Banking – Daily News Egypt https://www.dailynewsegypt.com Egypt’s Only Daily Independent Newspaper In English Thu, 23 May 2019 11:30:37 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.1 Banking law amendments for capital requirements could trigger profit retention, M&As: Pharos https://www.dailynewsegypt.com/2019/05/22/banking-law-amendments-for-capital-requirements-could-trigger-profit-retention-mas-pharos/ Wed, 22 May 2019 20:53:52 +0000 https://www.dailynewsegypt.com/?p=698923 Pharos believes that the capital increase could trigger a wave of porfit retentions and mergers and acquisitiions.

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Pharos Research said, on Wednesday, that Capital requirements for commercial banks could rise tenfold to EGP 5bn under proposed amendments to the Banking Law and $150m for foreign banks.

Pharos believes that the capital increase could trigger a wave of profit retentions and mergers and acquisitiions.

According to Pharos, a lot of banks would need capital increase with the exception of Commerical International Bank (CIB) and QNB Al Ahli.

However some banks have their total equity above the minimum so we could see them use their retained earnings to beef up paid in capital.

Others, whose equity is below the required minimum, could opt for mergers, acquisitions or rights issue, such as EG Bank and Suez Canal Bank.

Furthermore, the report indicates that if the law is approved, the CBE may give banks up to three years to comply and by that time, all banks under our coverage that fall below the require minimum would have already built an adequate capital base from profit retention, except for Suez Canal Bank.

The report indicate that CIB has a paid capital of EGP 14.585bn, and total equity of EGP 38.637, while QNB Al Ahli has a paid capital of EGP 9.795bn, and total equity of EGP 28.805bn, however it could receive support from Qatar National Bank.

On the other hand,

The  potential requirements of the new Banking Act has been circulated also includes,  potential requirements of the new Banking Act has been circulated.

Pharos Research shows the impact of VAT on 1% of the industry development fund tax, will lead to between -1.5% to -5.10% reduction in fair value.

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Microfinance portfolio in banks reaches EGP 6.94bn in Q1 of 2019 https://www.dailynewsegypt.com/2019/05/22/microfinance-portfolio-in-banks-reaches-egp-6-94bn-in-q1-of-2019/ Wed, 22 May 2019 20:45:27 +0000 https://www.dailynewsegypt.com/?p=698921 NGOs rank first in terms of number of beneficiaries

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The microfinance portfolio of the banks operating in the Egyptian market reached EGP 6.94bn at the end of the first quarter (Q1) of this year.

Mona Zulfukar, the chairperson of the Egyptian Union of Microfinance, said that the banking sector ranked third in terms of the number of beneficiaries of funding, estimated at 383,000 people in Q1 of 2019, with a 4.1% growth rate compared to December 2019, and with a 22.7% growth compared to Q1 of 2018.

While the sector ranked first in terms of the direct credit portfolio value which amounted to EGP 6.94bn with 11.2% growth compared to December 2018, and with 51.8% growth in Q4 of 2018.

Zulfukar said in a statement that the microfinance industry has witnessed a remarkable growth during the recent period, in light of the efforts of the state to achieve financial inclusion.

She added that the support of the Central Bank of Egypt, the Financial Regulatory Authority, and the Micro, Small and Medium Enterprises Development Agency had a great impact on the growth of this industry.

According to Zulfukar, the balances of microfinance amounted to EGP 19.5bn in Q1 of 2019 with 10.1% growth, compared to December 2018, and with a 50.4% growth compared to Q1 of 2018.

She added that the number of beneficiaries reached 3.237 million people, with a 2.8% growth in December 2018, and a growth of 18.8% in Q1 of 2018.

Zulfukar pointed out that the NGOs operating in microfinance ranked first in terms of the number of beneficiaries of funding. It provided financing to 1.8 million customers in Q1 of 2019, achieving a 7% growth compared to Q1 of 2018.

The value of loan portfolio in NGOs stood at EGP 6.575bn in Q1 of 2019, an increase of 4.4% compared to December 2018, and a growth of 28% compared to Q1 of 2018.

According to Zulfukar, companies operating in the same activity ranked second in terms of the number of beneficiaries, offering funding to nearly 961,000 customers, with 10% growth compared to the end of December 2018, and a growth of 49.4% compared to Q1 of 2018.

These companies ranked third in terms of the value of funding, providing EGP 6.078bn worth loans in Q1 of 2019, with an 81.3% growth compared to Q1 of 2018, and a growth of 15.7% compared to December 2018.

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Banking draft law will not impose term limits on state-owned banks’ board members: source https://www.dailynewsegypt.com/2019/05/22/banking-draft-law-will-not-impose-term-limits-on-state-owned-banks-board-members-source/ Wed, 22 May 2019 08:30:12 +0000 https://www.dailynewsegypt.com/?p=698768 The source explained, in a statement to the Middle East News Agency, that the law does not determine term limits for bank officials, including heads of banks and board members, pointing out that this applies to state-owned and private banks.

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An official source from the Central Bank of Egypt (CBE) denied reports on Tuesday that the CBE and Banking System draft law, known as the Banking Law, would impose term limits on board members of the state-owned banks.

The source explained, in a statement to the Middle East News Agency, that the law does not determine term limits for bank officials, including heads of banks and board members, pointing out that this applies to state-owned and private banks.

Other features of the proposed legislation would be the establishment of a committee to resolve disputes that arise between banks and their clients, which would be headed by a member of the judicial authorities.

On Saturday, an official source from the CBE said that the Banking Law will be sent to the House of Representatives for approval before the end of May.

The new draft law, which consists of 240 articles, considers all the comments of banks, ministries, and other entities.

Furthermore, the draft law would also unify all state-owned banks’ fiscal years to begin on 1 January, and would require them to publish their financial results in at least one widely circulating newspaper.

Regarding minimum capital conditions, foreign banks would be obliged to have $150m in capital, up from a current requirement of $50m.

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Pundits expect CBE to hold interest rates unchanged on Thursday https://www.dailynewsegypt.com/2019/05/21/pundits-expect-cbe-to-hold-interest-rates-unchanged-on-thursday/ Tue, 21 May 2019 19:22:13 +0000 https://www.dailynewsegypt.com/?p=698737 April's inflation slowdown is temporary, may pick up again by end-May: analysts, investment banks

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The monetary policy committee (MPC) of the Central Bank of Egypt (CBE) will hold its third regular meeting this year to discuss the fate of interest rates, which is the most prominent indicator of the direction of interest rates on the Egyptian pound in the local market.

The committee’s meeting this time comes amid strong expectations that it will be stabilised at the same levels reached on 14 February, despite the decline in the rate of headline and core inflation at the end of April.

At its 14 February meeting, the committee decided to reduce the basic interest rates by 1% to 15.75% for deposits, 16.75% for lending, and 16.25% for credit, discount, and main operation.

On 28 March, the CBE disagreed with market expectations and decided to fix those prices at this level, despite expectations of a reduction.

The CBE reported drop in core inflation to 8.1% year-over-year (y-o-y) in April from 8.9% in March.

The monthly core inflation rate was 0.4% in April from 0.5% in March.

The Central Agency for Public Mobilization and Statistics (CAPMAS) said that the annual inflation of consumer prices index (CPI) in cities fell to 13% y-o-y in April, compared with 14.2% in March.

The CPI scored 308.1 points for April 2019, registering a rise of 0.4%, compared to March 2019.

Mohamed Abdel Aal, a member of the board of directors of the Suez Canal Bank and a banking expert

Mohamed Abdel Aal, a member of the board of directors of the Suez Canal Bank and a banking expert, said that the changes in the international and domestic markets support the CBE’s trend to stabilise its interest rates, and weakens the trend to reduce them. He expected the CBE to cut interest rates in the fourth quarter (Q4) of 2019.

Abdel Aal added that despite the decline in inflation during the month of April, yet removing subsidies and freeing the price of gasoline-scheduled for implementation starting next July-will lead to increased inflation again.

He pointed out that the exchange rate of the pound is stable and significantly improving, which may push the CBE to stabilise interest rates, so as not to pressure the local currency by raising or lowering interest rates, adding that the interest rate must be attractive to foreign investors in government debt instruments.

According to Abdel Aal, the CBE may also want to maintain the remarkable return on household savings to compensate for high inflation rates, and avoid possible inflationary pressures, especially as the country moves to liberalise energy prices in accordance with the agreed timetable with the International Monetary Fund in the second half of this year, in addition to rising global oil prices.

Furthermore, Abdel Aal pointed to the existence of external factors which could affect the monetary policy of Egypt, including the escalating trade war between the United States and China, which may push inflation to rise in the US, which may force the Federal Reserve to raise the interest rate on the dollar, which may be then force the CBE to raise the interest rate.

Tarek Metwally, a banking expert who predicted interest rates to remain unchanged on Thursday, also agreed, noting that the probability of keeping rates unchanged is greater than a cut in rates as the government moves to lift subsidies on fuel in June.

Tarek Metwally, a banking expert

A report by the research department of HC Securities said that the MPC of the CBE will set the interest rate at its meeting scheduled for Thursday.

The research also expected the CBE to keep interest rates unchanged at its next three meetings, so that the market absorbs the first and second impact cycles to increase fuel prices.

“While monthly inflation was exceptionally low in April, it is expected to rise in May due to increased consumer demand during Ramadan,” Sara Saada, macroeconomic analyst at the company’s research department, said.

