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Banking & Insurance

About 752,400 shares were exchanged at a turnover EGP 40.13 million
13 April 12:39 PM CIB's stock hits lowest level in 28 months early Tuesday
By: Heba El-Kordy Cairo – Mubasher: The Commercial International Bank-Egypt (CIB) saw its stock plunge sharply to its lowest level in 28 months. By 11:00 a.m., the heavyweight stock declined by 2.1% to EGP 54.06, its lowest level since December …
The deal will raise the bank’s market share to 4-5%
13 April 11:20 AM FAB expects to complete acquisition of Bank Audi Egypt by 2021-end
By: Abdullah Bedeir Cairo – Mubasher: First Abu Dhabi Bank (FAB) is expected to complete its acquisition of Bank Audi Egypt before the end of 2021, pending the approval of the Central Bank of Egypt (CBE), FAB Egypt’s CEO Mohamed Fayed said. On the …
The issuance will be used to finance the country’s budget deficit
12 April 10:49 AM CBE offers EGP 13bn T-bonds on Monday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bonds (T-bonds) worth EGP 13 billion on Monday on behalf of the Ministry of Finance. The first tranche of the T-bonds will be offered through three-year notes valued at EGP 7 …
Net interest, fee, and commission income retreated to EGP 4.06 billion
11 April 05:44 PM QNB Al Ahli reports 5% higher profit in Q1-21
Cairo – Mubasher: Qatar National Bank Al Ahli (QNB Al Ahli) achieved net profits of EGP 1.96 billion during the first quarter (Q1) of 2021, up by 5.18% year-on-year (YoY) from EGP 1.87 billion in the corresponding period a year earlier, including …
Remittances of Egyptians living abroad fell by $116.9 million in January
11 April 04:37 PM Egyptian expat remittances grow $1.7bn in seven months
Cairo – Mubasher: Remittances from Egyptian expatriates increased by $1.7 billion or 10.6% year-on-year (YoY) to $18.1 billion from July 2020 to last January, compared to $16.3 billion, according to data by the Central Bank of Egypt (CBE). In …
The NBE will contribute 44.5% to the funding
11 April 03:47 PM SCZone inks EGP 10bn syndicated loan agreement with six banks
Cairo – Mubasher: The Chairman of Suez Canal Economic Zone (SCZone), Yehia Zaki, signed a long-term syndicated loan agreement with a consortium led by the National Bank of Egypt (NBE) as the senior mandated lead arranger, facility agent, and …
Central Bank of Egypt - (Photo Archive)
11 April 01:47 PM CBE to introduce instant payment module, soft POS in 2021 - Deputy Governor
By: Marina Gamil Cairo – Mubasher: The Central Bank of Egypt (CBE) will this year launch a full-fledged instant payment module, after finalising regulations, and introduce a soft point of sale (POS) system that allows the use of mobile phones as …
State-run banks are the top purchasers of the government debt instruments
11 April 10:35 AM CBE offers EG 18.5bn T-bills on Sunday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 18.5 billion on Sunday on behalf of the Ministry of Finance. The first tranche of the T-bills will be offered through 91-day notes valued at EGP 11 …
Fitch expects the ratio of stage three loans to rise to 4% by the end of 2021
8 April 01:03 PM Egypt’s banks expected to face continued pressure on profitability in 2021 – Fitch
Cairo – Mubasher: Banks in Egypt are expected to face further pressure on operating profitability in 2021 because of lower interest rates and higher loan impairment charges, Fitch Ratings said in a report. The international credit ratings agency …
The company incurred net losses of EGP 29.8 million in 2020
8 April 12:37 PM CIB agrees to reschedule loans of Sharm Dreams
Cairo – Mubasher: The Commercial International Bank-Egypt (CIB) approved in principle to reschedule loans and cut interest payments of Sharm Dreams Company for Touristic Investment.   The company requested an urgent funding of EGP 140 million for …
Banks will be welcoming clients in Ramadan from 9:30 am till 1:30 pm
8 April 11:34 AM CBE announces working hours for banks in Ramadan
Cairo – Mubasher: The Central Bank of Egypt (CBE) announced the working hours for banks during the holy month of Ramadan. Banks will be welcoming clients in Ramadan from 9:30 am till 1:30 pm, the CBE said in a statement on Thursday. The working …
The funding deal is part of the initial financial support of $1 billion for Canal Sugar's project
8 April 10:20 AM SFD signs $50m financing deal with Egypt's Canal Sugar
‎Riyadh – Mubasher: The Saudi Fund for Development (SFD) inked an export financing agreement with Egypt-based Canal Sugar Company at a total value of $50 million, according to a statement. The funding deal is part of the initial financial support …
The funding is aimed at supporting economic governance and women empowerment
7 April 11:10 AM Egypt's cabinet approves additional US grant worth $22.8m
