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Latest in Banking


Qatar’s Masraf Al Rayan buys Islamic Bank of Britain

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 …

Daily News Egypt

QNB in final stages of NSGB acquisition

Qatar National Bank (QNB) Group announced that it is in “definitive agreement” with the French bank Societe Generale concerning the acquisition of its entire stake in National Societe Generale Bank Egypt (NSGB). Societe Generale owns 77.17 per cent of NSGB. QNB Group will launch a mandatory tender offer (MTO) for 100 per cent of the …

Mohamed El-Bahrawi

HSBC to launch mobile banking

During a media roundtable discussion the bank’s MENA regional head of retail banking and wealth management, Francesca McDonagh, announced the bank’s plan to open three new branches this year to cope with the growing residential developments in Egypt.

Mohamed El-Bahrawi

EFG Hermes reports a 66 percent drop in net profits during Q2

By Islam Serour EFG Hermes released the Consolidated Financial Report for the second quarter of 2012. The report concludes that the company’s net income was EGP 27 million on total consolidated revenues worth EGP 477 million, denoting 66 percent decline, in comparison to the same period 2011. Investment Banking revenues account for 41 percent of …

Daily News Egypt

National Bank of Egypt to finance tourist projects

By Walid Abdelazim An official at the National Bank of Egypt (NBE) stated that the bank is currently conducting studies into providing an additional EGP 300million for tourist projects in Marsa Alam and Taba. The official said that the NBE recently provided EGP 1million to the two cities, mostly for hotels to upgrade their insurance …

Daily News Egypt

Banking experts meet Morsy to expose sector’s corruption

By Mahmoud Salah El-Din Bankers, members of the group Central Accounting Apparatus Observers Against Corruption (CAAOAC), and President Mohamed Morsy will hold a meeting within days in order to discuss corruption in the banking sector. Bankers and members of the CAAOAC will deliver a memorandum to the President that contains a Central Accounting Apparatus’ (CAA) …

Daily News Egypt

Deutsche Bank flag

Deutsche Bank to co-operate with Libor probe

Berlin (AFP) – Deutsche Bank wants to cooperate with European investigators probing the manipulation of interbank interest rates to limit damage to its reputation and bottom line, a newspaper said Sunday. Germany’s biggest bank has asked the European Commission and Swiss authorities to give it the status of cooperating witness in their investigation of the …

Daily News Egypt

NBE achieved EGP 15.1bn-worth of growth during the fiscal year that ended in June 2012, bringing the bank's total financial value to EGP 321.5bn, compared to EGP 306.4bn the previous year (Photo Public Domain)

National Bank of Egypt leads in transaction banking

By Ayat El-Battawy Transaction banking is the backbone of the banking industry. It facilities all operations pertaining to withdrawals, deposits, lending, bank organisation, and oversight. It allows a bank to develop a clear vision as to the financial products it offers and organises, and is the basis of money transfers and online banking services. From …

Daily News Egypt