Latest in Banking Highlight
Latest in Banking
The goal of the package is to create an environment conducive for Islamic banks to operate
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 …
“Eurozone crisis aggravated by common monetary policy in Europe”
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.
The Arab African International Bank presents new lending solutions that suit customers from different income brackets
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 are currently reconsidering financing other sectors to invest their liquid surplus
It is expected that banks largely invest in construction materials during the coming period
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 …
Previous regime’s deal with Suez Canal Container Terminal hemorrhaging funds
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) …
The FJP’s economic committee sets out to restructure the National Investment Bank due to the intricate problems and inefficiencies it currently suffers
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 …
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 …
Barclays said that Agius, who has chaired the bank for six years, would remain in his post until a successor was found
the government decided to provide an EGP 6.3 billion capital injection to Banque Misr, rendering the value of the bank’s capital at EGP 11.3billion
Company sold 900 machines in 2011, company’s machines account for 91% of the domestic market
(Reuters) – Major ratings downgrades by Moody’s will further divide the world’s biggest banks based on their strength and access to cheap customer deposits. The ratings, released Thursday by Moody’s Investors Service, gave a competitive advantage to “safe-haven” banks that fund themselves with stable, low-cost customer deposits, while worsening the outlook for weaker banks that …
All banks in Cairo undertook efforts to secure their facilities as they expected violence regardless of the outcome.
Despite what Egypt has been undergoing over the previous year and a half, the country has been successful in fulfilling its monetary obligations towards international lending institutions
It is hoped that both the credit portfolio and deposits will increase by EGP 1.5bn by the end of the next fiscal year in June, 2013 to reach EGP 13.5bn and EGP 16.5bn respectively
HSBC has shut down two of its branches recently in Sharm el-Sheikh and Hurghada because of the slowdown in the tourism sector.
World stock markets mostly fell on Friday after the economic outlook in Germany soured sharply, with bank shares in focus after Moody’s downgraded some of the biggest names including HSBC
HSBC Egypt is moving forward with expansion plans for next year, opening up more branches and increasing the size of its staff, according to the new CEO.