However, HC expects the CBE to resume its interest rate cuts by the end of Q3 or in Q4 of 2019 as prices stabilise but the reduction decision remains subject to the market’s position at the time.

In a research note issued by Pharos Holdings, it expected the pound interest to be stabilised at Thursday’s meeting, but also expected 100 basis points (bps) rate cut to 200 bps in Q4 of this year.

It pointed out that the monthly inflation figures were less than expected, pointing out that the discounts on food items by the government contributed to curbing inflation.

Chief economist at HC Securities and Investment Sara Saada

Pharos expected the annual inflation rate to rise again in the coming months due to the removal of fuel subsidies and for the headline inflation to increase by 3% in June and September, in conjunction with the beginning of the school year, which tends to come with 1% inflation increase.

On an annualized basis, Pharos sees inflation as between 12.5% and 13.5%.

The investment bank Shuaa also predicted that the CBE will keep interest rates unchanged until the end of the year, with Ramadan and Eid, followed by fiscal controls, expected to continue inflationary pressures.

In contrast, investment bank Beltone said there was a chance to cut the pound’s interest rate further by 100 bps at the MPC meeting on Thursday.

“In our view, the recent cut in interest rates ahead of February’s forecast, aimed to boost investor confidence, by sending a strong confidence message in the current monetary policy, as well as confidence in the local currency course.”

However, the most likely scenario is to cut interest rates by 100 bps by the end of the year, amid the repercussions of inflationary pressure as the automated fuel pricing mechanism is applied.

Fitch Ratings had forecast that the CBE would cut interest rates again by 100 bps during the rest of 2019.

The agency said in a report that the risks of further easing monetary policy maintains substantial risks.

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Egypt’s domestic debt exceeds EGP 4tn in December 2018: CBE https://www.dailynewsegypt.com/2019/05/21/egypts-domestic-debt-exceeds-egp-4tn-in-december-2018-cbe/ Tue, 21 May 2019 18:59:57 +0000 https://www.dailynewsegypt.com/?p=698731 The CBE said in its monthly report on Tuesday that the domestic debt reached 78.2% of GDP.

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The domestic public debt of Egypt reached EGP 4.1049tn at the end of December 2018, against EGP 3.887tn at the end of September 2018, up by EGP 220bn (5.66%), according to the Central Bank of Egypt.

The CBE said in its monthly report on Tuesday that the domestic debt reached 78.2% of GDP.

CBE added that this debt includes 85.3% owed by the government, 8.3% owed by public economic authorities, and 6.4% owed by the National Investment Bank.

According to the CBE, the net government domestic debt amounted to EGP 3.50tn at the end of December 2018, an increase of EGP 383bn compared to December 2017.

The net debt of public economic authorities amounted to EGP 340bn at the end of December 2018 with an increase of EGP 22.3bn compared to December 2017, while the net debt of the National Investment Bank reached EGP 263.1bn, with an increase of EGP 6.1bn compared to December 2017.

Moreover, Egypt’s external debt rose to $96.6bn at the end of 2018, compared to $82.8bn in 2017, an increase of 4.3%.

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It is now time for everyone to invest in Africa as main driver of global growth: Ezz Al-Arab https://www.dailynewsegypt.com/2019/05/20/it-is-now-time-for-everyone-to-invest-in-africa-as-main-driver-of-global-growth-ezz-al-arab/ Mon, 20 May 2019 20:34:10 +0000 https://www.dailynewsegypt.com/?p=698618 CIB chairperson stresses need to develop systematic frameworks to increase investment in continent

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Chairperson of the Commercial International Bank (CIB), Hisham Ezz Al-Arab, Egypt’s largest private sector bank, said it was now time for everyone to invest in the continent, as the main driver of global growth, stressing the importance of developing systematic frameworks to achieve that goal.

The statements of Ezz Al-Arab came during his participation in the Transform Africa 2019 conference held in Kigali, the capital of Rwanda, under the theme “Promoting the digital economy of Africa,” to discuss ways to further advanced digital innovations in Africa and promote the digital economy. The summit will continue for four consecutive days.

The summit was held under the auspices of the JICA and the World Bank with the presence of a number of African leaders, headed by President of the Republic of Rwanda Paul Kagame and the presidents of Kenya and Mali. Egyptian Minister of Communication, Amr Talaat, is attending the event as a representative of President Abdel Fattah Sisi.

Ezz Al-Arab participated as a keynote speaker in the session, which included the leaders of the countries participating in the summit. He stressed the importance of using the Blockchain technology applied by the CIB, being the safest technology to date.

He added that there are many African countries which have started to use this technology, such as the state of Sierra Leone, west Africa.

Furthermore, Ezz Al-Arab also stressed that Blockchain technology represents a new era that is comparable to the invention of the internet in terms of data preservation, banking operations, and transactions between customers and banks, or between banking institutions and each other.

During the summit, Ezz Al-Arab signed a Memorandum of Understanding with Smart Africa in the field of information and communication technology (ICT).

Under the memorandum, CIB and Smart Africa will work together to promote and develop literacy in the field of ICT and activate e-services awareness and digital leadership.

The first summit of the “transformation of Africa” was held in the Rwandan capital of Kigali in October 2013 under the auspices and in the presence of the President of Rwanda with the participation of the Presidents of Mali, Burkina Faso, Senegal, Kenya, Southern Sudan, Uganda, and Gabon.

During this summit, the Smart Africa initiative was launched aimed at using means of communication and information technology to promote economic and social development of the African continent and to meet the challenges of sustainable development in the continent’s countries.

Egypt joined the initiative in November 2016.

Ezz Al-Arab participated in the conference in recognition of the bank’s efforts and commitment toward introducing innovative products and services, as well as its continued support to entrepreneurs and emerging companies, especially in the field of financial services technology and efforts to develop high quality banking services tailored to the needs of all customers.

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Interest rate likely to be fixed during CBE’s Thursday meeting: HC Securities https://www.dailynewsegypt.com/2019/05/19/interest-rate-likely-to-be-fixed-during-cbes-thursday-meeting-hc-securities/ Sun, 19 May 2019 20:31:52 +0000 https://www.dailynewsegypt.com/?p=698458 Company expects CBE to continue trend toward reducing interest rate by end of Q3 or Q4 of 2019

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HC Securities expected the monetary policy committee (MPC) at the Central Bank of Egypt (CBE) to fix the interest rate during its next meeting on Thursday, a report issued by the research department at HC Securities announced.

The company anticipated the CBE to keep the interest rate fixed without changes during its three upcoming meetings in order for the market to accommodate the impact of the first and second cycles of the increase in fuel price.

Sarah Saada, macroeconomics analyst at the Research Department at HC Securities, said that while monthly inflation came with an exceptional decline in April, it is expected to increase in May given the increased demand during Ramadan.

“We expect an increase in fuel prices by 15-25% in June-July compared to the 31-42% increase of gasoline and diesel fuel in fiscal year 2017/18, which would lead to a higher monthly inflation rate in June and July,” Saada added.

Saada believes that the CBE decision to keep interest rates without changes in March was conservative in light of the global economic situation. However, HC Securities expects the CBE to continue its trend toward reducing interest rates by the end of the third or fourth quarter of 2019 with the stability of prices, and yet, the reduction decision remains dependent on the market situation at the time.

The MPC has kept interest rates without changes in its last meeting on 28 March 2019 after a reduction of 100 basis points in February 2019.

Annual inflation rate slowed down to 13.0% in April, compared to 14.2% in March, while monthly inflation slowed down with the increase of prices by 0.5%, an equivalent of a monthly inflation rate of 6.2%, according to the data of the Central Agency for Public Mobilization and Statistics.

Annual core inflation slowed to 8.11% in April, compared to 8.93% the month before, with an increase in the consumer price index to 0.36%, compared to a 0.45% increase in March, according to the CBE.

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Meeza card, instalment services, currency rates within features of 3rd “Sally” update https://www.dailynewsegypt.com/2019/05/19/meeza-card-instalment-services-currency-rates-within-features-of-3rd-sally-update/ Sun, 19 May 2019 15:08:11 +0000 https://www.dailynewsegypt.com/?p=698444 Application provides full details of 161 kinds of cards issued by 33 banks in Egypt

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Sally Credit Card has launched the third update of its upgraded version which includes educational information on various new services and tools, such as various instalment systems, best credit cards during travels, information on currency exchange, youth cards, advice to improve Iscore, and women’s credit cards.

The new services included in the updated edition of Sally also include the Meeza card which is the first national e-payment card that allows customers to make e-payments, whether to government bodies or any financial transaction on a local level.

Waleed Ghalwash, the founder and CEO of Marceau, the developer of Sally, said “We are seeking through the application to expand our services which we provide to users, such as instalment services. Through Sally, we provide all information on instalment services provided by banks to holders of credit cards, in addition to explaining the available offers and discounts and carrying out comparisons between the instalment systems of two banks or more.”

“In addition to the instalment services, we have provided information on the daily exchange rate of currencies against the Egyptian pound. The application clarifies the foreign exchange rate against the Egyptian pound according to the type of credit card in all Egyptian banks,” Galwash added.

Sally, which was officially launched earlier this year, provides important information to users of cards during their travels. The cards vary from one person to another based on the average payments during traveling, as this service provides the best credit cards to individuals, in addition to the option of comparing between available cards.

