Latest in Banking Highlight
Latest in Banking
CBE fixes dollar price against pound in first tender after Ramez’s resignation
The CBE offered a third tender to sell dollars to banks operating in the Egyptian market this week, in which the CBE sold $37.8m to banks
French bank fined for violating US sanctions
French bank Credit Agricole has reportedly made a deal with US investigators to avoid criminal charges for helping sanctions-blocked countries move money through the US. The arrangement could be announced Tuesday. Under the settlement, which was revealed to news agencies by unnamed sources on Monday, the bank would pay a $787 million fine for illegally …
Dollar stabilises after increasing by 20 piasters in 2 days
Market awaits CBE’s next step; analysts believe July’s stability will be repeated
Major shake-up at troubled Deutsche Bank
Just ten days after warning of huge upcoming losses, Germany’s largest lender, Deutsche Bank, has announced major organizational changes. What’s obvious right away is that investment banking is to take a hit. After write-downs translating into an estimated loss of 6.2 billion euros ($7 billion) in the third quarter, John Cryan, Deutsche’s new co-head, is …
Deutsche Bank plans sweeping restructure
German lending giant Deutsche Bank has announced a top-level streamlining of its business. The beleaguered bank has been plagued by litigation amid an interest rate-rigging scandal. Scandal-ridden Deutsche Bank AG, Germany’s biggest bank, said on Sunday that it would restructure its divisions and “fundamentally change” its management apparatus in an effort to streamline business in …
Dollar price to break EGP 8 barrier in banks for first time
Price reaches EGP 8.40 in black market, which is in complete paralysis in anticipation of the central bank’s next steps
Pound depreciation has limited impact on budget deficit: Economists
Government forecasts on the deficit will not be achieved and will jump to 10.2%, and debt allocations will increase further, says Farid
Banque Misr considers financing major sectors with EGP 43.5
Bloomberg awards the bank for being the best in marketing joint loans and financing projects in Africa for the third consecutive quarter
More than EGP 39bn increase in volume of deposits in July: CBE
Banks support their allocations to meet doubtful loans and reduce its investments in security
Dollar rise amplifies prices of basic items
CBE decisions are against the interest of citizens, says head of Citizens Against Price Rises Association
Pound’s value drops by 10 piasters against US dollar
The dollar value had been stable for around 100 days
NBK-Egypt, Mortgage Finance Fund sign deal for low-income citizens
During the signing of the agreement with Head of the Mortgage Finance Fund, May Abdel Hamid, Hassan said NBK is keen to participate in the promotion of low and middle income real estate finance.
National Bank of Egypt and EBRD launch programme for businesswomen in Egypt
The launch ceremony reviewed the financial and non-financial service packages that will be provided to projects headed by Egyptian businesswomen.
Ambiguity surrounds CBE governor’s fate as his term comes to close
Mohamed Barakat, Tarek Amer tipped as potential replacements for Ramez
Letter of intent for €80m signed by CIB, French Development Agency Group
CIB and AFD aim to finance and promote climate and environment benefiting private investments.
QNB-Alahli acquires 7.95% of total loans, 5.62% of deposits for banks operating in Egypt
The bank’s loans-to-deposits ratio increased to 58%, compared to the 41% average in the banking system
Banque du Caire launches product to combine advantages of insurance, savings
Clients will also be able to borrow money, and issue credit cards that have a maximum of 80% of the total account balance with facilitated terms.
EBRD loans NBK – Egypt $50m to finance SMEs
The loan contract was signed on Thursday by Managing Director of NBK – Egypt, Yasser Hassan, and EBRD Director for Egypt, Philip ter Woort.
Banknote issuance increases to 13.09% of GDP in June: CBE
The rate of banknote issuance reached about 15.06% of GDP in June 2014, marking its highest level in the last four years, while it registered its lowest level in November 2014 when it recorded 12.17% of GDP.
28 banks offer to invest EGP 225.98bn of surplus liquidity in CBE deposits
The CBE raised the Deposit Operation mechanism on Monday, in order to absorb excess liquidity from banks operating in the Egyptian market.
United Bank seeks new, strong banking entity: Abdel Hamed
The bank aims to finalise bad debts portfolio, spread its branches and services throughout the republic
Banque Misr achieves new milestone in electronic payments
Banque Misr allows companies to pay their due payments to the government from their workplaces via the internet, using the Corporate Payment Service technology.
Vital incentives to encourage foreigners to invest in governmental debt instruments: El-Kosayer
According to CBE, foreign investors were the second largest investors in Egyptian treasury bills, following public banks, before January Revolution.
Government plans to borrow EGP 281.5bn from banks in coming 3 months
Finance ministry to issue treasury bills worth EGP 199.5bn, bonds worth EGP 82bn from October to end of December
Foreign investments in Egyptian treasury bills amount to EGP 500m in June 2015: CBE
Foreign investment in government debt instruments is too little compared to before the January 2011 Revolution
24.4% increase in banks’ net value added in FY 2013/2014: CAPMAS
81% decline in banks’ value of savings during FY 2013/2014
Private sector acquires 61.9% of commercial credit facilities: CBE
The total facilities granted to the government by banks until the end of June rose by EGP 25.619bn to EGP 66.421bn, compared to EGP 40.802bn at the end of June 2014.
Banque Misr provides EGP 500m bridge loan to GASC until EGP 2bn loan is finalised
21% increase in loans and bank deposits until end of June 2015, over 50% increase in profits, says El-Etreby
FEB spreads banking awareness among students: El-Etreby
El-Etreby added that the FEB has adopted an initiative under the name of “You must have a bank”, with support from the Central Bank of Egypt (CBE)
CBE governor, FEI representatives discuss industry problems
This year is the one most challenging years for monetary policy, says Hisham Ramez