Cairo – Mubasher: The Egyptian cabinet approved a draft presidential decree regarding the addendum to the bilateral assistance agreement for inclusive economic governance signed on 29 September 2020 with the US Agency for International Development …
Banque Misr had been reportedly in negotiations with SAMA over the license
7 April 11:07 AM Saudi cabinet permits Banque Misr to open branch
Riyadh – Mubasher: The Saudi Council of Ministers approved on 6 April the license of Egypt’s state-run Banque Misr to inaugurate an office in the Kingdom, the Saudi Press Agency reported. Banque Misr had been reportedly in negotiations with the …
Algebra Ventures launched its first fund at a value of $54 million countries
6 April 03:51 PM Algebra Ventures launches $90m fund for startups in Egypt, MEA
Cairo – Mubasher: Algebra Ventures announced the launch of its $90 million second fund for investing in startups mainly in Egypt, along with countries in the Middle East and Africa (MEA). The Egyptian venture capital (VC) firm plans to close its …
Egypt’s net international reserves rose by $136 million
6 April 02:07 PM Egypt’s gold reserves fall to lowest level in 10 months
By: Heba El-Kordy Cairo – Mubasher: Gold reserves in Egypt continued its downward trend for the third month in a row, sliding by $456 million during the first quarter (Q1) of 2021 from $4.39 billion at the end of 2020, pressured by losses of the …
Photo Archive
5 April 03:44 PM Sawari Ventures closes EGP 1 bn fund to invest in Egyptian tech startups
Cairo – Mubasher: Sawari Ventures on Monday announced closing its venture capital arm that focuses on investing in Egypt with a total value of EGP 440 million. The venture capital fund brings in finances from Misr Insurance Group, Ekuity Holding, …
So far, three major companies have obtained the booklet of conditions
4 April 01:41 PM Heliopolis Housing launches Heliopark development project
By: Abdullah Bedeir Cairo – Mubasher: Heliopolis Company for Housing and Development has released the booklet of conditions for the development of Heliopark project over an area of 1,695 feddans in New Cairo, the Chairman, Khaled Zakareya Emam, …
So far, Mashroak has financed 167,779 SMEs with EGP 18.1 billion.
4 April 11:59 AM Ministry of Local Development aims to finance SMEs with EGP 25bn over five years
Cairo – Mubasher: The Egyptian Ministry of Local Development aims to pump EGP 25 billion into the establishment of small- and medium-sized enterprises (SMEs) over the coming five years as part of the National Programme for Community, Human, and …
The issuance will be used to finance the country’s budget deficit
4 April 10:25 AM CBE offers EGP 18.5bn T-bills on Sunday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 18.5 billion on Sunday on behalf of the Ministry of Finance. The first tranche of the T-bills will be offered through 91-day notes valued at EGP 10.5 …
The bank achieved net profits of EGP 1.37 billion in 2020
1 April 03:18 PM Credit Agricole Egypt's board approves capital raise via bonus issue
Cairo – Mubasher: The board of directors of Credit Agricole Egypt approved procedures to increase the bank’s issued capital to EGP 5 billion in line with the requirements of the banking law. Pending the approval of the Central Bank of Egypt (CBE), …
The lender achieved net profits of EGP 2.06 billion in 2020
1 April 12:06 PM Housing and Development Bank to issue bonus shares worth EGP 126.5m
Cairo – Mubasher: The ordinary general meeting (OGM) of Housing and Development Bank (HDB) approved a one-for-10 bonus issue worth EGP 126.5 million for 2020. Accordingly, the bank’s issued and paid-up capital will be increased by EGP 126.5 …
The bank’s issued capital will be increased to EGP 2.9 billion
1 April 11:51 AM Suez Canal Bank's shareholders approve issuing bonus shares
Cairo – Mubasher: The ordinary general meeting (OGM) of Suez Canal Bank approved the issuance of bonus shares worth EGP 704.32 million or EGP 0.32 per share. Accordingly, the bank’s issued capital will be increased to EGP 2.9 billion from EGP 2.2 …
The gross loan portfolio surged by 53% to EGP 1.07 billion in 2020
31 March 03:44 PM Tamweely Microfinance's profit hikes 75% in 2020
Cairo – Mubasher: Tamweely Microfinance reported net profits of EGP 51.5 million in 2020, a 75% increase from EGP 29 million in 2019, the Executive Vice Chairman and CEO, Amr Abou El-Azm, announced. The total amount of disbursed loans surged by …
CIB reported consolidated net profits of EGP 10.23 billion in 2020
31 March 12:29 PM CIB shareholders approve issuing bonus shares
Cairo – Mubasher: Shareholders of the Commercial International Bank-Egypt (CIB) approved a proposal to increase the bank’s issued capital through the issuance of 12.27 million shares as part of the employee stock ownership plan (ESOP). The …