The upgraded version of Sally provides information and data of 151 kinds of cards issued by 33 banks in Egypt, including detailed comparisons between cards in a way that meet the needs of clients.

Sally is the first virtual financial assistant for credit cards in Egypt on Facebook Messenger to introduce all credit card systems.

The application answered the inquiries of nearly 30,000 users. It also provided information on the concept of financial inclusion and how it benefits users.

Marceau aims to cover various topics on financial literacy and ways to benefit from banking and non-banking services, in addition to helping making financial decisions easier for Egyptians through increasing awareness of the financial and banking sectors in light of the state’s strategic trend to support artificial intelligence.

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Attijariwafa Bank-Egypt aims to attract 70 new credit customers with funds exceeding EGP 3bn end 2019 https://www.dailynewsegypt.com/2019/05/19/attijariwafa-bank-egypt-aims-to-attract-70-new-credit-customers-with-funds-exceeding-egp-3bn-end-2019/ Sun, 19 May 2019 11:36:15 +0000 https://www.dailynewsegypt.com/?p=698397 Africa and Development Club gateway for Egyptian exporters to penetrate African markets

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Corporate Banking Director at Attijariwafa Bank-Egypt, Tamer Ragheb, said that the bank targets 70 new credit customers with loans exceeding EGP 3bn by the end of this year.

In a special interview with Daily News Egypt, Ragheb said that the size of the bank’s finance portfolio is currently EGP 11.4bn and that the bank aims to increase it to EGP 15bn by the end of 2019–a growth of 35%.

He added that during 2018, the bank had achieved a growth of 36% in the loans of large and medium-sized companies. Most of the financing provided to fund these companies was through syndicated loans.

Furthermore, he explained that the bank aims to expand the injection of direct financing in order to expand the customer base, especially from medium-sized enterprises.

In response to a question about the main sectors that the bank will focus on financing, Ragheb said the bank focuses on sectors with high consumption, such as food, medicines, and health care.

The bank injected more than EGP 2bn in the construction sector during the past year and is continuing to support this sector, because it is one of the sectors with high and rapid growth opportunities, he added.

“The tourism sector is one of the new sectors for Attijariwafa Bank-Egypt and although the bank’s financing portfolio is not large, it will be one of the sectors that the bank will explore in this year ” Ragheb said.

Moreover, Ragheb also stressed the bank’s interest in the renewable energy sector, pointing out that the bank is currently considering several loans in this sector.

In addition, the bank is currently considering a medium term direct loan of €8m to a private company working in the renewable energy sector, he stated.

According to Ragheb, defaulting in the bank’s large and medium-sized corporate sector, despite portfolio diversification, is very small compared to other banks.

In a related context, Ragheb revealed that the bank is allocating EGP 250-350m to finance micro-projects.

He explained that the bank will pump this amount through companies and non-governmental organisations (NGOs) working in this type of lending.

“Since its entry into the Egyptian market in May 2017, Attijariwafa Bank-Egypt has been updating the bank’s information systems and is currently updating its electronic payment systems in preparation for the introduction of a range of electronic payment systems by the end of this year,” Ragheb said.

He pointed out that one of the most prominent services that will be provided in this area is the electronic payment service for foreign trade financing, and the issuance of electronic letters of credit through internet banking.

As for offering the Meeza card or the QR Code, Ragheb said that these services are under study, explaining that the bank is preparing its technological infrastructure first and then it will head to the Central Bank of Egypt (CBE) to request the service it intends to provide.

He declared that the bank currently provides electronic payment systems for taxes and customs, and aims to develop that in the coming period, to enable clients’ self-payment.

“Attijariwafa Bank-Egypt is currently contracting with electronic payment companies operating in Egypt to provide collection services for these companies through its automated mechanisms or through cash deposits,” said Ragheb.

In another context, Ragheb expressed his intention to introduce an export finance product in the coming period as part of its quest to be an export finance bank.

“We have a substantial activity in the financing of commercial operations, which include guarantees as well as import and export, and the volume of this activity within the bank during 2018 reached about $1.7bn, and we aim to increase this amount by 50% this year, through increasingly supporting exports,” according to Ragheb.

Attijariwafa Bank-Egypt has a competitive advantage that does not exist for most of the banks operating in the Egyptian market. It has the largest network of branches in 14 African countries and seven European countries, in addition to a wide network of correspondents covering most countries, he pointed out.

The Head of Corporate and Investment Banking at Attijariwafa Bank-Egypt highlighted that most exporters in Egypt are medium and small companies. Therefore, the bank seeks to provide financing opportunities to these companies in the context of its keenness to support small exporters, whether through financing, or to help them avoid the risks of export to Africa.

Additionally, h declared that most large companies currently have very considerable export systems, and reached a very high growth stage, but smal and medium-sized enterprise (SMEs)  have good future growth opportunities.

Attijariwafa Bank-Egypt opened last week the Africa and Development Club-Egypt.

According to Ragheb, this club mainly supports Egyptian exports. He explained that the bank is located in 14 African countries, and the club is located in 10 African countries. This allows Egyptian customers who will join the club to connect to a large network of 30,000 importers in these countries.

Ragheb stressed that the return of this club will be very positive on Egyptian exports to Africa, especially in light of the difficulties in exporting to these countries, in terms of entering these markets, or in finding the right partner, or in locating the appropriate bank for collections and payments.

“This club offers new and sophisticated solutions for Egyptian exporters who want to be in Africa,” Ragheb announced.

Over and above, he emphasised that Attijariwafa Bank-Egypt handles the trade process between Egyptian exporters and importers in the African countries in which they are located from beginning to end. This is a competitive advantage that is not available in other markets operating in the Egyptian market, which do not enjoy a strong presence in African countries.

On the bank’s hedging of the risks surrounding the financing of foreign trade especially for Africa, Ragheb said that one of the competitive the bank’s advantages is its presence in African countries, which is exported to by Egyptian exporters, and that allows the bank’s branch to provide financing to its importing customers in the local currency of their country. The state supports these transactions in foreign currencies, and thus the bank is securing Egyptian exporters from the fluctuations in the prices of African currencies.

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NBK Egypt contributes about one-third of profits of group’s foreign branches:  Al-Sager https://www.dailynewsegypt.com/2019/05/19/nbk-egypt-contributes-about-one-third-of-profits-of-groups-foreign-branches-al-sager/ Sun, 19 May 2019 11:13:22 +0000 https://www.dailynewsegypt.com/?p=698396 Bank aims to acquire larger market share in rapidly growing retail sector in Egypt

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The National Bank of Kuwait (NBK) is the most important branch of the NBK Group as it plays a pivotal role in the group’s strategy to diversify its revenues by increasing the contribution of international operations to net profits, said Isam Jassim Al-Sager, NBK’s Group Chief Executive Officer and NBK-Egypt Chairman.

Al-Sager said in a statement on the results of the bank’s operations in Egypt that NBK-Egypt contributes about one third of the profits of the group’s foreign branches, which confirms the group’s vision for long-term investment in the Egyptian market.

The results of the bank’s operations revealed Wednesday that the bank posted a net profit of EGP 510m at the end of the first quarter (Q1) of 2019, compared to EGP 497m in Q1 of 2018, a growth of 2.6% year-over-year (y-o-y).

The bank’s total assets grew by 18.25% to EGP 70.37bn at the end of March 2019, compared with EGP 59.51bn in March 2018.

Total customer deposits during this period increased by 20.56% to EGP 53.07bn compared to EGP 44.02bn. Net customer loans and facilities increased by 5.34% to EGP 37.68bn compared to EGP 35.77bn.

According to Al-Sager, the financial results achieved by NBK-Egypt and the growth in its profits and all its financial indicators reinforce the confidence of the group in the Egyptian market, especially as the bank’s profits are mostly operational, reflecting the improved business environment and the stability of the economic situation in Egypt.

He explained that NBK-Egypt is aiming to acquire a greater market share in the retail sector in light of the rapid growth witnessed by the sector, by focusing on providing excellent banking services while simultaneously establishing the leading position in the corporate sector. In addition to focusing on small and medium-sized enterprises (SMEs) financing, ensuring the diversification of the bank’s credit portfolio.

The NBK Group is working to transfer its expertise in the field of financial technology to the Egyptian market, through NBK-Egypt, as part of the group’s strategy for digital transformation.

He stressed that the bank continues to maintain its strong performance, achieving growth in all its financial indicators, supported by the bank’s success in overcoming unfavourable market conditions earlier this year.

“The bank’s prudent policy as a member of the NBK Group is a result of its business model, which is based on maintaining diversification and balancing of sources of income and loan portfolio, offering more flexible financing solutions and introducing innovative banking products that meet the needs of actual customers and are based on in-depth studies of the market, as well as the bank’s strong financial position, strong budget, successful strategy, and the wealth of the bank’s team, which has extensive banking expertise,” Al-Sager said.

He added that most of NBK-Egypt’s profits come from credit operations with the corporate sector. The bank’s credit portfolio includes a wide variety of companies, which reflects the diversification of the Egyptian economy, pointing out that the bank seeks to strengthen its position in the sector in the coming period, and that it has taken very good steps in this regard by providing advanced products and services to individuals which suit the requirements of various customer segments. 

He said that the bank now has a network of banking branches of 50 branches spread over the best locations in the different governorates and cities of Egypt: Cairo, Giza, Alexandria, Delta, Sinai, the Red Sea, and the industrial zones in the Sixth of October and the 10th of Ramadan City.

