Latest in Banking Highlight
Latest in Banking
Financial position of banks in Egypt up to EGP 6.421trn in April: CBE
Total deposits up by EGP 92.4bn, total loans rise by EGP 91.9bn
CIB reports EGP 7.542bn in pre-tax profit during H1 of 2020
Bank made allocations of EGP 2.260bn, compared to EGP 795m during same period in 2019
Crédit Agricole proud of about 50-year operation in Egypt: Country Managing Director
Crédit Agricole Egypt has successfully become market player and partner to Egyptian economy, says Pierre Finas
Banks in Egypt hedge against COVID-19 despite Q1 profit decline
Daily News Egypt monitors profit decline of 12 banks out of 16 surveyed
US dollar depreciates by 19 piasters against Egyptian pound last week
Egypt’s import bill has generally decreased, on back of commensurate decrease in demand for foreign exchange, says economic expert
Mashreq Bank Egypt appoints Haitham Hammad as Executive VP
Hammad will also be responsible for managing standard customer experience and quality management, in addition to direct sales teams.
HSBC Egypt appoints Todd Wilcox as Deputy Chairperson, CEO
Wilcox’s appointment was made with effect from 1 July, following the receipt of the required regulatory approvals. Joining from HSBC China, where he has been Deputy CEO since January 2018, Wilcox has extensive international banking experience. Of this, the last 15 years have been with HSBC in a series of leadership roles in Hong Kong, Brunei, Bermuda, and Canada.
NBE attracts 2 million subscribers to Meeza card service
About EGP 2bn in transactions undertaken using Meeza cards was in purchases and payments
Egypt banks see EGP 62bn increase in local currency deposits in May
NFA surplus with banks, CBE records about $5.3bn increase
CIB Egypt reserves hotel floor as quarantine for employees if needed
Bank adheres to state precautionary measures from the very beginning to prevent spread of coronavirus
CBE provides EGP 69bn in facilities to support industry, agriculture, contracting sectors
5 industries, including F&B and plastics, acquired 60%, or EGP 41bn, of total used balances granted under initiative, says source
Egypt’s MSME financing records EGP 181bn since January 2016: CBE
The initiative was launched by the CBE in January 2016, under the guidance of President Abdel Fattah Al-Sisi. It has achieved a record volume in facilities and loans granted, and the number of beneficiaries, by the end of March 2020.
SCB chief reveals details of EGP 250m cash investment fund launch
New fund provides effective tool in cash management field, provides tax benefits, says bank chief
Banks in Egypt switch to IBAN standard to ease cross-border transactions
IBAN used in international transfers, standard method for accurate identification of bank accounts
CIB obtains $100m support loan from CDC
Loan forms part of executive management plans to strengthen CIB’s capital base, in preparation for expected economic recovery
CBE amends tourism worker support initiative
The article includes the payment of salaries for tourism sector workers for a period of three months starting in May 2020. The client must provide proof that salaries due in May have not already been paid.
FEB refutes rumors of Egyptian banks funding GERD
Mohamed El-Etreby, FEB Chairperson stressed that there are no Egyptian banks, or banks operating in Egypt that purchased Ethiopian government bonds
CIB named Bank of the Year, Credit Agricole most efficient: Business News
The Business News Composite Index consists of four main indicators that address safety standards, rapid growth, customer satisfaction, and social responsibility. These four indicators are, in turn, based on a set of 16 sub-indicators.
CBE provides EGP 7bn guarantee for corporate financing
Initiative aims to benefit clients of industrial, agricultural, and contracting private sectors whose annual work volume/revenues amount to EGP 200m or more
CBE confirms financial soundness of banks operating in Egypt
Banking sector’s financial position reaches EGP 6.165trn, capital adequacy ratio increases to 18.6% in March 2020
Egypt to borrow EGP 600bn through T-bills, T-bonds in 3 months
Finance Ministry to issue EGP 499.5bn of T-bills, EGP 100.5bn of T-bonds between July and September 2020
CBE reviews interest rate amid expectations to remain unchanged
No strong prospects for inflationary pressures off of rising electricity prices or repercussions from exchange rate, says banking expert
C3 Social Impact Accelerator helps Middle East start-ups grow amid COVID-19
Hosting online lectures, workshops over longer period will provide our entrepreneurs with increased expert accessibility, says Nocentini
Banque Misr to expand non-banking services, buy minority stake in CI Capital
Bank to continue buying shares in CI Capital to bring its stake to 20-25%, say sources
HDB net profit grows slightly to EGP 604.584m in Q1 of 2020
Bank continues providing uninterrupted comprehensive services alongside preventive measures to protect employees and clients, says HDB
IDB pre-tax profit increases %3.1 to EGP 391m in 2019
Bank’s total financial position increased to EGP 30.380bn in 2019, an increase of 27% compared to 2018, says Maged Fahmy
Banque Misr, FEI sign cooperation protocol to stimulate real estate financing
Banque Misr signed the protocol as part of its vision to stimulate the real estate market and provide adequate housing for all segments of society. The protocol also comes in line with the state’s desire to provide mechanisms that contribute to the development of the real estate market.
Financial position of banks in Egypt up EGP 648.9bn in 1Q-3Q FY2020: CBE
Net foreign assets decline by EGP 171.5bn in March, foreign investments in Egyptian T-Bills decrease by EGP 37.819bn in Apri
Emerging markets experience sharpest capital outflow in March since 2008: CBE
Monetary and fiscal stimulus policies, structural reforms cushion negative consequences of coronavirus on most vulnerable, supports economic recovery once pandemic contained
HSBC Egypt launches HSBCnet Mobile app for businesses
In a first for the Egyptian market, companies can now manage their cash flow and trade finance, and get real-time transaction reporting, from the convenience of their mobile device.