Latest in Banking Highlight
Latest in Banking
Large number of funds, little information reduces citizens’ turnout to donate: Experts
Farhet Misr Fund should be subject to supervision by Central Auditing Organization (CAO), says banking expert Basant Fahmy
Egyptian foreign reserves down more than $1.5bn, at $18.5bn
Government has to pay $250m in September as dues of bonds issued in international market
NBE postpones issuance of international bonds
Bank repays bonds, amounting to $600m, which it offered in August 2010
Greek banking stocks plunge again
Greece’s banking stocks have plunged for the second day in a row, almost reaching the 30 percent daily limit for losses only minutes after trading began. That limit was reached Monday, compounding Athens’ financial woes. The Athens stock exchange’s banking index, which measures the value of Greece’s four largest lenders, dropped 29.2 percent on Tuesday …
UK begins selling shares in RBS
The British government has begun selling its shares in the bailed-out Royal Bank of Scotland, seven years after it acquired a majority stake in the embattled financial institute at the height of the financial crisis. The Treasury said Tuesday it had sold 630 million shares, representing 5.4 percent of the bank, for 2.1 billion pounds …
Abo El-Sebaa Weaving Group searching for strategic investor to repay debts: Chairman
We hope to re-operate the group’s factories with EGP 50m, but a number of banks refused
Banque du Caire delegation to participate in Suez Canal Axis inauguration
the opening ceremony is one of the largest economic events currently witnessed by Egypt and the world
Egypt’s foreign debt declines $2.5bn in Q3 of FY 2014/2015: CBE
Decline occurred due to global currency price decline, total foreign debt also fell by $6.2bn by end of March
Banque du Caire targets total profits of EGP 2.7bn by end of 2015
We require financing of EGP 7bn for completion of real estate units for individuals, says Matar
QNB Al Ahli, EBRD set $100m for SMEs in Egypt
EBRD provides QNB Al-Ahli with $40m for trade facilitation
Commerzbank triples profits in second quarter
Germany’s Commerzbank has reported strong second-quarter earnings as the lender has been able to strengthen its retail banking segment. Executives spoke of a successful turnaround after years of deep trouble. From April to June, Germany’s second largest lender after Deutsche Bank logged bottom-line earnings of 280 million euros ($307 million), against 100 million euros in …
HSBC operating profit up, net income falls
Europe’s biggest bank, HSBC, has reported a drop in bottom-line earnings for the second quarter, but pointed to rising operating profit in the first half of 2015. The lender is in the midst of deep restructuring. HSBC announced Monday that its net profit fell 3.8 percent in the three months to June. In the first …
Barclays says its activities in Africa strengthened
Bank gained half a million new customers in retail banking
Fed leaves door open for September rate hike
Following a two-day policy meeting, the Federal Reserve kept its benchmark interest rates unchanged at near zero percent. The central bank also said that the US economy and jobs market are continuing to strengthen. The bank’s rate-setting Federal Open Market Committee said in a policy statement on Wednesday that the US economy has expanded “moderately” …
Banque du Caire announces EGP 2.1bn profits in FY 2014/2015: Chairman
The bank’s net profit after taxes amounted to approximately EGP 1.3bn by the end of the FY 2014/2015
Al-Ahli Bank of Kuwait-Egypt’s commercial name to be launched end of 2015: Accad
Bank is continuing efforts to finalise procedures of its acquisition of Piraeus Bank-Egypt
CBE denies orders to reduce dealing with lawyers, judges, police officers, journalists
Banks offer services to all citizens without discrimination or favour, says CBE
9 banks offer self-query service, receive related complaints
Nine banks working in the local market, in cooperation with the Egyptian Credit Bureau of I-Score, are offering self-query service to help clients inquire about their creditworthiness. The banks also receive any complaints related to these reports.
Customers have right to check validity of their credit records: I-Score
Individuals, as well as small and medium enterprises, can check the validity of their credit records on their own, through asking for Self Inquiry via bank portals and the member companies that offer this service, according to Mohamed Refaat, I-Score Managing Director and Board Member. Refaat explained that if the customers find a mistake in …
Clients have right to object to credit reports: I-Score Managing Director
Clients have the right to raise complaints to object to the incorrect data and reports in the their credit reports within 15 days from the date of receiving reports, according to managing director of I-Score company, Mohamed Refaat. If no complaints are made during this period, data and information in reports will be considered correct …
25 banks contribute to I-Score’s capital alongside the SFD
Banks in the Egyptian market are contributing to I-Score alongside the Social Fund for Development (SFD). The list of banks include the National Bank of Egypt (NBE), Al-Ahli United Bank, HSBC, Banque Misr, Alex Bank, Intesa SanPaolo bank, Union National Bank-Egypt, Commercial International Bank-Egypt, Qatar National Bank (QNB), and Al Baraka Bank-Egypt. The Industrial Development …
High expectations for fixing interest rates at CBE next Thursday: Analysts
Euro’s decline and decrease in goods prices worldwide minimise effects of US dollar price increase against EGP
I-Score’s database includes over 10.1 million clients: Managing Director
92 entities use the company’s data, including 41 banks, while the CBE monitors the company’s activities
I-Score targets EGP 43.5m profits this year
The Egyptian Credit Bureau, I-Score, targets net profits of EGP 43.5m during this year, and a total operating revenue of EGP 118m, according to Mohamed Refaat, Managing Director and Board Member.
CIB amongst best 100 Arab entities: Forbes
Forbes, the international business magazine, has included the Commercial International Bank-Egypt (CIB) in its annual list of the strongest companies in the Arab world, for the year 2015. The CIB’s market value amounted to $6.3bn, with its assets estimated at approximately $20bn. Forbes’ annual list included 19 Egyptian companies, with a market value estimated at …
NBE launches first interactive teller machine in Egypt
The National Bank of Egypt (NBE) has launched the first interactive teller machine (ITM) in the Egyptian market
Money pools spread to avoid interest rates on loans
Banks should offer new products and incentives suitable for low-income citizens, reconsider interest rate on loans and ease loans procedures, says El-Khawaga
Ministry of Finance, public banks in new disagreement
Ministry demands government banks reduce volume of retained earnings, banks believe they are necessary to support capital base
Ministry of Finance, public banks in new disagreement
Ministry demands government banks reduce volume of retained earnings, banks believe they are necessary to support capital base
CBE fixes US dollar, ambiguity remains over 2 previous increases
US dollar stabilises at EGP 7.7301 after it rose 20 piasters in two stages