It is also one of the few banks in the Egyptian market that has an Islamic license besides traditional licensing. It has two Islamic branches, one in Cairo and the other in Alexandria, which allows the bank to offer Sharia-compliant products in addition to traditional products.

The bank also has a large network of ATMs in the most important regions of the republic, as well as a number of electronic services, which the bank is moving to strongly expand and push many investments in this area to offer its customers unique banking experiences which would allow them to complete many of their banking transactions wherever they are, and whenever they want, without having to go to the bank for every transaction.

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Suez Canal Bank aims to focus on investment banking services, non-bank financial services https://www.dailynewsegypt.com/2019/05/18/suez-canal-bank-aims-to-focus-on-investment-banking-services-non-bank-financial-services/ Sat, 18 May 2019 21:43:51 +0000 https://www.dailynewsegypt.com/?p=698380 Bank achieved 12% increase in net profit in Q1 of 2019, rise in financial position to EGP 49.3bn: Refaey

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Chairperson and Managing Director of Suez Canal Bank, Hussein Refaey, said that the bank’s strategy in the coming years aims to launch the bank into a new phase by focusing on expanding investment banking services and non-bank financial services.

The bank also aims to support the small and medium sized enterprises (SMEs) sector, expand retail banking to enhance the concept of financial inclusion, and continue to focus on supporting and financing large companies.

Refaey revealed that the bank achieved a net profit of EGP 129m during the first quarter (Q1) of this year against EGP 115m in Q1 of 2018–an increase of 12%.

Furthermore, he pointed out that this increase in profits was supported by a net profit increase of 40% and net income from fees and commissions by 36%.

The bank has increased the loan portfolio and customer facilities by 5% to EGP 14.2bn in March 2019 compared to EGP 13.5bn in December 2018. Customer deposits recorded EGP 38.5bn in March 2019, he added.

Meanwhile, Refaey pointed out that the Suez Canal Bank announced the official launch of the smart wallet services (SCB E-WALLET), which provides a variety of mobile and innovative payment services and solutions, in line with the state’s trend toward the provision of financial services and electronic payment to all segments of society, and is continuing to support the efforts of the Central Bank of Egypt in achieving financial inclusion.

Moreover Refaey highlighted that the bank opened three new branches this year, bringing the number of branches to 44, including two branches during Q1.

He stressed the bank’s continued expansion strategy through the opening of other branches, the development of existing branches, the increase of ATM machines, and the development of its potential, in order to achieve optimum geographical spread at the level of different cities and governorates.

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Banking draft law to be sent to parliament for approval before end-May: source https://www.dailynewsegypt.com/2019/05/18/banking-draft-law-to-be-sent-to-parliament-for-approval-before-end-may-source/ Sat, 18 May 2019 17:49:16 +0000 https://www.dailynewsegypt.com/?p=698316 It stipulates establishment of committee chaired by prime minister to maintain stability of state's financial system

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An official source from the Central Bank of Egypt (CBE) said on Saturday that the CBE and banking system draft law, known as banking law, will be send to the House of Representatives for approval before the end of May.

The source explained, in a statement to the Middle East News Agency, that this step will come after the cabinet completes its review and approve the bill.

He added that the new draft law, which consists of 240 articles, takes into account all the comments of banks, ministries, and other entities.

The cabinet’s economic committee reviewed the final version of the new draft law last week, in the presence of the CBE Governor Tarek Amer and the ministers of investment, immigration, manpower, planning, tourism, finance, trade, industry, and the public enterprise sector.

Amer said earlier that the new banking draft law comes within the framework of the country’s legislative reforms aimed at keeping abreast of rapid global developments in banking, payment systems, and financial technology.

According to the source, the new law would establish a committee for financial stability of the state, headed by the prime minister. This committee aims to maintain the stability of the Egyptian financial system and coordinate efforts to avoid and manage any financial crises in case they occur.

The source said the new committee would include the governor of the CBE, the finance minister, and the chairperson of the Financial Regulatory Authority.

He added that the new law obliges the government to reorganise the coordinating council to set up a coordination mechanism between the monetary policy of the CBE and the government’s fiscal policy. The council will include representatives from the government, the CBE, and a number of experienced experts.

The new draft law regulates the cooperation between the CBE and foreign counterparts in order to coordinate and exchange information in accordance with the principle of joint control. This includes the signing of memorandums of understanding (MoU) and participation in supervisory groups, or groups to resolve the situation of troubled banks.

The source revealed that the new draft law obliges the CBE to increase its capital to EGP 20bn.

Furthermore, the source said that the current law had set a minimum capital of the CBE at EGP 4bn and authorised the board of directors of the bank, in coordination with the ministry of finance, an increase, where the capital of the bank during the past years is to be EGP 16bn.

This comes at a time when the financial statements of the CBE revealed that the bank’s capital increased to EGP 21.6bn by the end of June 2018. The capital was increased by EGP 6bn during the fiscal year 2017/18 with the cooperation of the ministry of finance, and funded by the state treasury.

The source added that the draft law defined the CBE as a supervisory body with a future of a general legal entity, subsequent to the President of the republic, and enjoys technical, financial, and administrative independence. It also set its objectives in accordance with the provisions of the constitution in ensuring the safety of the monetary and banking system and the independence of prices.

He explained that the draft law re-examined the mechanism of appointing the CBE governor to comply with the provisions of the Constitution, where he will be appointed by the president for a period of four years and can be renewed for one more term after the approval of the majority of the members of the House of Representatives.

The draft law specifies the selection criteria of the CBE governor as well as his deputies and members of the board of directors. It also specified the authorities of the CBE governor, his deputies, and members of the board of directors. The majority of the board members are non-executive.

According to the source, the draft law aims to support the CBE to ensure the achievement of its objectives and protect competition and the rights of consumers.

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US dollar continues decline below EGP 17 for first time in two years: CBE https://www.dailynewsegypt.com/2019/05/16/us-dollar-continues-decline-below-egp-17-for-first-time-in-two-years-cbe/ Thu, 16 May 2019 18:11:52 +0000 https://www.dailynewsegypt.com/?p=698270 The average price of US dollar in banks reached EGP 16.99 for buying and EGP 17.09 for selling, according to the CBE

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The Central Bank of Egypt (CBE) said the US dollar continued its decline against the local currency in banks on Thursday, recording EGP 16.97 for buying and EGP 17.1 for sale, marking the lowest exchange rate since March 2017.

The CBE said in a statement the US dollar has lost EGP 0.90 of its value since the beginning of 2019, supported by foreign exchange flows from multiple sources.

The average price of US dollar in banks reached EGP 16.99 for buying and EGP 17.09 for selling, according to the CBE.

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US dollar hits EGP 16.99 mark for first time since March 2017 https://www.dailynewsegypt.com/2019/05/15/us-dollar-hits-egp-16-99-mark-for-first-time-since-march-2017/ Wed, 15 May 2019 18:20:43 +0000 https://www.dailynewsegypt.com/?p=698243 The average dollar price on Wednesday recorded EGP 17.01 to buy and EGP 17.14 to sell.

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The Commercial International Bank (CIB) decreased the US dollar price to EGP 16.99 for buying and EGP 17.09 for selling, the first time the US dollar value go down EGP 17 level in banks since March 2017.


The Bank of Alexandria recorded EGP 17 to buy and EGP 17.1 to sell, while in the National Bank of Egypt, Banque Misr, QNB Al Ahli, and Audi bank the US dollar recorded EGP 17.01 to buy and EGP 17.11 to sell.

The average dollar price on Wednesday recorded EGP 17.01 to buy and EGP 17.14 to sell.


The average price of US dollar in banking transactions with its customers on Tuesday was EGP 17.02 for purchase and EGP 17,12 for sale.

The US currency value decline was due to the strong flows of foreign currency in the Egyptian market during the last period, as bank officials explained.

An official from the Central Bank of Egypt estimated the amount of foreign exchange received by banks since the beginning of the year at $24.7bn. 

Chairperson of Banque Misr, Mohamed El-Etreby, said on Tuesday that his bank alone received some $5.3bn since the beginning of 2019.

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IDB buys land plot in New Administrative Capital for its new headquarters https://www.dailynewsegypt.com/2019/05/14/idb-buys-land-plot-in-new-administrative-capital-for-its-new-headquarters/ Tue, 14 May 2019 19:10:58 +0000 https://www.dailynewsegypt.com/?p=698137 Bank recently opened 11 branches across Egypt

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The Industrial Development Bank (IDB) purchased a land plot of 5,350 sqm in the New Administrative Capital to establish the bank’s new headquarters, Maged Fahmy, chairperson of the IDB, said.

The bank has contracted with the Armed Forces Engineering Authority for the construction of this headquarters, in addition to the completion of the construction of the bank’s branch in the Fifth Settlement, after six years of neglect.

He added that the bank recently opened 11 branches as part of its three-year expansion plan across the country.

Furthermore, Fahmy explained that four branches have been completed and four more are pending construction in Sadat City, Borg El Arab, Minya, and Ismailia. The bank will also develop four branches in Qena, Fayoum, Tanta, and Port Said before the end of 2019.

On Monday, Fahmy opened the bank’s latest branch in Obour City. The IDB will complete the existing branch development and open new ones to be eligible in the modern format of the bank as part of its expansion plan.

Another bank branch will be opened in Makram Ebeid in Nasr City as well as a branch of Nobar Pasha street downtown in May.

