Latest in Banking Highlight
Latest in Banking
Piraeus Egypt has highest retail banking portfolio growth for 2014
The slowdown rate in Piraeus Bank-Egypt’s credit portfolio has declined, according to Retail Director Iman El-Essawy. She added that a plan, strategy, and new programme for credit have been prepared, which were approved by the mother company in Greece, and new loans were also offered to citizens. El-Essawy said that the growth of the retail …
33 killed after 2 tourist buses collide in Sinai
Prosecution team has moved to the scene to find out the reason behind the accident
Foreign reserves fall $200m
International foreign currency reserves record $17.28bn in May, down from $17.48bn in April
AFDB approves $50m CIB risk participation agreement
Agreement aids in addressing critical market demand for trade finance in Africa, the bank says
World Bank watches unfolding of political situation with great concern: Bank president
World Bank has helped finance several projects in various sectors during the past year
CBE leaves key overnight rates on hold
Reuters – Egypt’s central bank kept its official interest rates on hold as expected at a monetary policy committee meeting on Thursday, as the government tries to stimulate the economy while keeping inflation in check. Egypt’s economy has been battered by three years of political instability since a popular uprising ousted autocrat Hosni Mubarak in 2011, causing tourists and …
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 …
Egypt Pound Strengthens Slightly At Forex Auction
The central bank sold $38.4 million to banks at the auction, with a cut-off price of 6.8768 Egyptian pounds to the dollar
Banks resume working amid unrest
Banks returned to working normally starting Sunday for only three hours a day
Banks close early amid unrest
The Central Bank of Egypt ordered banks to close their branches at 12pm.
Economy to improve: NBE Chairman
The economy has the potential for growth in the coming months, says NBE chairman
Eid Al-Fitr causes boom of internal tourism
The rates of internal tourism were “good” before and during the month of Ramadan, and further improved during the days of Eid Al-Fitr vacation
NSGB workers threaten strike over ‘Qatar problem’
Employees have expressed disapproval over Qatar National Bank’s acquisition of 100% of NSGB, and are to stage a protest on Monday to denounce the agreement
Takaful summit promotes microtakaful in Egypt
Retakaful, a Sharia-compliant form of reinsurance, was also discussed
The 7th International Takaful Summit in Egypt
Egypt hosting the summit reflects confidence in the country’s economic future, said keynote speaker and minister of finance, Al-Morsi Hegazy
QNB offers a tender to take over entire NSGB stake
This deal acts as an important step in QNB’s strategy to expand in foreign markets and is the largest acquisition in the history of the QNB group
NBE follows in Banque Misr footsteps
Bank raises interest rates on platinum by 2%
Standard & Poor’s: Gulf banks replace European banks in MENA
European banks are shedding assets outside of the MENA region to rebuild their balance sheets affected by the financial and sovereign crises
Egypt’s Central Bank agrees to sell both BNP Paribas and NSGB
The Central Bank of Egypt (CBE) agreed to plans discussed last week to sell both BNP Paribas and National Société Générale Bank (NSGB)
CBE keeps interest rates unchanged
Monetary Policy Committee keeps interest rates the same for the ninth time since February last year
A reform package for the Islamic banking and finance sector proposed for the new year
The goal of the package is to create an environment conducive for Islamic banks to operate
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 …
The banking sector and global financial stability: challenges and prospects
“Eurozone crisis aggravated by common monetary policy in Europe”
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.
Arab African International Bank launches new line of lending products
The Arab African International Bank presents new lending solutions that suit customers from different income brackets
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 …
Banks lend more attention to financing the private sector
Banks are currently reconsidering financing other sectors to invest their liquid surplus
Banks regain confidence in construction materials market
It is expected that banks largely invest in construction materials during the coming period
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 …
Corruption allegations against Ministry of Transportation
Previous regime’s deal with Suez Canal Container Terminal hemorrhaging funds