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The National Bank of Egypt (NBE) has aimed to pump EGP 200m to its investment portfolio during 2015, head of the bank’s investment sector Mohamed Ragaa’i announced. Ragaa’i explained that NBE is seeking for the investment portfolio to reach EGP 1.4bn by the end of 2015, compared to EGP 1.2bn by the end of 2014, …
Without social role and ensuring adequate standard of living for individuals, banks’ profits will be badly affected
CBE is set to raise dollar bids worth a total of $160m instead of $120m
It started with the ATMs because they broke many banks’ assumption that their customers transacted all their bank business in their own branch.
Supervision will cover monetary fund money despite antipathy of investment directors
EGP 150m total savings for bank clients with platinum certificates
Economic experts give different reasons for the limited impact of the interest rate hike on the stock market
Daily News Egypt speaks with Omar Baig, Retail Banking Director of Barclays Bank Egypt, the winner of Best Credit Card Product in Africa award for 2014.
25000 clients using credit card in the bank, Verified by Visa (VBV) is safest way to shop online by AAIB, Himanshu Shrimali said
The joint-brand credit card was launched through the “Mileseverywhere” initiative, which offer client new benefits.
Increase of net domestic and foreign assets in banking system contribute to a 11% increase in domestic liquidity, according to central bank report
Bank balances in March rose to EGP 559.444bn as compared to EGP 553.464bn in February and EGP 546.228bn in December of last year.
The bank achieved a rate of return on equity of 19% in comparison with the same period in 2013, in addition to an increase in the rate of return on assets which rose from 2.5% to 3.1%.
HSBC dropped 13 places on the efficiency indicator as its profits declined, whereas Barclays took third place.
Reuters – Lebanon’s Bank Audi reported first-quarter net profit of $85.8m on Sunday, the same level as in the same period a year before. The bank said in a statement its net profit was driven by 12.2% growth in total income but that it had put aside $20.1m of net loan loss provisions. War in …
Net income improves by EGP 958m between 2012 and 2013, marking the first year of positive net income since the Emirati consortium acquisition in 2007.
Reuters – Abu Dhabi government-owned Al Hilal Bank is considering a capital increase this year to support growth of its operations, its chief executive said on Monday. The Islamic lender, owned by the Abu Dhabi Investment Council, an investment arm of the Abu Dhabi government, plans to expand its retail and wholesale banking business locally …
Private sector development through support for SMEs is one of the EBRD’s key objectives in Egypt, director says
Reuters – Bahrain’s Al Salam Bank has launched a listed sharia-compliant real estate investment trust (REIT) that will invest in a portfolio of Asian properties, the lender said on Tuesday. The REIT will invest in between 15 and 35 properties and be managed by Swiss-based B&I Capital AG, with Al Salam providing seed capital for …
Government continues to rely on local banks to fill funding gap in the absence of foreign investment, the international rating agency says
Moody’s cited “banks’ high and increasing exposure to Caa1-rated Egyptian government debt”, which ties the system’s solvency to sovereign default risk.
Reuters – Egypt’s central bank said on Tuesday it would allocate EGP 10bn ($1.44bn) for low-cost housing projects, one of the demands in protests that led to the ouster of autocratic President Hosni Mubarak in 2011. Better living conditions, an end to official corruption and more democratic rights figured prominently in those protests. About half …
Demand from foreign markets is rising, but output and new orders are declining
QNB Financial Services accounted for 25% of transactions in the Qatari market, the biggest share.
The bank also raised its outlook for inflation.
The last IPO on the Egyptian exchange was in 2010.
Reuters – Masraf Al Rayan, Qatar’s largest sharia-compliant bank by market value, said on Thursday it had completed its acquisition of Islamic Bank of Britain (IBB). Al Rayan did not disclose the terms of the purchase. IBB was majority-owned by another Qatari lender, Qatar International Islamic Bank, which had been in discussions with Al Rayan over a sale since mid-2012. Al Rayan said in a bourse …
Around 40 of Switzerland’s some 300 banks have already said publicly they will take part in a US programme set up to allow Swiss financial institutions to avoid US prosecution in exchange for coming clean and possibly paying steep fines.
The ministry says it is able to compensate for halted NGO health services
The central bank introduced dollar sales last December to help counter a run on the pound.