Fahmy explained that the opening of these branches comes within the framework of a new business plan to strongly compete in the banking market, through the expansion of its branch network to reach 50 branches by 2023.

He added that the IDB aims to deliver its services to more citizens, in addition to industrial zones across Egypt in order to contribute to the initiative launched by President Abdel Fattah Al Sisi to support small and medium-sized enterprises (SMEs).

Moreover the bank plans to establish the first branch of electronic banking services using the latest banking technologies, through the plan set by the bank’s management, which ultimately serves the national economy by supporting the Egyptian industry, through financing SMEs in order to effectively contribute toward solving the problem of unemployment, raising the volume of Egyptian exports, and thus providing hard currency, explained Fahmy.

Hamdy Azzam, deputy chairperson of the board of directors of the bank, said that the ratio of loans reached 40% of the total credit portfolio.

Azzam elaborated that the bank is focusing on financing development projects, after the introduction of the term’s retail banking for development, noting that the bank was able to seize fifth rank in the last three years in financing SMEs and mortgages.

The proportion of financing of SMEs at the bank reached about 33% of total loans, which is higher than the percentage determined by the Central Bank of Egypt (CBE?) of 20%, he pointed out.

Over and above, Azzam highlighted that the IDB financed the Rubiky Leather City project. The bank proved its worth in the furniture city of Damietta, although it was the last bank to finance it, but it was more active than the first three banks.

He added that the IDB has signed protocols with the Industrial Development Authority and a number of industrial complexes in the governorates of Daqahleya and Alexandria, as well as the allocation of a developmental portfolio of real estate mortgage finance, and the delivery of gas to low-income villages, including 150,000 units in Fayoum villages. The value of this portfolio reached EGP 1.4bn.

Over the last few years, the IDB has succeeded in achieving a qualitative leap in its indicators and jumping at an unprecedented rate of growth on all indicators through the bank’s comprehensive plan for all sectors set by the its current management headed by Fahmy.

According to the bank’s performance indicators, the IDB’s budget has jumped from EGP 4.5bn in 2015 to EGP 24.5bn in 2018, while deposits hiked from EGP 2.1bn to EGP 19bn, and credit rose from EGP 3.5bn to EGP 10.5bn.

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Pound appreciated 84 piasters since beginning of 2019: CBE https://www.dailynewsegypt.com/2019/05/14/pound-appreciated-84-piasters-since-beginning-of-2019-cbe/ Tue, 14 May 2019 17:50:55 +0000 https://www.dailynewsegypt.com/?p=698116 US currency is approaching EGP 17 against pound, as foreign exchange flows increase in Egypt

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The Central Bank of Egypt (CBE) said that the dollar has fallen against the Egyptian pound by 84 piasters since the beginning of 2019.

The CBE explained that this decline in the United States currency was supported by the increase in foreign exchange flows in the Egyptian market from multiple sources.

On Monday, the exchange rate of the dollar depreciated by 5 piasters and, on Tuesday, settled at EGP 17.0114 to buy and EGP 17.139 to sell.

The average dollar price on Tuesday was EGP 17.0306 to buy and EGP 17.1306 to sell.

The US currency neared EGP 17 down, as bank officials stressed the presence of strong flows of foreign currency in the Egyptian market during the last period.

The CBE official estimated the amount of foreign exchange received by banks since the beginning of the year at $24.7bn.

Chairperson of Banque Misr, Mohamed El-Etreby, said on Tuesday that his bank alone received some $5.3bn since the beginning of 2019.

SHUAA Securities Egypt has issued a report confirming that the exchange rate of the pound is one of the current most uncertain variables.

The report pointed to the multiplicity and complexity of factors associated with the exchange rate, including long-term structural factors, and other issues which are often subject to the policies of the CBE and the monetary policy committee.

It added that it was not long before the pound was floated in November 2016, allowing for a long-term study, providing sufficient historical data or making the currency pattern predictable, confirming that the attempt to predict the behaviour of the Egyptian pound is similar to predicting the future or gambling.

According to its analysis, the exchange rate of the pound is slightly below its real value, but close to the fair value of the exchange rate against foreign currencies.

In the long-term, structural economic factors, including the chronic trade deficit, current account dynamics, the completion of the monetary easing cycle, and possibly increasingly severe global conditions in the future will all place pressure upon the pound.

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Attijariwafa Bank launches Africa Development Club in Egypt https://www.dailynewsegypt.com/2019/05/13/attijariwafa-bank-launches-africa-development-club-in-egypt/ Mon, 13 May 2019 18:30:58 +0000 https://www.dailynewsegypt.com/?p=697981 Egypt is first destination for foreign investment in Africa, says El Kettani

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Attijariwafa Bank Egypt launched on Sunday the Africa Development Club in Egypt. The launch of the club comes as part of the efforts of Attijariwafa Bank Group to promote regional and continental cooperation between African countries, Mohamed El Kettani, CEO of the Attijariwafa Bank Group, said.

He stressed that Egypt is the first destination for foreign investments in Africa, pointing out that the presence in Egypt is the most important investment of the group in Africa due to its distinguished geographic position, and its economic reform programme implemented in Egypt since 2016, which significantly reflected on its economic performance.

Furthermore, the CEO highlighted that the Africa Development Club in Egypt is the only hub and platform linking Egypt and African countries, an opportunity to realise the aspirations of the African business market, and provide a chance for young entrepreneurs from Egypt to share and exchange experiences and discover new partners.

In March 2019, Attijariwafa Bank Group held the sixth session of the International African Forum in Casablanca, under the title “Africa and Development.”

More than 2,000 participants participated in the forum, in addition to eight government representatives from over 30 countries.

Attijariwafa Bank started operation in Egypt on 3 May 2017 having acquired Barclays Egypt.

In addition, Attijariwafa Bank has established the Africa Development Club in 2008 with the aim of broadening and supporting the group’s endeavours to promote regional cooperation and south-south co-operation.

The club offers an opportunity to connect companies wishing to expand their business interests in the continent by taking advantage of business and investment opportunities in this part of the world. Furthermore, the club also provides access to training, information services, and expert advice to help entrepreneurs implement their projects with the assistance of governments in their key infrastructure and to promote south-south and north-south co-operation.

Since the establishment of the club–which currently includes more than 3,000 members–it has organised with Attijariwafa Bank 15 missions, which mobilised more than 2,000 business leaders from Africa.

According to the Managing Director of Attijariwafa Bank Egypt, Hala Sakr, the bank aims to bring closer its clients in Egypt and customers in other countries that exist in the African continent, as the bank strongly exists in these countries, especially since it coincides with Egypt’s rotating presidency of the African Union and the Central Bank of Egypt’s chair of the Association of African Central Banks.

Sakr stressed that the linkage between investors in Egypt and Africa comes in line with the Egyptian state’s tendency to expand investment in the African continent, and it is part of the business strategy of the bank.

She explained that the bank conducted about 600 meetings between Egyptian clients and officials in African countries during a conference held in Morocco in March.

Moreover, she noted that the club serves as a key catalyst for sustainable development and economic development in African markets.

For her part, Director of the Africa Development Club in Egypt, Mona El Kadry, explained that the club aims to promote trade in Africa and cooperation among African countries.

She added that the club is aware of the developmental challenges faced by the African continent in terms of economic and social aspects, and it depends on the principle of unity, as well as adopts a humanitarian vision of economic development.

El-Kadry pointed out that the launch of the Africa and Development Club in Egypt will help serve the economic actors in order to participate in the development of the continent.

She noted that the branch in Egypt is the tenth to be launched, in addition to its branches in Côte d’Ivoire, Senegal, Mali, Mauritania, Tunisia, Cameroon, Gabon, Congo, and Morocco, thus providing investment opportunities for Egyptian companies to learn about the potentials in other African markets.

For his part, head of corporate and financial sector at Attijariwafa Bank Egypt, Tamer Ragheb, said that the bank has carried out commercial operations worth $1.7bn in 2018, up by 30% from 2017.

He added that the bank aims to increase these funds by 50% by end-2019, in line with the country’s tendency to increase exports-particularly to African markets-reinforced by the strong presence of the group in Africa.

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NBE aims to attract more UAE investors to Egyptian market https://www.dailynewsegypt.com/2019/05/12/nbe-aims-to-attract-more-uae-investors-to-egyptian-market/ Sun, 12 May 2019 19:44:53 +0000 https://www.dailynewsegypt.com/?p=697863 Bank successfully concluded several transactions with numerous UAE investors for investments in financial markets, debt instruments issued by Egyptian government: Tantawy

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Jamal Saif Al Jarwan, secretary-general of the UAE International Investors Council, met in Dubai with Hussein Tantawy, CEO of the National Bank of Egypt (NBE) in the Dubai International Financial Center (DIFC) as well as with Tareq El Ghazaly, regional general manager of the NBE in the UAE.

The meeting discussed prospects for joint cooperation between the UAE International Investors Council and the NBE. This is to pave the way for UAE private sector companies and businessmen to invest in various promising investment fields in all of Egypt’s governorates and to attract more investments from companies and investors wishing to enter the Egyptian market or to expand their investments. This targets increasing the proportion and value of investments in Egypt.

Al Jarwan stressed that the council pays attention and is keen to continue cooperating with the Egyptian government, especially in light of Egypt’s remarkable success in implementing the economic reform programme, and the constant readiness of UAE investors to develop these relations.

