Latest in Banking Highlight
Latest in Banking
Farouk said that the ABE’s field visits to inspect agricultural projects across Egypt aim to provide full support and financing for these projects. They also come in implementation of President Abdel Fattah Al-Sisi’s directives to maximise the preferential advantages enjoyed by the agricultural sector.
Two audit firms to look into CBE report on CIB violations, should financial fraud allegations stick
Financing programme for needy families, rural women, and craftsmen to be launched soon
On his Facebook page, Ezz Al-Arab wrote, “In my 21 years of service to CIB, we have built an institution, growing its market capitalisation to more than $6bn, from $150m, and in the process being acknowledged as the best bank in global emerging markets in three of the past four years.”
The CIB Board of Directors has unanimously decided to appoint Sherif Sami as non-executive chairperson of the bank, subject to the Central Bank of Egypt’s (CBE) approval.
A CBE statement read, “The CBE approved the decision of the CIB’s Board of Directors to appoint Sherif Sami, a board member and former chairperson of the Financial Regulatory Authority, as a non-executive Chairperson, as of date.”
Samy says CIB top priority is to continue enhancing franchise and its risk and governance frameworks, in addition to supporting national objectives
Volume of doubtful debts allocations amounts to EGP 150.877bn, reserves amount to EGP 214.349bn
Since Thursday, banks have granted customers the ability to open savings accounts free of charge, simply by providing a copy of their national ID card. The savings accounts are also exempt from administrative fees and are not subject to a maximum limit for their opening by new customers.
At 33.5% of GDP, debt levels are within safe limits compared to 48.7% in Latin America and Caribbean, 47.5% in Middle East, Central Asia
Monetary, financial stimulus policies and structural reforms alleviate pandemic’s consequences on neediest segments, support post-pandemic economic recovery
Meeting was held in cooperation with International Monetary Fund
GCC economies to shrink on average by 5.6% y-o-y in 2020, before they rebound to show growth of 3.9% y-o-y in 2021, HSBC predicts
CBE contributes up to 35% of new company’s capital, while NBE, Banque Misr, and Banque du Caire own remaining share
New rules allow banks to expand customer base, help them implement financial inclusion plan, and integrate informal economy into formal one, bankers say
The honoured students included those in the preparatory stage, as well as at high school, alongside visually impaired and technical diploma students.
The contract was signed by Minister of Trade and Industry and MSMEDA Executive Director Nevine Gamea and Banque Misr Chairperson Mohamed El Etreby.
The move took place in cooperation with the Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU).
In a recent report, the CBE stated that demand deposits in local currency also increased by EGP 18.829bn to EGP 507.804bn in August, compared to EGP 488.975bn in July.
Returns on debt instruments also see minor decreases
NEW loan of $15m bolsters funding base for important economic pillars
Upper Egypt largest beneficiary of development projects implemented, seeing 79,000 projects put in place with EGP 6.7bn in loans
Award reflects bank’s sustainability initiative designed to raise awareness and employee engagement in sustainability practices
Returns on some savings certificates and loans automatically dropped by 0.5% after corridor price falls
Banks obliged to reconcile their conditions under its provisions within 1 year, transition period can be extended for 2 years
Banking sector deposits rise to about EGP 4.7trn, financial position of banks jumps to EGP 6.408trn by end of June 2020
Renewal for Okasha, El-Etreby and their deputies at NBE and Banque Misr, respectively, as Fahmy leaves IDB
Suspension of these certificates will increase competition among banks in attracting household sector deposits, says Tarek Metwally
The Bank is celebrating a year of achievements on the sustainability front since becoming a founding signatory of the United Nations Environment Program – Finance Initiative’s Principles for Responsible Banking
NBE, Banque Misr decision to halt 15% certificates and reduction of NIB A and B certificate returns unlikely to affect MPC decision