Latest in Banking Highlight
Latest in Banking
5 banks represent UAE in Egyptian market
Five UAE banks currently operate in the Egyptian market; Emirates NBD, the National Bank of Abu Dhabi, Abu Dhabi Islamic Bank, Union National Bank, and Mashreq.
UAE Banks Federation hosts third annual ME Banking Forum
The forum is held in cooperation with the Financial Times Live, and The Banker, under the sponsorship of Daily News Egypt
NBE, Banque Misr collect EGP 28bn within 5 days, expected to increase
Both banks attracted liquidity from outside banking sector, dollar selling operations to subscribe in both, says NBE Chairman
CBE to cover 25% of banks’ temporary credit facilities granted to importers in foreign currencies
Banks are obliged to deposit the amounts the will obtain with the CBE, with interest
CBE maintains dollar at EGP 7.83
Dollar was devaluated by 20 piasters on Wednesday
CBE intervenes to strengthen pound against dollar
Dollar fell in black market for hours until it suddenly stopped
CBE raises EGP value against dollar by 20 piasters
The central bank will also cover 25% of the temporary credit facilities granted by banks to their clients importing in foreign currencies
Banque Misr savings certificates attract EGP1.2bn by Monday afternoon: El-Etreby
The National Bank of Egypt (NBE) and Banque Misr offered, Sunday, savings certificates with an interest rate of of 12.5% per annum, paid monthly.
CBE to convert $4bn worth of dues on importers to local currency
Tarek Amer holds frequent meetings with public bank heads to discuss developments in the foreign exchange market and to solve the problems they face
Banque Misr collects EGP 400m through certificates on first day
They surprised banking market with launch of two certificates with annual returns of 12.5%
UNB-Egypt aims to acquire 5% of Egyptian banking market in 10 years: Vice Chairman
UNB supports Emirati investors in Egypt, and issued letters of guarantee worth $150m for the National Drilling Company to dig the New Suez Canal
Banque Misr, NBE issue savings certificates with 12.5% return
The step aims at combating dollarisation, and banks issued two similar certificates in 2004, says Analyst
AAIB underwent significant expansions: Bank leaders
Bank launches14 new branches, number of ATMs increases to 321
NBE branches to sell commemorative Suez Canal gold coins
Deputy Chairman of the National Bank of Egypt Mahmoud Montasser said all NBE branches welcome citizens who are interested in acquiring 21 carat gold commemorative coins.
Foreign exchange reserves increase $80m in October: CBE
Foreign exchange reserves at the Central Bank of Egypt (CBE) increased by $80m during October, to reach $16.415bn from $16.335bn in September, according to a CBE statement on Wednesday.
Deutsche Bank fined for violating US sanctions
Deutsche Bank will have to pay hundreds of millions of dollars for violating US sanctions against Iran, Syria and other countries. The German lender said it was pleased a settlement had finally been reached. German lender Deutsche Bank on Wednesday confirmed it had agreed to pay $258 million (237 million euros) in fines to regulators …
UAB holds 20th Annual Banking Conference in Beirut
The Union of Arab Banks (UAB) will hold the 20th edition of its Annual Banking Conference on 19 November in Beirut, Lebanon. The conference is entitled “Through Financial Inclusion: 2015-2020 Map” and will be held in coordination with a number of international regulatory institutions. The conference is considered one of the most significant annual conferences …
Only 2% of total individual payments paid electronically in Egypt
Electronic individual payments can increase by 20% in seven years if supported by government, says Regional Manager of Visa
Standard Chartered plans job cull on third-quarter loss
Asia and Africa-focused British lender Standard Chartered has announced massive job cuts amid its restructuring drive. The news came as the bank reported a third-quarter loss, which executives called “disappointing.” Standard Chartered said Tuesday it would need to axe 15,000 jobs over the next couple of years to help the bank to return to profitability. …
Banque du Caire increases branches, banking units to 231
Bank opened six new branches and banking units, plans to expand in about eight governorates
CBE keeps interest on EGP in latest meeting of MPC in Ramez’s time
The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) decided on Thursday evening to keep basic return prices at the latter during the last meeting when previous CBE governor Hisham Ramez resigned. Basic return prices at CBE are used to determine the interest rates on the Egyptian pound in deposit, lending, and …
Deutsche Bank cuts thousands of jobs as it posts historic loss
Germany’s biggest lender has posted a historic loss as the bank continues to be bogged down by a string of legal charges. The report comes as Deutsche unveils a huge overhaul of its business. Deutsche Bank on Thursday booked its biggest third-quarter net loss ever as the German lending giant’s bottom line was weighed down …
CBE will discuss future of interest rate on EGP
According to analysts, MPC is highly expected to keep the major interest rates at CBE unchanged for the sixth consecutive time during its meeting decided set for Thursday.
EGP 20.89bn in net profit in Egyptian market in June: CBE
Report shows results of different local and international operations throughout banks
Credit cards increase to 2.575 million by end of June: CBE
16.242m debit cards issued by banks operating in Egyptian market until mid-2015 and 7,855 ATM serving customers
Amer: CBE’s 13th governor
The Central Bank law No. 88 for 2003 provides in article 10 that the governor is appointed by a presidential decree on the nomination of the Prime Minister for a period of 4 years, subject to renewal.
New CBE governor must balance between inflation, exchange rate, interest rates: Expert
The Egyptian pound will not rise because of a new governor, says Abdel Aal
Will Amer change Ramez’s monetary policy and exchange market management?
Analysts expect the new governor to amend some of Ramez’s decisions
China announces further stimulus amid slump
The People’s Bank of China has cut interest rates for the sixth time since November as the drooping economy shows few signs of picking up any time soon. This comes as leaders are expected to lower China’s growth target. China’s central bank on Friday announced further stimulatory steps to jumpstart its flagging economy, cutting interest …
I requested to leave CBE 3 months ago: Ramez
Former governor of the Central Bank of Egypt (CBE) Hisham Ramez said he had requested to depart from his position at the CBE and end his tenure three months ago.