Banking and Finance

The acquisition is part of the Lebanese lender’s plan to boost its business activities and geographical presence in Egypt
03:14 PM Bank Audi mulls acquiring NBG’s Egypt branches
Cairo — Mubasher: Bank Audi is considering presenting a proposal to acquire the branches of the National Bank of Greece (NBG) in Egypt, sources familiar with the matter said. The acquisition is part of the Lebanese lender’s plan to boost its …
The bank attributed the rise in annual earnings to a KWD 14.15 million growth in operating revenues.
01:43 PM Boubyan Bank logs KWD 56.11m profit in 2018
Mubasher: Kuwait-based Boubyan Bank on Thursday reported a 17.9% year-on-year growth in profits for the full year 2018. Boubyan Bank’s profits amounted to KWD 56.11 million ($185.5 million) from January to December 2018, up from KWD 47.61 million …
The new loan will not impact the company’s current financial status
16 January 06:52 PM Oula Fuel Marketing secures KWD 9.5m facility
Mubasher: Oula Fuel Marketing has signed a KWD 9.5 million facility agreement with Warba Bank. The new loan will not impact the company’s current financial status, Oula said in a bourse statement, adding that it would disclose any effect resulting …
Saudi Arabia to inject $500m in Tunisia
16 January 03:38 PM Saudi Arabia to inject $500m in Tunisia
Mubasher: Saudi Arabia has signed a agreement to provide Tunisia with a loan worth $500 million (TND 1.5 billion). This loan will be used to finance Tunisia’s budget deficit, Tunis Afrique Presse (TAP) reported, citing the Ministry of Finance also …
QNB Al Ahli to hike capital, split shares
16 January 12:32 PM QNB Al Ahli to hike capital, split shares
Cairo – Mubasher: QNB Al Ahli’s board has recommended raising the bank’s issued capital by EGP 979.4 million to EGP 10.77 billion from its current EGP 9.79 billion. The capital hike will be carried out through a bonus share issue at a ratio of 1 …
The five-year Islamic bonds issue offers buyers 130 basis points over mid-swaps
16 January 12:02 PM FAB’s sukuk issue raises $850m
Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) on Wednesday announced that it has raised $850 million in sukuk issue, a document issued by one of the banks leading the transaction. The five-year Islamic bonds issue offers buyers 130 basis points …
The firm's new name is “FAB Capital”
15 January 08:21 PM CMA approves FAB’s unit request for name change
Abu Dhabi – Mubasher: First Abu Dhabi Investment Saudi Company has requested the Capital Markets Authority of Saudi Arabia (CMA) approval to change its name. The CMA has approved the Saudi company’s request to change the company's name to “FAB …
QNB Al Ahli invests near EGP 40bn in 2018
15 January 05:31 PM QNB Al Ahli invests near EGP 40bn in 2018
Cairo – Mubasher: QNB Al Ahli on Tuesday revealed that its investments in 2018 had reached EGP 39.9 billion ($2.23 billion). Investments in 2018 were divided into financial investments available for sale worth EGP 2.3 billion and investments held …
Salaries for top bankers in the Middle East have been cut by nearly a quarter in 2018
14 January 05:14 PM Top Mideast banker salaries cut by 25% on economic slowdown
Mubasher: Salaries for top bankers in the Middle East have been cut by nearly a quarter in 2018 due to an economic slowdown. Senior banking professionals have seen a pay cut ranging between 20% to 25%, while salaries for middle-management bankers …
The loan aims to finance Farm Superstores’ operating capital
14 January 04:50 PM Farm Superstores renews SAR 200m loan with Al Rajhi Bank
Riyadh – Mubasher: Saudi Market Company, known as Farm Superstores Co, on Monday announced renewing a SAR 200 million sharia-compliant credit facility with Al Rajhi Bank. The financing’s tenure extends from 14 January until 30 September, according …
The bank plans to boost investments in SME portfolio by EGP 50.5 billion
14 January 08:55 AM NBE eyes EGP100bn SME portfolio by 2020
By: Eslam Fadl Cairo – Mubasher: The National Bank of Egypt (NBE) has financed small- and medium-sized enterprises (SMEs) with EGP 49.5 billion at the end of December, the bank’s head of SME finance said. The bank plans to boost investments in …
Banque Misr finances 20 deals at EGP 28bn in 2018
13 January 06:49 PM Banque Misr finances 20 deals at EGP 28bn in 2018
Cairo – Mubasher: Banque Misr on Sunday has said that it financed around 20 transactions at a value of EGP 27.5 billion ($1.5 billion) during the full year of 2018. The Egyptian lender also stated that it was the mandated lead arranger of …
UNBE’s profit falls 29% to EGP 270.11m during 2018
13 January 06:20 PM UNBE’s profit falls 29% to EGP 270.11m during 2018
