Latest in Tag: Banking Highlight
Latest in Tag: Banking
Arab African International Bank launches new line of lending products
The Arab African International Bank presents new lending solutions that suit customers from different income brackets
EFG Hermes reports a 66 percent drop in net profits during Q2
By Islam Serour EFG Hermes released the Consolidated Financial Report for the second quarter of 2012. The report concludes that the company’s net income was EGP 27 million on total consolidated revenues worth EGP 477 million, denoting 66 percent decline, in comparison to the same period 2011. Investment Banking revenues account for 41 percent of …
Computer virus infects Lebanon
A computer virus in Lebanon is threatening to destroy the country’s banking system, the Lebanese Daily Star reported. The virus, called Gauss, is rare in size and focus. The size of the attack is so large that experts say only a nation-state has the means to create an attack of this sophistication. The attack was …
SMEs receive special treatment from the National Bank of Egypt
By Walid Abdelazeem The National Bank of Egypt (NBE) revealed that by the end of 2011, the bank will have financed small and medium enterprises (SMEs) to a total amount of EGP 1.5 billion. Director of SME Finance Department at NBE, Soha Soliman, stated that funding for the SMEs portfolio amounted to EGP 3.3 billion …
US punts on Goldman Sachs prosecution
Washington (AFP) — Goldman Sachs escaped prosecution over its sales of high-risk mortgage securities Friday when the US Justice Department closed a probe without action despite a damning report on the bank’s practices. Following a two-year inquiry, senators concluded in April 2011 that the Wall Street investment banking giant misled clients ahead of the US …
Education financing solutions surface as academic year approaches
By WaleedAbd El-Azeem This year Ramadan coincided with academic preparations for the new semester, as students apply for private universities and schools. Banks are trying to seize the opportunity by offering financing solutions for tuition. The United Bank is at the top if the list of banks offering education loans, with an upper limit of …
Government attracts funding originally allocated for SMEs
By Nasser Youssef The government’s expansion of high interest bonds and treasury bills led to a decrease in financing for small and medium sized enterprises (SMEs), the support of which the state claimed to be the primary goal of the post revolution government. The state resorted to the banking system in order to close the …
HSBC: China manufacturing shows ‘modest improvement’
Slowing economic growth in the United States and Europe’s ongoing sovereign debt crisis have dented growth in China, the world’s largest exporter
Banks regain confidence in construction materials market
It is expected that banks largely invest in construction materials during the coming period
Banking experts meet Morsy to expose sector’s corruption
By Mahmoud Salah El-Din Bankers, members of the group Central Accounting Apparatus Observers Against Corruption (CAAOAC), and President Mohamed Morsy will hold a meeting within days in order to discuss corruption in the banking sector. Bankers and members of the CAAOAC will deliver a memorandum to the President that contains a Central Accounting Apparatus’ (CAA) …
Dissolution of Parliament brings back IMF deal
Despite what Egypt has been undergoing over the previous year and a half, the country has been successful in fulfilling its monetary obligations towards international lending institutions
AIB recognised by Central Bank, after years of alleged corruption
Long under scrutiny for allegedly taking part in illegal money transfers, Arab International Bank becomes a recognised entity.
Microfinance goes commercial
Microfinance, the provision of loans and other financial services involving minute transaction amounts and mainly poor clientele, is making inroads into commercial banking.