Latest in Highlight
Country was fourth largest contributor to Top 500 companies in the Arab World’s list, Forbes Middle East indicated
Bank aims to raise its retail banking portfolio in FY 2014/2015 as part of policy to increase retail customers to 5 million over next five years
Agreement aids in addressing critical market demand for trade finance in Africa, the bank says
Reuters – Egyptian investment firm Pioneers Holding posted a 37% increase in net profits for last year, it said in a bourse statement on Wednesday. Pioneers made EGP 358m ($51m) in 2013 compared with EGP 260.5m in the previous year, it said. The firm, which specialises in brokerage services, said earlier this year it planned …
Reuters – Saudi Arabian conglomerate Ahmad Hamad Algosaibi& Brothers has called a meeting of creditor banks in Dubai on 7 May to discuss a proposed settlement of billions of dollars of unpaid debt, commercial bankers said on Monday. The 2009 collapse of Algosaibi’s Bahrain unit, The International Banking Corp, and Awal Bank, owned by Maan …
Moody’s cited “banks’ high and increasing exposure to Caa1-rated Egyptian government debt”, which ties the system’s solvency to sovereign default risk.
S&P value total Islamic banking assets in Egypt at around $11.6bn
The report added that total non-government deposits rose during November to reach around EGP 1.115tn, compared to EGP 1.09tn in the previous month.
Reuters – Investment banking fees in the Middle East grew 20% last year, data compiled by Thomson Reuters showed, as capital markets activity continued to recover gradually from the global financial crisis. Total fees rose to $722m in 2013, the highest since 2010, from $603m in 2012 – though they were still only about half …
Rectifying these mistakes costs banks and their customers both time and money and highlights the rapidly increasing compliance costs which lenders in the Middle East and Africa must deal with.
The library covers banking history in Egypt from the early 20th until present day, also providing context of Egyptian history in general.
CIB tops the list as the largest bank in Egypt followed by NSGB, the fastest growing bank in the country
This service is provided to bank clients and non-clients alike, at the 200 ATMs dispersed throughout the country, which operate 24 hours a day, 7 days a week.
Business is proceeding as normal within banks, he said, adding that strict security measures had been taken at bank entrances and exits, in order to prevent acts of theft and robbery from taking place at various branches.
By Muhammad Zubair Mughal Apparently, it is a matter of pleasure that global volume of Islamic finance industry has crossed $1.3tn approximately, which is, definitely, providing the best and compatible sources of finance with interest free modes. According to a careful estimate, there are more than 2000 Islamic Financial Institutions offering Islamic Banking, Islamic Insurance …
Bank employees demonstrating to dismiss chairman
Blom Bank Egypt, the Arab Bank, NSGB and CIB among those negotiating with the electronic payment system company
Abdel Shakour: The scarcity of investment channels is the biggest challenge in the insurance market
Betting on their portfolio, Banque du Caire intends to increase car loans portfolio to 40%, CIB to spend EGP 150m by first quarter end
The Central Bank of Egypt (CBE) agreed to plans discussed last week to sell both BNP Paribas and National Société Générale Bank (NSGB)
The goal of the package is to create an environment conducive for Islamic banks to operate
The total number of money paid in salaries for public bank employees rose from EGP 1.5bn in 2003 to EGP 4.7bn in 2010
280 companies have been granted loans with updated registration requirements based on the standards of ITIDA
“Eurozone crisis aggravated by common monetary policy in Europe”
The Arab African International Bank presents new lending solutions that suit customers from different income brackets
By Islam Serour EFG Hermes released the Consolidated Financial Report for the second quarter of 2012. The report concludes that the company’s net income was EGP 27 million on total consolidated revenues worth EGP 477 million, denoting 66 percent decline, in comparison to the same period 2011. Investment Banking revenues account for 41 percent of …
A computer virus in Lebanon is threatening to destroy the country’s banking system, the Lebanese Daily Star reported. The virus, called Gauss, is rare in size and focus. The size of the attack is so large that experts say only a nation-state has the means to create an attack of this sophistication. The attack was …
By Walid Abdelazeem The National Bank of Egypt (NBE) revealed that by the end of 2011, the bank will have financed small and medium enterprises (SMEs) to a total amount of EGP 1.5 billion. Director of SME Finance Department at NBE, Soha Soliman, stated that funding for the SMEs portfolio amounted to EGP 3.3 billion …
Washington (AFP) — Goldman Sachs escaped prosecution over its sales of high-risk mortgage securities Friday when the US Justice Department closed a probe without action despite a damning report on the bank’s practices. Following a two-year inquiry, senators concluded in April 2011 that the Wall Street investment banking giant misled clients ahead of the US …
By WaleedAbd El-Azeem This year Ramadan coincided with academic preparations for the new semester, as students apply for private universities and schools. Banks are trying to seize the opportunity by offering financing solutions for tuition. The United Bank is at the top if the list of banks offering education loans, with an upper limit of …