Latest in Banking Highlight
Latest in Banking
Visa partners with Cairo ICT to showcase its financial inclusion efforts
Visa, a global payments technology company, announced its partnership with Cairo ICT, the largest communications and information technology conference in Egypt, to showcase how innovation is driving financial inclusion around the world
Lawsuits against Arab Bank rejected before US courts
The second US Circuit Court of Appeals in New York rejected claims filed by foreign (non-American) plaintiffs against the Arab Bank. About 6,000 plaintiffs had filed lawsuits against the Arab Bank, calling for compensation for damages under the Alien Tort Statute, in which a New York District Court rendered a first-degree ruling on 23 August …
Banks criticise CBE’s FX Auction regulations
The regulations were a new shock to banks that did not obtain dollars from the CBE
Banque Misr borrows $250m from foreign markets to boost foreign currency liquidity
The list of banks participating in this loan includes ABC-Bahrain, the National Bank of Dubai (NBD), Mashreq Bank, Union National Bank Egypt, and HSBC. Banque Misr has been negotiating with these banks since last June.
Emirates NBD-Egypt launches new banking services package for major customers
Mother group aims at gaining the trust of Egyptian customers, say bank’s leaders
Amer seeks banks’ support to overcome dollar shortages
Official letter calls for banks to maximise foreign exchange, working with foreign partners
AAIB launches Edu Invest programmes
Financing tuition fees ranges between EGP 15,000 and EGP 600,000 loan up to seven years, says Bahnasawy
Banque Misr inaugurates new branch in Al-Ain
Chairman Eletreby and Vice Chairman Abu El Ezz inaugurate new branch in Al-Ain, UAE
Banks ordered to prioritise providing foreign exchange for vital exports
CBE demanded that local banks prioritise directing their foreign exchange liquidity to cover the importation of commodities
Foreign exchange reserves stable in November
Foreign exchange reserves were stable in November at $16.4226bn, the Central Bank of Egypt revealed Thursday. Foreign exchange reserves similarly did not record any changes in October under the leadership of former governor Hisham Ramez, amounting to $16.4148bn.
Cooperation is conditional for obtaining dollars: CBE to banks
Amer’s latest regulations for dollar availability act as a warning to uncommitted banks, experts say
CBE sets new regulations for dollar auctions
Banks acquisition of dollars is dependent on their efficiency in providing foreign exchange
CBE issues exceptional offer to pump dollars in banks to meet import needs
Tarek Amer met with President Abdel Fattah Al-Sisi Wednesday to present his new action plan
Banking sector rejects value-added tax, seeks CBE’s assistance
Sources believe Amer is likely to agree to Federation of Egyptian Banks memo to reject tax
6 banks exempted from applying maximum wage
Six other banks await a judicial ruling for exemption
CBE to inject $1bn after new governor officially takes office
Last week CBE issued $1bn as part of bank’s plan to flood the market with a total of $4bn to meet the requests for foreign currency in import contracts
NBK-Egypt reports 62.9% YoY increase in profits
The bank recorded EGP 445.6m net profits for the first nine months of 2015
ABK-Egypt targets increasing capital to EGP 1bn in 2016
The bank is playing a large role in facilitating financial flows from Egyptians working in the Gulf region, particularly Kuwait and the UAE to Egypt, as well as flows by Kuwaitis working in Egypt, according to Constantinos St. Loizides, an NBK board member.
Tourism sector awaits bank approvals to grant dollar loans for replacing, renewing building operations
Loans to be received in pounds and repaid in dollars; we are awaiting a reply within two days, says Tourism Investment Association head
Recommendations given to new CBE governor in community dialogue
PwC and N Gage Consulting organised the workshop
AAIB named Egypt’s Best Green Bank for 2015
As such, AAIB is the first bank in Egypt to embrace sustainable finance as a strategic concept that coherently ties with its notion of growth.
Banque du Cairo wins first place in return on capital ranking for MENA banks
These ratings continue the series of advanced places the bank achieved over the past three years. It won first place in the return on capital ranking in the MENA region in 2013 and 2014.
CBE’s new board officially takes office next Sunday
Regulating exchange market is at the top of the new board’s priorities, says Ismail Hassan
NBE, Banque Misr collect EGP 45.4bn in 10 days from certificates
Banque du Caire attracts EGP 3.3bn and 5 banks to raise interest rates under government protection to investment certificates
Banque Misr launches ‘fast cash’ for savings clients
Through the fast cash service, loans are provided, with the clients’ savings as a guarantee.
Presidential decree reshuffles CBE board
Gamal Negm’s position as first Deputy-Governor was renewed, Lobna Helal returns to CBE as second Deputy-Governor
Presidential decree reshuffles CBE board
Gamal Negm, Lobna Helal appointed as Deputy Governors
Redirecting the ECB’s financial firehose
A European Union advisory group representing nearly 400 business, labor and civil society organizations wants the European Central Bank to redirect its money creation powers toward funding new EU infrastructure. Meeting in Brussels, a couple of dozen sober-suited economists and other experts have quietly called for a revolution in the way the EU runs its …
Mashreq Bank has ambitious plan for Egyptian market: Al-Ghurair
UAE banking sector is the largest in the region with total assets of AED 2.4tn, says Al-Mansoori
Egypt has high-level technological innovation, UAE leads field: UNB CEO
Middle East Banking Forum continues path towards achieving quality and excellence in Egypt’s UNB bank through regularly held conferences, says Abdeen