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Banking sector believes in growing demand for corporate lending as well as credit rating improvement for the country, says Hisham Okasha
The National Bank of Egypt’s non-performing loans total EGP 6bn, of which tourism accounts for 40%, industry 35% and other sectors 25%
HSBC dropped 13 places on the efficiency indicator as its profits declined, whereas Barclays took third place.
The deputy chairman of NBE automated teller machines (ATMs) reached 1,750 by the end of April, adding that the bank is aiming to increase them by 500 new ones and exchange 400 old ones by the end of 2015.
The bank is one of several supporting the construction of 10,000 housing units for low- and middle-income Egyptians under a Central Bank of Egypt initiative
The agreement will help finance foreign trade operations
The telecommunication company will be responsible for providing infrastructure for entiree network as well as securing all banking data.
Ratings agency upgrades long-term ratings on National Bank of Egypt, Banque Misr and Commercial International Bank to B- from CCC+, raises public information rating on NSGB.
The National Bank of Egypt (NBE) will defer EGP5bn of debt payment installments for clients operating in Egypt’s tourism sector
Low rates of usage for the service were the result of political turmoil
Recent improvements seen in the stock market and decreases in the cost of insuring government debt have reflected positively on the feelings of those working and operating within the sector, who recently decided to decrease return rates on Treasury bonds by 1%
Return rates on government debt tools have been steadily increasing since former president Mohamed Morsi’s constitutional declaration on 22 November 2012, a fact which has been compounded by repeated credit downgrades seen since the outbreak of the January 25th revolution by international rating agencies.
The analysts stated that the recent downgrade would not have a large affect on Egypt’s banking sector, adding that the value of stock for some banks may decrease as a result, but only for one or two trading sessions at the most.
Qatari purchase to help support Egypt’s widening budget deficit
Minister of Tourism signs a protocol for ‘Green Tourism’ in a press conference.
$2.7bn bond package released several days ago on Irish stock market
Electronic payments specialist beat joint NBE-Banque Misr bid for the contract
Arab investors nevertheless label Egyptian banking sector ‘promising’
Gian Pietro Bordignon, the director of WFP in Egypt, spoke to Daily News Egypt about the organisation’s objectives and activities in the country.
The National Bank of Egypt’s (NBE) public assembly published the bank’s financial results for the fiscal year ending in June 2012.
Betting on their portfolio, Banque du Caire intends to increase car loans portfolio to 40%, CIB to spend EGP 150m by first quarter end
Bank raises interest rates on platinum by 2%
By Robert Tashima Despite an uncertain political climate and a sluggish economic recovery, the long-term prospects of Egyptian banks are attracting attention from their Gulf counterparts. Two recently announced acquisitions have brought the sector back into the headlines on a positive note, helping offset a recent ratings downgrade. While the transactions also represent the …
The new plan would charge the ministries of petroleum and mineral resources with implementing and overseeing the new “smart card” programme
The bank to allocate EGP 4bn to fund SMEs the current fiscal year
Amer resigns as president of the national bank just days after Al-Okda resigns from his post at the central bank
280 companies have been granted loans with updated registration requirements based on the standards of ITIDA
The beginning of this fiscal year has seen the EGPC balancing debt to banks and financial obligations to foreign companies
By Mohamed Gamal In a continuing effort to promote the agricultural sector, Egyptian officials agreed with Qatari businessmen to explore investment opportunities in the Egyptian agricultural sector. Last Friday, Prime Minister Hesham Qandil held talks with a Qatari delegation headed by Sheikh Nasser Bin Mohammed Al Hajri, CEO of Hassad Food, who expressed interest in …
$5 billion power stations to be installed during winter, says the ministry of Electricity