The volume of UAE investments in Egypt reached about ED 27bn ($7,35bn), he pointed out.

According to Al Jarwan, cooperation with the NBE will positively contribute to the achievement of the mission and objectives of the Emirate council. This is especially in terms of exploring the promising investment opportunities in Egypt and building a database periodically upon these opportunities in order to allow them to be presented to UAE investors, thus fulfilling the objectives of UAE investors regarding their investments in Egypt, and to overcome any obstacles facing these investments.

He added: “We are always keen to coordinate and extend bridges of cooperation with everyone, whether governmental or semi-governmental institutions or private sector companies and others, internally and externally.”

Furthermore, Al Jarwan commended the role played by the NBE in the DIFC, concerning cooperating with the bank’s regional representation office in the UAE, which provides unique services that positively contribute to enhancing investment cooperation between Egypt and the UAE.

Coordination is underway between the Emirate council and the NBE to finalise the joint cooperation agreement between the bank and the council which will be announced soon, he pointed out.

For his part, Tantawy, expressed his pride in the bank’s cooperation with the council and through sponsoring investment opportunities in Egypt for UAE investment entities, businessmen, and investors.

He added that the NBE is also providing proper investment advice and solutions for the establishment of distinguished projects in Egypt, especially since the Egyptian government attaches great importance to that stage, which will certainly positively affect the returns achieved.

Tantawy stressed that this cooperation will strengthen and open new horizons for the NBE in the DIFC to attract more UAE investors to Egypt in order to participate and benefit from promising and feasible investment opportunities and to continue to offer innovative investment solutions to both partners and customers. This aims to boost investment in Egypt, increase the rates of direct investment, and positively reflects on the national economy.

Furthermore, Tantawy added that the NBE in the DIFC was established in 2011 as a wholly owned subsidiary of the NBE, licensed by the Dubai Financial Services Authority, to serve as the bank’s investment promoters in the Gulf region, provide advisory and financial services to investors, offer effective investment solutions, and direct access to unique investment opportunities in Egypt.

The NBE in the DIFC has succeeded in concluding several investment deals with a number of UAE investors, allowing investments into the financial markets of Egypt, the UAE, and other countries, as well as investing in debt instruments issued by the Egyptian government, in return for periodic and capital gains for investors beyond expectations, he pointed out.

This has contributed to the confidence of investors and their keenness to continue cooperating with the NBE-DIFC, especially after extending its role to providing support, advice, and advanced investment necessary solutions for UAE investors, in order to maximise the return on their investments in Egypt, stated the CEO of the NBE.

One of the most successful deals was the one concluded between the NBE-DIFC and the Amlak Emirates Company to develop the 42,000 sqm of land owned by the company in Nasr City.

He pointed out that cooperation with a senior developer in Egypt has been undertaken to establish a residential, administrative, and commercial project, and to provide investment solutions which will ensure that the project achieves returns of up to EGP 10bn during the period of revenue collection, as well as the success in starting to take serious executive steps to establish an investment fund for health care in Egypt worth $100m with the participation of the NBE and the MBF Emirati group.

For his part, El Ghazaly, said that cooperation with the Emirate council is one important milestone in supporting joint relations between the bank and major investment entities in the UAE, businessmen, and investors, as well as the opening of new fruitful horizons for investment cooperation with the UAE side.

This is expected to be attract more investors to Egypt, and finding the appropriate mechanism through the council in order to offer distinguished investment opportunities to the elite of UAE investors to establish viable investment projects in Egypt. The NBE is the strongest, most successful, and oldest bank in Egypt.

He pointed out that the bank’s assets are more than EGP 1.6tn and provides many advanced banking and financing services, in accordance with the latest international methods, which significantly contributes toward the provision of an attractive financial and banking environment for investors to implement joint investment projects in Egypt.

Moreover, El Ghazaly highlighted that the bank has been in the UAE since 2006 in the form of a regional representation office, with a license from the Central Bank of the UAE.

The office has been working since its inception to support Egyptian-Emirati relations in the field of investment and banking operations, in addition to the other regular work carried out by the office to serve the Egyptian community in the UAE, in coordination with the bank’s branches and units in Egypt, he explained.

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Suez Canal Bank opens 44th branch https://www.dailynewsegypt.com/2019/05/12/suez-canal-bank-opens-44th-branch/ Sun, 12 May 2019 09:00:12 +0000 https://www.dailynewsegypt.com/?p=697743 Chairperson inaugurates new branch in Beni Suef

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The Suez Canal Bank raised the number of its branches to 44 after opening its latest unit in Beni Suef.

The bank’s chairperson, Hussein Refaey, inaugurated the latest branch last week in Beni Suef, in the presence of Hany Abdel Gaber, governor of Beni Suef, senior bank officials, and several governorate leaders.

Refaey said that the opening of the new branch is a step toward achieving the bank’s expansion strategy, noting that with the opening of this branch, the bank’s branches reached 44 branches throughout Egypt.

The location of the new branch is considered an important site, especially as it serves more than one industrial area in the province, which supports the bank’s plan to cater to small and medium-sized enterprises (SMEs), said the Suez Canal Bank’s chairperson.

Furthermore, he added that the Suez Canal Bank is always seeking to provide its branches with the latest advanced technologies, especially ATM machines, in order to meet the requirements of customers and to attract their confidence through the development of all banking services in the bank’s branches.

The bank is also interested in expanding in the Delta, Upper Egypt, and Sinai so as to serve the largest number of clients in the country, as part of the special measures to promote the financial inclusion initiative sponsored by the Central Bank of Egypt, Refaey pointed out.

Moreover, he stressed that the new branch is the culmination of the bank’s efforts to expand its network of branches, in addition to expanding support for retail banking and SMEs in the coming years, in order to support the national economy.

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EALB launches new retail banking package for first time in its history https://www.dailynewsegypt.com/2019/05/12/ealb-launches-new-retail-banking-package-for-first-time-in-its-history/ Sun, 12 May 2019 08:30:32 +0000 https://www.dailynewsegypt.com/?p=697746 Bank turned into real estate investment, commercial bank within short period of time: Kamal

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The Egyptian Arab Land Bank (EALB) has launched a wide range of retail banking services for the first time in its history, fulfilling the promises and covenants made by the board of directors since taking over the bank’s responsibility for the development, structuring, administering, and managing the EALB from a specialised real estate bank into an investment commercial real estate bank.

The package consists of personal loans to employees (easy cash, ICash, and I-Bankers), women’s loans (DIVA), educational loans (Madrasty), and club loans (Nadeek), as well as credit cards.

The EALB has also activated the products of progressive yield, mortgage finance, small and microenterprise loans, and expanded financing for large enterprises and companies.

The campaign has been launched under the slogan “AhlamKater-Eid Sandah Eid,” starting from the month of Ramadan and will extend up to the summer period. The campaign includes advertisements for roads, television, social networking sites, and YouTube, the establishment of a website, a page on Facebook and Instagram, and proliferating in marketing sites such as malls, clubs, and tourist villages in the northern coast.

Chairperson of the board of directors of EALB, Amr Kamal, said that the bank is moving steadily toward the implementation of the reform and development plans set by its current board strategy and helped by his colleagues.

Kamal expressed his pride and satisfaction with the bank’s success in issuing for the first time a completely new retail banking product portfolio, including diversified personal loans and credit cards. The bank has been transformed into a commercial real estate investment bank in a short period of time.

He added that this comes as a result of the board’s objectives of transforming the bank toward profitability by reaching novel and diverse segments of new customers and providing excellent banking services to them as well as to existing customers, which reflects positively on the bank’s results.

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National Bank of Greece-Egypt leaves market after 100 years https://www.dailynewsegypt.com/2019/05/12/national-bank-of-greece-egypt-leaves-market-after-100-years/ Sun, 12 May 2019 08:00:17 +0000 https://www.dailynewsegypt.com/?p=697740 Assets sold to Bank Audi worth €110m including loans, deposits, securities,17 branches with 250 employees

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Bank Audi Egypt announced the success of the acquisition negotiations of the banking operations portfolio and the branches of the National Bank of Greece (NBG) in Egypt, noting that the completion of the transaction depends on obtaining the final approval from the Central Bank of Egypt (CBE).

On 2 May 2019, the NBG concluded an agreement to transfer the banking operations portfolio for its services to individuals and companies in Egypt to Bank Audi.

The NBG is the latest bank to announce its exit from the Egyptian market after nearly 100 years of its presence.

Furthermore, the NBG Group announced several days ago that the bank’s assets in the Egyptian market were sold to Bank Audi for €110m including loans, deposits and securities, as well as 17 branches and 250 employees.

According to the group, the deal comes in the context of the restructuring plan being carried out by the parent group in Greece, in agreement with the European Commission.

At the end of last week, the NBG-Egypt said that all bank accounts and contracts would be automatically transferred to Bank Audi after the completion of the sale, stressing that customers are not required to take any action regarding the deal.

In a statement issued on its website, the bank clarified that on 2 May 2019, an agreement was signed to transfer its banking services for individuals and companies in Egypt to Bank Audi on the date of the validity of the transfer, in accordance with the terms and conditions of such contracts and the terms and conditions of opening such accounts.

It pointed out that the completion of the transfer is conditional upon obtaining regulatory approvals, including the approval of the CBE.