Cairo – Mubasher: The financial indicators of Union National Bank – Egypt (UNBE) have revealed that its profits plunged 29% year-on-year during 2018, to EGP 270.11 million, from EGP 380.01 million in 2017. UNBE’s revenues rose to EGP 3.69 billion …
CBE issues EGP 17bn T-bills Sunday
13 January 10:39 AM CBE issues EGP 17bn T-bills Sunday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 17 billion on Sunday on behalf of the Ministry of Finance (MOF). The first tranche of T-bills will be offered through 91-day notes at EGP 8.5 billion, …
Al Rajhi Bank in talks over Malaysian unit merger
13 January 09:09 AM Al Rajhi Bank in talks over Malaysian unit merger
Riyadh – Mubasher: Al Rajhi Bank on Sunday revealed that it has received preliminary approvals from two central banks for the potential merger of one of its wholly-owned subsidiaries with a Malaysian firm. The Saudi-listed bank is looking to merge …
“We are thrilled to start this new adventure with the CBO"
12 January 04:53 PM Oman central bank to create credit bureau
Mubasher: Central Bank of Oman (CBO) has signed an agreement with Iceland’s Creditinfo Group to develop and manage an apt credit registry system. The agreement will see the creation of a credit bureau, according to an official statement. “We are …
Egyptian President Abdel Fattah El-Sisi
10 January 02:30 PM El-Sisi calls off sales deal with Islamic Development Bank
Cairo – Mubasher: Egyptian President Abdel Fattah El-Sisi has cancelled a presidential decree on a sale agreement between the Egyptian government and Saudi-based Islamic Development Bank (IDB) that was initiated on 14 January 2013. Under the …
Wes was hired at the World Bank in 2000
8 January 10:40 PM World Bank names new director for Egypt, Yemen, Djibouti
Cairo – Mubasher: The World Bank announced on Tuesday the appointment of a new regional director for Egypt, Yemen, and Djibouti. The new official, Marina Wes, is a Dutch banker and an economist, and the former country director the West Bank and …
CBE has enough reserves to cover the country’s imports for nine months
8 January 07:01 PM Will lower int'l reserves hurt Egypt’s exchange rates?
By: Islam Fadl Cairo – Mubasher: A group of banks operating in Egypt began to increase the USD-EGP exchange rates on Tuesday following the Central Bank of Egypt's (CBE) announcement regarding the decline in international reserves during December. …
The National Bank of Kuwait’s (NBK) stock is expected to see additional $285 million inflows
8 January 12:42 PM NBK’s stock to attract $285m inflows in 2M - EFG Hermes
Mubasher: The National Bank of Kuwait’s (NBK) stock is expected to see additional $285 million inflows during the next two months until mid-March, increasing the expected total inflows of Kuwaiti equities to about $500 million, EFG Hermes said. If …
FAB received complaints from customers on social media over the past few days
8 January 09:05 AM UAE's FAB to repay $47 fee to customers
Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) announced it will refund customers who have been charged with AED 175 ($47.70) on their accounts by mistake. Accordingly, the UAE's largest bank has received complaints from customers on social …
Egypt's foreign reserves fell by 4.4% month-on-month or $1.962 billion in December
7 January 08:26 PM Egypt’s int’l reserve sheds $1.9bn in December
Cairo – Mubasher: Egypt's foreign reserves fell by 4.4% month-on-month or $1.962 billion in December data by the Central Bank of Egypt (CBE) showed. The North African country’s net foreign reserves recorded $42.55 billion at the end of December, …
UAE banks invest AED 87.2bn in Egypt, Saudi Arabia
31 December 2018 06:49 PM UAE banks invest AED 87.2bn in Egypt, Saudi Arabia
Dubai – Mubasher: UAE banks’ investments in Saudi Arabia and Egypt totalled AED 87.2 billion ($23.74 billion) by the end of the third quarter of 2018, representing 12.5% of their total non-UAE invested assets of AED 693 billion ($188.70 billion). …
Qatar’s foreign reserves jump in November to mid-2016 high
31 December 2018 01:42 PM Qatar’s foreign reserves jump in November to mid-2016 high
Mubasher: Qatar’s foreign cash reserves surged 31.07% year-on-year in November, marking their ninth monthly rise in a row and their highest level in 28 months or since July 2016. The gulf nation’s foreign reserves jumped to QAR 176.24 billion …
NBK offered the highest US dollar rate at EGP 17.9 for buying and EGP 17.98 for selling
31 December 2018 01:24 PM EGP mixed against FX currencies Monday
Cairo – Mubasher: The Egyptian pound showed a mixed performance on Monday against foreign currencies at national and private banks. National Bank of Kuwait – Egypt (NBK) offered the highest US dollar rate at EGP 17.9 for buying and EGP 17.98 for …