Latest in Banking Highlight
Latest in Banking
Five banks to begin collecting mortgage finance instalments electronically amid CBE initiative
277,000 customers in 15 banks and eight mortgage finance companies are to benefit from the service when fully implemented
Why CBE Governor Tarek Amer was selected to serve another 4-year term?
CBE under Amer succeeded in managing the files of monetary policy and exchange market, which reflected positively on the performance of the national economy as a whole, say bankers
Winners and losers of CBE’s interest rate cut
Government, investors, and EGX are the most beneficiaries from the decision, while bank depositors are the most harmed
Egypt’s net foreign reserves rise by $128m to $45.247bn in October
It’s the highest foreign exchange reserves in Egypt’s history, covering more than eight months of commodity imports.
Issuance of executive regulation for e-payments law within weeks: CBE
Banks issued 3.5m Meeza cards until end-October, says CBE Deputy Governor
Banks in Egypt inject EGP 144.2bn to finance MSMEs from Dec. 2015 to June 2019: CBE
Service sector received EGP 62.2bn banking funds, while industrial sector got EGP 43.1bn
Egypt’s foreign trade increases to $95bn in FY 2018/19: CBE
Egypt’s imports scored $66.529bn, while exports reached $28.495bn between July 2018 and June 2019
Three-year anniversary of Egypt’s free floating exchange
FX reserves up by $25.618bn, exchange rate and inflation fall, and public debt rises
EALB signs a protocol with Tersana SC to finance club membership
The protocol was signed by Amr Gadallah, the bank’s vice president, on behalf of Amr Kamal, the bank’s chairperson, and on the other side, Tarek El Said, the club’s president and parliament member.
NBE rules out issuing foreign bonds currently
Dealing with financial institutions is better and cheaper than bonds, says Aboul Fotouh
Egypt’s external debt jumps to $108.bn end-June: CBE
The CBE noted that debt services reached $13.4bn in fiscal year 2018/19, including $10.2bn in instalments and $3.2bn in interest.
US dollar records lowest level against EGP since March 2017
US currency lost 13 piasters of its value in October, totalling 178 piasters decline since beginning of 2019
Emirates NBD – Egypt contributes to financing Farm Frites’ new factory
Bank to expand in financing large companies to support economic development in Egypt, says Azab
IDB targets over EGP 0.5bn profits by end-2019: chairperson
We aim to achieve 30-35% growth in various activities this year, says Fahmy
NBG-Egypt’s intransigence with its employees threatens acquisition deal with Bank Audi
CBE gives last chance for conflicting parties to reach solution
Banque du Caire, MSMEDA sign EGP 500m microfinance contract
Banque du Caire’s microfinance portfolio reaches EGP 6.5bn benefiting 240,000 customers, targeting EGP 7bn by year-end, says Fayed
The Biggest Ever Cases of Bank Fraud
Bank fraud is the criminal act of breaching the security measures of a financial institution to steal funds or obtain delicate client information illegally.
IDB to increase mortgage finance to low-income customers to EGP 1.5bn
The financing is offered at 5% and 7% interest rates, as part of the Central Bank of Egypt (CBE)’s Mortgage Finance Initiative.
20 banks finance 254,200 beneficiaries by EGP 24.6bn in CBE’s mortgage finance initiative
8 companies inject EGP 1.5bn, Taamir Mortgage tops with EGP 551.6m with 4,800 clients
14.8% growth in Faisal Islamic Bank of Egypt’s assets during 2019
Bank manages 1.701m accounts for its clients worth EGP 82.896bn
Arab banking sector is stable, able to withstand shocks despite challenges and risks: AMF
Arab banking sector assets reached $3.4trn by end-2018 equivalent to 124% of Arab countries’ GDP
SMEs account for 61% of the total ABE loan portfolio: ElKosayer
Bank pumped EGP 19bn to about 900,000 SMEs
Egypt’s Long-term external debt at 87%: Amer
13% of short-term debts are deposits from Arab countries that are renewed every four years
CBE issues new regulations for microfinance in banks
Excluding credit portfolios purchased from micro finance companies or associations in 20% allocated to SMEs from loan portfolios at banks
ABE signs cooperation protocol with World Food Programme
It’s part of bank’s efforts to support, finance development projects, especially in rural areas, ElKosayer
Egypt’s new banking draft law: opportunities and challenges
New law reinforces the independence of the CBE and banks’ boards of directors, prepares Egyptian market for a new era in financial technology
Subscription in ATAA charitable fund to start on 5 November: NSB
Subscription ends on 4 January 2020, and can be suspended after 10 days if the subscription was not fully covered, says Farouk
Al Baraka Bank, ADIB, and EG Bank most negatively affected by New Banking Act: Prime Holding
Banking act may spur a wave of consolidation amongst smaller or undercapitalised banks
Settlement on workers’ rights to delay approval of NBG-Egypt sale to Bank Audi
Tripartite meeting of CBE’s Legal Advisor, Regional Director, and Legal Affairs Director at NBG Bank to discuss employees’ demands
NBE arranged syndicated loans worth EGP 28bn during Q3 2019: Bloomberg
Bank arranged a syndicated loan of EGP 1.7bn for Redcon Construction in cooperation with QNB Al Ahli