According to the bank, customers are not required to do anything as part of the transfer, and on the date of transfer, their account(s) and agreements will automatically be transferred to Bank Audi, according to the terms and conditions of those agreements and/or applicability of those accounts.

It added that more information on the transfer process will be made available as soon as possible on the bank’s website in Egypt: www.nbg.com.eg/en.

The NBG-Egypt was established at the beginning of the last century as the first Greek banking investment in Egypt to serve the Greek community at the time, while working to consolidate the bonds of joint cooperation between Egypt and Greece and to strengthening the civilizational ties and boost economic relations between the two countries.

With its expansion in Egypt through its three branches in Cairo, Alexandria, and Zagazig, the bank took its first expansionary steps in 1933 by acquiring the Anatoli Bank, which has been operating in Egypt since 1904 through seven branches across the country.

As the number of branches increased, the merger in 1953 with the Bank of Athens–the oldest Greek bank in Egypt, which has been operating since 1896–it reached 10 branches located in Cairo, Alexandria, and Port Said.

However, in view of the changes which took place in the social, economic, and investment climate in Egypt during the 60s in the last century, specifically in 1961, the bank stopped its activity similar to all foreign banks operating in Egypt at the time, and reopened a representative office in Cairo in 1975.

By 1979, the bank had reopened its first branch to become the first Greek investment in Egypt, in line with the opening of the policy of economic openness and the start of the influx of foreign investments into the country.

The NBG has long been the main and probably the only banking channel between Egypt and Greece. The bank has since taken the initiative to expand horizontally and vertically within Egypt, and to contribute toward the advancement of economic development in general, and to support and develop the banking sector in order to directly and indirectly serve citizens.

The bank’s management attaches great importance to the integration process between the investment entities of south eastern Europe and the eastern Mediterranean countries, bearing in mind the importance of consolidating the bonds of fruitful and constructive cooperation and the cooperation between the peoples of the region as a whole, and especially between the Egyptian and Greek peoples.

In light of the great openness witnessed by the Egyptian economy in the past few years and the remarkable investment recovery witnessed by the country, and within the framework of the state’s supportive directions for the development of the banking sector as a fundamental pillar of economic development and stability, the decision of the NBG is to increase its investments and develop its activities through a long-term expansion plan to support the bank’s position in the domestic market. Consequently, the bank increased its capital more than once within the NBG strategic plan aimed to support and strengthen its presence in the Egyptian market.

The bank opened several new branches during the last period, bringing the total number of branches to 17 carefully selected and equipped branches, with the latest international quality standards through the use of one of the major international institutions specialised in this field.

The bank has also launched a wide range of advanced banking products and services, all of which aim to meet the diverse needs of citizens from different categories in order to satisfy the wide range base of customers, as well as to ensure high quality standards and performance to equally benefit the prosperity and growth of all parties.

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IDB’s net profits reach EGP 136m in M4 of 2019 https://www.dailynewsegypt.com/2019/05/11/idbs-net-profits-reach-egp-136m-in-m4-of-2019/ Sat, 11 May 2019 18:18:20 +0000 https://www.dailynewsegypt.com/?p=697789 Bank allocates EGP 500m to develop its technological infrastructure for modern banking services

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The Industrial Development Bank (IDB) has achieved net profits of EGP 136m during the first four months of the year, compared to EGP 103m during the same period of 2018, with a 33% growth.

Maged Fahmy, the chairperson of the bank, said the IDB administration will be selling its headquarters in the Fifth Settlement and use the money to cover the bank’s accumulated losses, stressing that the bank’s leadership plans to end this issue by the end of this year.

The bank will also support its financial position and increase its activity during the coming period. He explained that this headquarters’ area exceeds the bank’s needs, especially with the bank’s intention to move to the New Administrative Capital.

Fahmy pointed out that the industry accounts for about 50% of the bank’s total loan portfolio of small, medium, and large projects. The bank aims to increase that percentage to 70-80% in the coming period, especially since this sector is of a great importance to the state.

Hamdy Azzam, vice chairperson of the bank, revealed that the bank allocated EGP 500m for developing its technological infrastructure, adding that EGP 220m have already been spent for the implementation of 64 development projects nationwide.

The bank plans to increase its branch network to 50 branches by 2023, compared to the current 18 branches, stated Fahmy.

He explained that the bank intends to expand in Cairo, and open new branches in Minya, Alexandria, Ismailia, Suez, Beni Suef, Sadat, and Borg El-Arab cities.

According to Azzam, the bank plans to open e-branches after upgrading its technological infrastructure. Two branches are planned to be opened soon, along with the launch of new products targeting youth, in addition to mobile booths to offer e-services.

He added that the bank intends to launch a number of e-banking services during the second half of 2019, pointing out that among these services are mobile and internet banking, and further products for young people.

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CBE governor, communications minister discuss expanding banking services in villages https://www.dailynewsegypt.com/2019/05/11/cbe-governor-communications-minister-discuss-expanding-banking-services-in-villages/ Sat, 11 May 2019 18:15:49 +0000 https://www.dailynewsegypt.com/?p=697788 Amer witnesses signing cooperation protocol to train workers of banking sector in fields of information security, data analysis, financial technology, AI

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The Central Bank of Egypt (CBE) Governor, Tarek Amer, said he discussed with the Minister of Communications and Information Technology, Amr Talaat, possible methods to benefit from technology in providing banking services in villages and remote areas.

Amer praised the fruitful cooperation between the CBE and the ministry.

This bilateral cooperation aims to improve citizens’ lives and make financial services available to new customer segments in a way that support financial inclusion in the country, he said.

Amer and Talaat witnessed on Thursday the signing of a cooperation protocol between the Egyptian Banking Institute (EBI) and the Information Technology Institute (ITI) to train workers of the banking sector in the fields of information security, data analysis, financial technology, and artificial intelligence (AI).

Amer stressed that the EBI is seeing great development, praising the role the institute plays as the training arm of the CBE in supporting the banking sector and qualifying local, Arab, and African cadres based on the latest international systems.

The protocol was signed by Abdelaziz Nosseir, the executive director of the EBI, and Heba Saleh, the chairperson of ITI.

The protocol comes in line with the state’s strategy for digital transformation and developing human cadres who can become the main base for the cognitive economy and reinforcing the determination of both sides to maximise means of cooperation through specialised training programmes which adopt the latest technologies that would enable the CBE to achieve financial inclusion.

The protocol aims to spread awareness of the latest developments in IT, as well as to cooperate in holding and organising specialised conferences and competitions to support cognitive and innovative skill exchanges.

For his part, Talaat said that human resource development in the field of IT and localising the culture of creativity and innovation across the country are the main axes of his ministry’s strategy.

He stressed that the ministry is working to achieve financial inclusion, in cooperation with the concerned bodies in the state, according to the policies put forward by the National Payments Council through encouraging e-payments. This is along with activating the role of Egypt Post in achieving financial inclusion given its prevalence across the country in cooperation with the CBE.

Moreover, Talaat explained that the ITI plays a major role in contributing to supporting the IT industry in Egypt and meeting the needs of the local, Arab, and regional markets as well as providing qualified human cadres through providing training programmes that result in the graduation of professionals in all IT and communication fields, as well as spreading awareness of the latest global trends in these fields.

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Egypt’s external debt rises to $96.6bn by end of December: CBE https://www.dailynewsegypt.com/2019/05/09/egypts-external-debt-rises-to-96-6bn-by-end-of-december-cbe/ Thu, 09 May 2019 11:08:07 +0000 https://www.dailynewsegypt.com/?p=697609 Egypt’s external debt rose to $96.6bn by the end of December 2018, compared to $82.88bn by the end of December 2017, an increase of $13.7bn, according to Central Bank of Egypt (CBE) on Wednesday. The CBE added that long-term external debt recorded $86.3bn by the end of December 2018, an increase of $1.4bn from December …

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Egypt’s external debt rose to $96.6bn by the end of December 2018, compared to $82.88bn by the end of December 2017, an increase of $13.7bn, according to Central Bank of Egypt (CBE) on Wednesday.

The CBE added that long-term external debt recorded $86.3bn by the end of December 2018, an increase of $1.4bn from December 2017, indicating that the long-term debt ratio was 89.3% of Egypt’s total external debt.

Furthermore, short-term debt stood at $10.34bn by the end of December 2018, compared to $11.13bn by the end of December 2017.

The CBE pointed out that the government’s outstanding external debt rose by 24.18% to reach $48.07bn by the end of December 2018, compared to $38.7bn in December 2017, an increase of $9.4bn.

“The government’s external indebtedness is distributed over $13.97bn in bonds and $34.1bn in loans from local and international agencies,” the CBE elaborated, adding, “The outstanding external debt rose to $28.27bn by the end of December 2018, compared to $27.4bn in December 2017, of which $25.15bn is long-term external debt.”

The CBE’s debt is divided into $6.5bn in loans, $17.4bn in deposits and currencies, and 1.249bn is special drawing rights.

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Bedeir confirmed success of negotiations to acquire Egyptian banking operations, branches of the National Bank of Greece in Egypt https://www.dailynewsegypt.com/2019/05/07/bedeir-confirmed-success-of-negotiations-to-acquire-egyptian-banking-operations-branches-of-the-national-bank-of-greece-in-egypt/ Tue, 07 May 2019 19:08:15 +0000 https://www.dailynewsegypt.com/?p=697451 Final approval by CBE is condition for transaction success

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Acting Chief Executive Officer and Managing Director of Bank Audi SAE-Egypt, Mohamed Bedeir, said that the negotiations of the acquisition of National Bank of Greece’s operations and branches in Egypt has been successful and the completion of the transaction is subject to the final approval of the Central Bank of Egypt (CBE).

