food industries, says El-Zahid
CBE finances purchase of housing for low-income earners with discounted yearly rate
Bank amends mortgage finance initiative, introduces another category of youth
Banking sector allocates EGP 10bn for Housing Ministry to build 450,000 housing units: Amer
About 90% of national output in advanced societies is based on small projects and small- and medium-sized enterprises (SMEs) which have become CBE’s new strategic goal now after they were neglected in the previous period
CBE announces EGP 5bn loan programme for industry, manufacturing
The loans will be allocated for the purchase of machines and equipment to expand production capacity, and will have a decreasing interest rate initially set at 7%
Egyptian banks provide EGP 40m for redevelopment of downtown Cairo
Banque Misr, the National Bank of Egypt (NBE), the Commercial International Bank (CIB), and the Banque du Caire have made respective in-kind donations of EGP 10m to the project that will be carried out in cooperation with Cairo Governorate
United Bank-MoneyGram renewed agreement to facilitate international remittances
The renewed framework allows the bank’s customers to transfer money from an international location to Egypt through the bank’s branches and ATMs network
Uncertainty surrounds United Bank chairman appointment
While Fahmy is considered most likely to ascend to the leadership role, sources indicate that the CBE is assessing two additional candidates
Banks record EGP 8.2bn increase in deposits in November: CBE
Banks also saw a EGP 2.3bn increase in loans during the same month
CBE raises cap on dollar deposit to $1m per month
The new cap compares to the previous daily limit of $10,000 on dollar deposits, with a $50,000 monthly cap
HSBC snubs Hong Kong, stays in London
Europe’s largest bank, HSBC, will keep its headquarters in London after a year of looking into whether it would not be better to move to Hong Kong. But even a looming Brexit couldn’t change the picture.
Deutsche staff in the dock over carbon trading fraud scheme
A court in Frankfurt is looking into the role that suspended employees of Deutsche Bank played in a large-scale fraud scheme involving the trading of carbon permits. The trial is to continue until May.
CBE Deputy Governor clarifies regulators on dollar cap increse
Officers from banking operations expressed uncertainty regarding several features of the new CBE directive governing dollar deposits for import operations
CIB’s loans portfolio increases to EGP 62.6bn
Bank’s profits exceeded our expectations, while the growth rate of deposits and loans was weak, states Beltone report
NBE, Banque Misr to post joint profits exceeding EGP 9bn
Banque Misr achieved net profits of EGP 2.51bn after taxes in FY 2013/2014, while the NBE achieved net profits of EGP 3.7bn in the same year
Audi Bank-Egypt EBRD sign $30 loan agreement to support SMEs in Egypt
The ERBD will use the loan to further its strategy in Egypt which aims to bolster economic development through the provision of funding for small and medium enterprises
NBE invested EGP 4bn into tourism after 25 January Revolution
The NBE has invested a total of EGP 13bn in the tourism sector and the bank has continued to support these investment despite poor conditions in the industry, according to Executive Board Member Yehia Aboul Fotouh
We will not put depositors’ money at risk by investing in stock market: Banks
Foreign banks prevent branches from investing in stock market, Egyptian banks resort to creating subsidiary companies, investment funds
NBE finances 45,000 SMEs with EGP 19bn
The bank participated in the CBE initiative for financing small and micro businesses with a yield of 5% and payment terms up to seven years
AAIB first private bank in Egypt to promote syndicated loans on MENA level: Bloomberg
Bloomberg ranks the best investment banks in over 200 countries, dealing with approximately 100 different currencies
UNB-Egypt chosen among 100 top companies in Egyptian market
Managing Director of UNB Atef El-Deeb was handed the honour shield in attendance of Minister of Industry and Trade Tarek Qabil, Minister of Investment Ashraf Salman, and Minister of Social Solidarity Ghada Wali
Bank of Alexandria launches campaign to encourage exchange of dollar remittances
We are continuing in our efforts to increase foreign currency inflows and support the Egyptian economy, says executive board member