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National Investment Bank reduces return on A, B saving certificates
The agreement was made as part of the Central Bank of Egypt’s (CBE) initiative to support clients in industrial, agricultural, and contracting activities.
NBE Vice Chairperson Yehia Aboul Fotouh said that the contract comes in light of the bank’s keenness to finance major projects in general. The bank is particularly focusing its financing activities on the real estate field, due to this sector’s ability to preserve its medium- and long-term investment value.
In a statement, the minister added that the agreement between the two banks comes as part of a larger agreement approved by the EIB worth€1.9bn, where €1.1bn will be provided for the transport sector and €800m for SMEs.
TMG CEO and Managing Director for the Arab Company for Projects and Urban Development, Hisham Talaat Moustafa, praised the vital role played by Egypt’s banking sector in general, and the NBE and Banque Misr in particular, in supporting Egypt’s real estate sector.
New services include money transfers using IBAN, payroll, credit card activation and cancellation, electronic wallets, and access to Fawry e-payments
Deal is largest securitisation process in Egyptian market history, and is projected to achieve maximum benefit from short- and medium-term financing
NBE donates EGP 8bn in past 6 years, while Banque Misr gives away EGP 3.2bn in 5 years
NBE to acquire 24% in two months, says Khalil
About EGP 2bn in transactions undertaken using Meeza cards was in purchases and payments
The cooperation comes as part of the Central Bank of Egypt (CBE) initiative to stimulate e-payments in Egypt, rather than cash exchanges. This is in line with the Egyptian state’s economic vision to achieve sustainable development and transition to a cashless society.
NBE committed to minimising economic, financial impact of COVID-19 on Egyptian economy and our customers in particular, says bank’s chairperson
Project’s implementation is likely to start in 4Q 2020
NBE initiative will absorb large part of Egypt’s informal employment and reduce unemployment rates
Significant increase, brings bank’s deposit portfolio to EGP 1.5trn
Joint loan’s arrangement reflects participating banks’ support for real estate sector
Company aims for EGP 3bn in revenues in 2020, says Al-Hatimi
Hisham Okasha, Chairperson of NBE, said the arrangement of this loan comes in light of the participating banks’ strategies to provide necessary funds for energy projects in local and foreign currencies because of their importance in advancing development and supporting the Egyptian economy.
The NBE has also decided to increase the return on another 3-year Group B investment certificate. The certificate’s annual return was originally 12%, which has now risen to 12.5%, to be paid every three months.
Bank sees significant e-banking services expansion during FY 2018/19
Bank concludes 6 financing deals of total EGP 15.4bn
Policies issued in cooperation with Misr Life Insurance
The bank’s total finances increased to EGP 1.6trn in June 2019, compared to EGP 1.5trn in June 2018. Equity amounted to about EGP 110bn in 2019, compared to EGP 92.2bn in the year before.
New saving certificates issued by NBE and Banque Misr gain LE 10.7 bn in two days.
80% of NBE’s certificate sales took place online
CBE included microfinance sector in the initiative on Monday
To ensure safety of customers, employees, new certificates to be available only via mobile, internet banking, call centres, email: Banque Misr chairperson
EGX30 down 17.7% last week despite Thursday’s session 5% increase
Both banks to offer 1-year saving certificates with 15% yield on Sunday
Karim Soos, Retail Risk Group Head at NBE, said the bank seeks through the new agreement to support its strategic plan towards financial inclusion and expansion in various banking services, particularly the digital ones. This has become the global trend recently, in line with the country’s plan to bring about nationwide digital transformation.