On 2 May 2019, the National Bank of Greece entered into an agreement to transfer its banking services for individuals and corporates in Egypt to Bank Audi SAE-Egypt.

Bedeir stated “We are very pleased with this transaction, which is in line with the growth plan of Bank Audi Egypt, which aims to strengthen its position in the market and includes the opening of new branches as this transaction is expected to provide Bank Audi SAE-Egypt with faster and more efficient support to achieve its objectives.”

Bedeir confirmed to customers that all their accounts and contracts will be transferred automatically to Bank Audi SAE on the date of transfer in accordance with the terms and conditions of those contracts and/or applicable to such accounts, and they will be able to enjoy all the advantages offered to customers of Bank Audi SAE-Egypt in all branches, according to the terms of the approval of the CBE.

More information and details of the transfer procedures will be made available on the website of the National Bank of Greece in Egypt (www.nbg.com.eg) and Bank Audi (www.bankaudi.com.com.eg) in due course.

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CIB profits reach EGP 2.64bn in Q1 of 2019 https://www.dailynewsegypt.com/2019/05/06/cib-profits-reach-egp-2-64bn-in-q1-of-2019/ Mon, 06 May 2019 14:35:45 +0000 https://www.dailynewsegypt.com/?p=697333 Total bank assets increase to EGP 351.68bn until end-March

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The Commercial International Bank (CIB) has achieved profits of EGP 2.64bn during the first quarter (Q1) of this year, compared to EGP 2.02bn during Q1 of 2018, a 30.69% increase.

In a statement sent to Egyptian Exchange (EGX) on Monday, CIB explained that the net income from the bank’s revenue increased during that period by 51.52%, reaching EGP 4.94bn, against a net profit of EGP 3.26bn during Q1 of 2018.

The bank achieved profits of EGP 9.58bn in 2018, against EGP 7.53bn in 2017.

The financial statements of the bank revealed an increase in the loans portfolio during Q1 of 2019 by 5.59%, reaching EGP 112.25bn, compared to EGP 106.31bn in Q1 of 2018.

The deposits portfolio in the CIB increased during the same period by 2.82%, reaching EGP 293.35bn, compared to EGP 285.3bn.

The bank pointed out that its total assets increased during Q1 of 2019 by 2.69%, reaching EGP 351.68bn, compared to EGP 342.46bn during the same period last year.

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IDB allocates EGP 500m to develop bank’s technological infrastructure https://www.dailynewsegypt.com/2019/05/05/idb-allocates-egp-500m-to-develop-banks-technological-infrastructure/ Sun, 05 May 2019 19:44:01 +0000 https://www.dailynewsegypt.com/?p=697227 We aim to increase the branches to 50 by 2023 up from 18 currently, says Fahmy

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The Industrial Development Bank (IDB) has allocated EGP 500m to develop the bank’s technological infrastructure according to Maged Fahmy, the chairperson of the bank.

He explained that EGP 220m were already spent on implementing 64 development projects.

Fahmy opened on Sunday the bank’s new branch in Hegaz street in Heliopolis in the presence of Hamdy Azzam, the vice chairperson of the bank, in addition to several bank leaders.

According to Fahmy, the bank aims to increase the number of its branches to 50 by 2023 compared to the current 18.

He explained that the bank aims to open two new branches by the end of May among nine branches planned to be opened by the end of this year, taking their total number to 27.

Furthermore, the bank aims to increase its branches in Cairo and be present in Minya, Alexandria, Ismailia, Suez, Beni Suef, Sadat City, and Borg El Arab, Fahmy elaborated.

According to Azzam, the bank will be opening e-branches after updating its infrastructure, as two branches will be opened soon. The bank will also be launching products for the youth, and these products are currently under study.

He added that the IDB aims to also launch several e-services in the second half of 2019, including internet banking.

Regarding the main headquarters of the bank in the Fifth Settlement which is currently being prepared, Fahmy said that the administration will be selling this headquarter and use the revenues to close the file of loss of the current phase, as well as support the bank’s financial position, especially with the IDB’s desire to be present in the New Administrative Capital.

Moreover, Fahmy stressed that the bank is highly interested in the sector of industry as it was mainly established for this goal, noting that the industry sector accounts for 50% of the total loan portfolio of major and small projects in the bank.

Additionally, he said that the bank aims to take that percentage to 70% or 80% over the upcoming period given the importance of the sector.

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Al-Sharqawi represents Misr Insurance Company at SAIB Bank’s board of directors https://www.dailynewsegypt.com/2019/05/05/al-sharqawi-represents-misr-insurance-company-at-saib-banks-board-of-directors/ Sun, 05 May 2019 09:00:17 +0000 https://www.dailynewsegypt.com/?p=697051 The Central Bank of Egypt (CBE) has approved the appointment of Ashraf Al-Sharkawi as a member of the SAIB Bank’s board of directors. The bank said in a statement to the Egyptian Exchange (EGX) on Thursday that Al-Sharqawi represents Misr Insurance Company in the bank’s board of directors. According to the bank’s statement published on …

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The Central Bank of Egypt (CBE) has approved the appointment of Ashraf Al-Sharkawi as a member of the SAIB Bank’s board of directors.

The bank said in a statement to the Egyptian Exchange (EGX) on Thursday that Al-Sharqawi represents Misr Insurance Company in the bank’s board of directors.

According to the bank’s statement published on its website, the bank’s board of directors currently includes Tarek El-Khouly as chairperson and managing director.

It also includes Mahmoud Abu El-Oyoun, Atef Sayed, Hassan Kamal Eldin, Abu Bakr El-Gendy, Ahmed Abdul Aziz, Mohamed Salah Eldin, and Farouk Baroudi as non-executive members, in addition to Shahir Nashed as an independent member.

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Hussein Elgretly appointed as non-executive member of Suez Canal Bank’s board of directors https://www.dailynewsegypt.com/2019/05/05/hussein-elgretly-appointed-as-non-executive-member-of-suez-canal-banks-board-of-directors/ Sun, 05 May 2019 08:30:32 +0000 https://www.dailynewsegypt.com/?p=697068 The Central Bank of Egypt (CBE) has approved the appointment of Hussein Elgretly as a non-executive member of the board of directors of the Suez Canal Bank, representing the Arab International Bank (AIB). The Suez Canal Bank’s board of directors currently includes Hussein Refaey as chairperson and managing director, and Omar Al Sagheer as vice …

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The Central Bank of Egypt (CBE) has approved the appointment of Hussein Elgretly as a non-executive member of the board of directors of the Suez Canal Bank, representing the Arab International Bank (AIB).

The Suez Canal Bank’s board of directors currently includes Hussein Refaey as chairperson and managing director, and Omar Al Sagheer as vice chairperson and managing director.

The board also includes Lieutenant General Mohab Mamish, representing the Insurance Fund for the employees of the Suez Canal Authority; Tarek Helmy; Mohamed Abdel Aal; and Elgretly as representatives for the AIB.

The board also includes Mohamed Abu Senina and Ramadan Mohamed El-Amrosy as representatives of the Libyan Foreign Bank, and Mohammed Al-Bashouti as representative of the Arab Contractors Company employees’ Insurance Fund.

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Egyptian banking sector ranks 4th in terms of assets in Arab region: UAB https://www.dailynewsegypt.com/2019/05/05/egyptian-banking-sector-ranks-4th-in-terms-of-assets-in-arab-region-uab/ Sun, 05 May 2019 08:00:07 +0000 https://www.dailynewsegypt.com/?p=697066 NBE ranked eighth among largest Arab banks with assets worth $75.6bn

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A report issued by the Union of Arab Banks revealed that the consolidated assets of the Arab banking sector reached $3.467tn by the end of 2018, up 3.9% from 2017.

According to the report, the assets of Arab banks constitute about 130% of the gross domestic product (GDP) of the Arab countries.

It pointed out that the combined deposits of Arab banks amounted to $2.21tn, while the volume of funds granted by them was $1.89tn.

The UAE banking sector ranked first in terms of asset size, reaching $784bn by the end of 2018, followed by the Saudi banking sector with $630bn, then Qatar’s banking sector with $390bn in assets.

The Egyptian banking sector came fourth with assets of about $303bn, followed by the Lebanese of $250bn, Kuwait’s $220bn, then Bahrain’s $193bn worth of assets.

As for the growth rate of the Arab banking sectors in 2018 compared to 2017, the Lebanese banking sector achieved the highest growth by 13.5%, followed by the Mauritanian banking sector by 13.1%, and thirdly the Egyptian banking sector by 11.7%.

Qatar National Bank was ranked among the top 10 Arab banks with assets worth $236.9bn, then the National Bank of Abu Dhabi with $202.6bn, and Emirates NBD $136.2bn.

The Commercial International Bank ranked fourth with $121bn, then Saudi Arabia’s Al Rajhi Bank with $97bn, and the National Bank of Kuwait with $90.4bn.

Abu Dhabi Commercial Bank ranked seventh with assets of $76.2bn, the National Bank of Egypt (NBE) with $75.6bn, Samba Financial Group ranked ninth with $61.3bn, and Riyad Bank in tenth place with assets worth $61.3bn.

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