Latest in Banking Highlight
Latest in Banking
$3.7bn surplus in balance of payments for FY 2014/2015: CBE
FDI in Egypt increased to $6.4bn the past FY
Outstanding balance of treasury bonds at EGP 614.19bn by end of August: Ministry of Finance
According to the Ministry of Finance, the balances of the second type of bond, the zero-coupon bond, is up to about EGP 61.29bn, with an average interest rate of 12.007%.
ECB President Mario Draghi drops hints of more stimulus to come
The European Central Bank has held its first meeting since Chinese markets tumbled following sharply reduced growth predictions. These have had a run-on effect on the eurozone, with both growth and inflation falling. The European Central Bank is ready to increase the scope of its stimulus program in the face of Chinese-led market jitters, but …
Argentina orders HSBC to replace country chief
Argentina’s central bank is cracking down on the banking giant HSBC amid a multi-billion-dollar tax Argentina evasion scandal. It has demanded that the British lender’s local unit president be replaced within 24 hours. In addition to charges of aiding tax evaders, the central bank in Buenos Aires also accused HSBC Argentina president Gabriel Martino of …
United Bank-Egypt appoints new acting chairman until end of 2015
Ashmawy concluded his work at the bank on Monday after nine years as Chairman of United Bank, and began his task in managing the “Tahya Masr” account on Tuesday.
Barclays profits up 15% in H1 of 2015
Assets inched up 3% to total EGP 18.5bn, while expenses surged to EGP 14%
CBE approves CIB’s acquisition of Citibank retail portfolio
The Central Bank of Egypt (CBE) approved, on Tuesday, the Commercial International Bank’s (CIB) acquisition of Citibank Egypt’s private retail banking portfolio.
China slashes interest rates to back economy
China’s central bank has once again cut interest rates and lowered the amount of cash banks must have on hand to ease pressure on lenders amid fears that the world’s second-largest economy could be slowing. The People’s Bank of China (PBoC) cut its benchmark lending and deposit rates by 0.25 percentage points on Tuesday, the …
Sudan urges Egyptian investments in gold extraction sector: CBOS Deputy Governor
Egypt is afraid to do business in Sudan, despite the latter having great investment opportunities, says Elbashir
Ruble follows oil price down
Russia’s currency has dropped considerably along with the price of crude oil. It’s a reminder of the Russian economy’s extraordinary level of dependency on fossil fuel exports, pundits says. Foreign exchange traders in Moscow on Monday saw the ruble sink 2.3 percent to a new low for the year. At one point during the day’s …
Self-financing is the way to develop Africa: Ghana Vice President
There are many agreements between African countries to develop economies, but they have not been ratified says AfDB president
ABK acquires 98.5% of Piraeus Bank
EFSA issued the approval on Wednesday
HDB achieves EGP 322m in profits in H1 of 2015: Vice Chairman
Loans to deposits ratio increases 51% compared to 41% average ratio of Egyptian banking market
HDB achieves EGP 322m in profits in H1 of 2015: Vice Chairman
Loans to deposits ratio increases 51% compared to 41% average ratio of Egyptian banking market
EGP 8.1bn increase in NBK-Egypt’s loans portfolio by end of June
Bank’s indicators show it succeeded in strengthening its position in the Egyptian market
Mehleb receives export councils’ memorandum to review CBE’s policies
CBE governor does not accept requests to meet with exporters or importers, says ECBM head
CIB seeks to attract Vodafone, Etisalat to Automated Clearing House service
The Commercial International Bank-Egypt (CIB) will activate an agreement with Vodafone-Egypt and Etisalat-Egypt to include them in its Automated Clearing House (ACH) service in the upcoming period, according to a CIB official. According to the source, CIB has conducted 650,000 transactions through the ACH-Debit service within the first six months of 2015, with the number …
NBE studies granting EGP 6bn to 32 large companies
Demands from foreign investors received, mostly from the Gulf, to fund projects of March’s Economic Summit and Suez Canal, says Yassin
Lease activities in H1 of 2015 record EGP 9.9bn: EFSA head
40% of Global Lease’s finances will be directed to the SMEs sector
NBE gives EGP 320m to 2 construction, food companies: Corporate Banking Head
29% increase in loans to big companies in the past fiscal year, says Yassin
Al Baraka Bank-Egypt’s financing portfolio rose to EGP 10.2bn in June
Limited bank capital may limit ability to achieve rapid growth in its activity, says Beltone Financial
AAIB offers EGP 142m loan to Shorouk for Modern Printing
Shorouk to use fund as alternative for International Finance Corporation loan to complete United Carton Industries Company’s establishment
Arab Bank wins Middle East’s Best Trade Finance Bank award by EMEA Finance
Arab Bank is always keen on strengthening customer confidence, said Senior Vice President and Director of Cash and Trade Finance Management
5 Egyptian banks among world’s top 1,000 banks: Union of Arab Banks
The Banker magazine report monitored largest world banks, according to Tier1Capital
Banque du Caire aims to raise assets to EGP 80bn and achieve an 11% growth in deposits: Bank managers
We have a lot of liquidity that enables us to expand, we aspire to achieve a 21% growth in loans: El-Zahid
New Suez Canal’s 8 important messages to the world on its inauguration: Arab Sudanese BankVP
Egypt’s ability to implement major projects in record time is the most prominent message of the canal digging
14 direct benefits for Egyptian economy due to Suez Canal projects: Banking expert
Banks should exert more effort to support development instead of focusing on financing budget deficit, says Ezz El-Din Hassanin
Munich Re ups profit guidance on healthy quarter
Germany’s Munich Re has reported a marked rise in second-quarter profit. The world’s largest reinsurer said the strong result was due to its thriving investment business and a lower rate of major losses globally. Munich Re announced Thursday it posted a bottom-line profit of 1.1 billion euros ($1.2 billion) for the second quarter of 2015, …
UAE banks seek to be largest financer of Suez Canal projects
Emirates NBD is prepared with local and foreign liquidity to engage in direct financing of projects and to support Emirati investors
Billions expected to flow into Egypt after New Suez Canal opening: Analysts
Canal income to increase to approximately $13bn annually, over $100bn expected income of canal projects