Latest in Banking Highlight
Latest in Banking
This step is an activation of HDB’s strategic objectives, which aim to expand digital banking services and electronic payment channels with competitive advantages, in line with the state’s policy and the Central Bank of Egypt’s (CBE) initiatives to transform the society into a cashless one.
Farouk emphasized ABE’s keenness to cooperate with the Ministry of Agriculture and the Egyptian Countryside Development Company to contribute to the success of the 1.5 million-feddan project.
Event highlights importance of Bank’s commitment to creating shared value while contributing to Egypt’s economic growth during global pandemic
Bank records 11% growth in loan portfolio in September 2020
The proceeds of this issuance will be used to pay for the previous bid put forward by the CBE on 19 November 2019, through which it received $1.56bn.
Sami stressed that CIB pays great attention to CBE notices regarding compliance issues, and that the necessary mechanisms are being put in place to avoid the repetition of these issues in the future.
Yield of some savings certificates, loan products automatically decreases by 0.5%, while market awaits launch of first bids for T-bills, bonds
Interest rate cut currently provides adequate support for economic activity, consistent with achieving price stability in medium term: MPC
Positive results recorded despite economic challenges, exceptional circumstances this year: Chairperson
MPC meeting is shrouded in ambiguity regarding expected decision, as some analysts and experts expect interest to be cut while others predict it to be fixed
Aboul Fotouh told Daily News Egypt that the NBE has opened documentary credits to cover imports, and financed foreign trade operations with a total value of about $106bn since November 2016.
The proceeds of the issuance will be used to pay the value of a previous bid put forward by the CBE on 12 November 2019, amounting to €695m.
Egypt sees $400bn in foreign exchange flows since decision enforced in November 2016: Bank Official
Egypt’s international reserves consist of foreign currencies (FX), gold, special drawing rights (SDR), and net IMF loans.
The alliance also includes the Export Development Bank of Egypt (EBE), Egyptian Arab Land Bank (EALB), Industrial Development Bank (IDB), and the Suez Canal Bank (SCB).
This came in addition to the decrease in the volume of foreign liabilities, equivalent to about EGP 19.65bn. It reached the equivalent of about EGP 704.338bn in September, compared to the equivalent of about EGP 723.988bn in August.
The offering comprises 16 tenders for T-bills worth EGP 158bn, and 10 tenders for bonds worth EGP 38.5bn.
Device to use contactless technology allowing customers to quickly, easily, and securely pay for day-to-day expenses, says CEO Mohamed Aly
Published on UN World Cities Day, the HSBC City Report focuses on a variety of cities in the region, namely Abu Dhabi, Cairo, Dubai, Istanbul, and Riyadh. It stresses the need for city and business leaders to use the COVID-19 pandemic as a catalyst for more diversified, more digitised, cleaner, and greener cities.
Private businesses receive 59.8% of total bank facilities, with industry at forefront of sectors gaining most benefits
Bedir added that the two banks held fruitful discussions early this year, and made significant progress on many points.
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.