Latest in Banking Highlight
Latest in Banking
Finance Ministry to issue 27 tenders for treasury bills and bonds worth EGP 270bn
The ministry is expected to issue 16 bids for bills worth EGP 217bn and 11 bids for bonds worth EGP 53bn
Volume of domestic liquidity in banking sector increased to EGP 7.182 trillion by end of October 2022: CBE
The volume of non-governmental deposits in local currency increased to EGP 5.254 trillion, while foreign deposits amounted to about EGP 1.121 trillion
ABE aims to open 4 new digital branches in cooperation with e-finance before the end of this year
Farouk indicated that the significant expansion of digital services requires continuous support and modernisation of the bank’s technological infrastructure in an effort to accommodate this development, which is what makes the bank implement an ambitious strategy to develop the technological infrastructure to keep pace with the progress witnessed in banking application technology.
Boom in SCBank’s performance indicators since Hussein Refai assumed chairpersonship 5 years ago
The bank won Best CEO Award 2022 from the International Finance (UK)
CBE grants ADIB-Egypt preliminary approval to launch prepaid card Takka in collaboration with ADI-Consumer Finance and Meeza
Receiving CBE’s preliminary approval to launch Takka reflects confidence in ADIB-Egypt and ADI-Consumer Finance’s compelling brand portfolio: ADIB-Egypt CEO
saib reports net profit of $26.5m with 87% annual growth in September 2022
Bank’s net profit before taxes amounts to $38.9m up from $36.8m, with growth rate of 6%
QNB Alahli participates in COP27
QNB Group abides by all sustainability standards, certifications, and ESG criteria across internal and external operational levels
HDB launches Housing & Development Properties company for real estate marketing
HDB has over 20 affiliated companies that provide integrated real estate, financing services: Hassan Ghanem
CIB holds panel discussion on climate change, its impact on financial, economic policies
Banks, international institutions show interest in financial sustainability
Egypt’s CIB launches Sustaining SMEs programme
The programme targets the integration of ESG principles into Egypt’s small- and medium-sized enterprises across different sectors as well as the development of innovative sustainable finance products tailored to cater to the needs of SMEs and corporates.
CBE obtains USD for over 4,000 shipments of production requirements, food commodities over past 48 hours
Factories must ensure balance in EGP covers value of shipments according to current currency rate
Egypt records EGP 1.12-trillion-increase in volume of domestic liquidity in banking sector over 9 months: CBE
Total non-governmental deposits in local currency with banks amounted to about EGP 5.253 trillion
aiBANK launches campaign to finance SMEs with EGP 10m
This campaign is in line with the Egyptian Government and the Central Bank of Egypt’s directives focused on supporting SMEs and builds on the Bank’s strategy and expansion plan to introduce innovative financial solutions that aid the sustainable development of this promising sector. This campaign also aims to raise awareness of the competitive advantages offered by the Bank through this product, which aims to bridge the financing gap and attract small businesses as new customers. By financing these small businesses, the bank will support job creation and drive economic growth, allowing it to deliver on its goals of providing sustainable financing solutions.
CBE sets controls for financial derivatives at banks
Banks present their plans to operate in derivatives market
CBE justifies complete liberalisation of EGP’s exchange rate
These measures aim to ensure macroeconomic stability and achieve sustainable, comprehensive economic growth
CBE issues regulatory controls for forward exchange contracts at banks
The Central Bank of Egypt (CBE) issued on Thursday the regulations of forward exchange contracts at banks operating in Egypt.
CIB participates in 3rd World Conference on Mediterranean Diet
The conference was held under the patronage of Italy’s Ministry of Foreign Affairs and International Cooperation, Ministry of Ecological Transition, and Ministry of Agricultural, Food, and Forestry Policies.
NBE offers 3-year savings certificate with annual return of 17.25%
The bank issued another 3-year certificate with annual return of 16.25%, which will be disbursed quarterly, and with annual return of 16.5% in case of biannual disbursement.
115% growth in financial inclusion over past 6 years: Bassiouny
Number of women who own bank accounts increases to 16 million in 2021 with 171% growth from 2016
Banks operating in Egypt spend EGP 882.9m in CSR during 1H 2022: CBE advisor
Banking sector is major supporter of all state-initiated social, development initiatives
CIB hosts workshop for Egypt’s textile leaders
CIB’s ‘Sustaining Sectors’ programme is part of Bank’s ongoing mission to promote sustainable finance in corporate sector
CBE governor to review Egypt’s monetary policies in light of global developments
Review to take place during third session of Egyptian Economic Conference
IMF to reach Staff Level Agreement with Egypt very soon
Egypt’s negotiations with the IMF over started in March. One of the stumbling blocks in the talks was the exchange rate of the Egyptian Pound against the US dollar.
IMF reaches Staff-Level Agreement with Tunisia on $1.9bn Extended Fund Facility
Tunisia reform program will improve tax equity by taking steps to bring the informal sector into the tax net and broadening the tax base
Egypt’s external debt declined to $155.708bn by end of June: CBE
$129.089bn of the remaining debt is long-term debt and $26.619bn is short-term
Banks in Egypt set withdrawal limits on using ATM cards abroad to ease pressure on FX reserves
Steps comes after spotting manipulation practices
Banks looking to raise interest rates on USD certificates by Sunday
Recently, the NBE announced that it would adjust the interest rates on its three “golden” USD savings certificates and the Ahl Misr USD certificates for five and seven years for new issues starting from 9 October.
BoP records overall deficit of $10.5bn in FY 2021/22: CBE
Tourism revenues rose by $5.9bn to $10.7bn
Domestic liquidity in Egyptian banking sector increases to EGP 6.808trn in August 2022: CBE
Volume of non-governmental bank deposits in local currency increased to EGP 5.128trn
CIB participates in 2022 IIF Emerging Markets Sustainable Finance Summit
The summit aimed to capitalize on the tremendous success of the 2021 and 2022 IIF Sustainable Finance Summits and provide an opportunity to address the most critical issues facing emerging markets. It included sessions on the road to net zero, financing the transition, natural capital and biodiversity, the need for global coordination, and the IIF’s hallmark “Views from the C-Suite.”