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Banking

People aged between 16 and 21 will have limited access to banking services
27 January 12:37 PM CBE allows young people aged 16 years to open bank accounts
Cairo – Mubasher: The Central Bank of Egypt (CBE) issued a decision to allow people above the age of 16 to open bank accounts without the consent of their parents or guardians. People aged between 16 and 21 will have limited access to banking …
The ICD's CEO, Ayman Amin Sejiny
26 January 05:20 PM ICD considers financing projects worth $45m in Egypt
By: Islam Fadl Cairo – Mubasher: The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IsDB), has so far allocated a total of $230 million to Egypt, the CEO Ayman Amin …
Executive Director of the EBI, Abdul Aziz Noseir
26 January 04:21 PM Egyptian Banking Institute, Go1 join forces
Cairo – Mubasher: The Egyptian Banking Institute (EBI), the training arm of the Central Bank of Egypt (CBE), signed a new agreement with the e-learning company Go1.   Under the deal, EBI’s customers will be able to access more than 80,000 training …
KSA will showcase 1,000 projects worth $160 billion at the third Future Projects Forum (FPF).
26 January 03:09 PM Saudi Arabia could be Mideast’s busiest construction market next decade
Riyadh – Mubasher: Saudi Arabia will be the Middle East’s busiest construction market over the course of the next decade as its new wave of major projects makes progress, according to GlobalData’s MEED. The Gulf state will showcase about 1,000 …
The bank’s authorised capital will be increased to EGP 10 billion
25 January 05:58 PM Export Development Bank of Egypt receives FRA's approval for capital raise
Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved a request by Export Development Bank of Egypt (EBE) to raise its capital. The bank’s authorised capital will be increased to EGP 10 billion from EGP 5 billion, while its …
Mortgage loans with declining interest rate of 8% are offered under the CBE's initiative
25 January 03:29 PM City Edge Developments inks EGP 1bn cooperation protocol with CIB
Cairo – Mubasher: City Edge Developments signed a protocol of cooperation worth EGP 1 billion with the Commercial International Bank - Egypt (CIB) as part of the real estate mortgage initiative launched by the Central Bank of Egypt (CBE). The …
The issuance will be used to finance the country’s budget deficit
25 January 10:38 AM CBE offers EGP 14bn T-bonds on Monday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bonds (T-bonds) worth EGP 14 billion on Monday on behalf of the Ministry of Finance. The first tranche of the T-bonds will be offered through fivey-year notes valued at EGP 7.5 …
The issuance will be used to finance the country’s budget deficit
24 January 10:42 AM CBE offers EGP 16bn T-bills on Sunday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 16 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 4.5 …
Banks will be reopened on Sunday, 31 January
21 January 05:33 PM CBE announces 25 January Revolution holiday
Cairo – Mubasher: The Central Bank of Egypt (CBE) announced that banks will be closed on Thursday, 28 January, in celebration of the anniversary of 25 January Revolution and National Police Day. Banks will be reopened on Sunday, 31 January, the …
HDB reported net profits of EGP 1.65 billion in nine months
21 January 12:47 PM HDB approves inauguration of three new branches
Cairo – Mubasher: The board of directors of Housing and Development Bank (HDB) approved the inauguration of three new branches. The three new branches will be located in Sixth of October City, Palm Hills October, and Beverly Hills (Sheikh Zayed), …
Cash and interbank balances represent 19% of total assets
21 January 11:28 AM Egypt’s banking sector forecast to remain stable in 2021 - Moody's
Cairo – Mubasher: The Egyptian banking sector is expected to be stable in 2021 even as profitability comes under pressure due to falling net interest margins and growing non-performing loans, according to Moody’s Investors Service. Profitability …
The bank’s authorised capital will also be raised to EGP 10 billion
21 January 10:55 AM EBE's board approves EGP 546m capital raise
Cairo – Mubasher: Export Development Bank of Egypt (EBE) approved a proposal to raise its paid-up and issued capital to EGP 3.27 billion from EGP 2.728 billion. The board of directors decided to issue 54.65 million bonus shares at a nominal value …
The issuance will be used to finance the country’s budget deficit
21 January 10:45 AM CBE offers EGP 19.25bn T-bills on Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 19.25 billion on Thursday on behalf of the Ministry of Finance. The first tranche of the T-bills will be offered through 182-day notes valued at EGP 7 …
The acquisition is expected to be complete within the coming few months
20 January 05:19 PM FAB acquires Bank Audi Egypt
Cairo – Mubasher: First Abu Dhabi Bank (FAB) signed an agreement to acquire 100% of Bank Audi Egypt, according to a statement on Wednesday.   The deal follows the completion of the due diligence process conducted on the operations of Bank Audi …
Assets rose by 16% YoY to EGP 34 billion by the end of last year
20 January 03:34 PM ADCB Egypt mulls EGP 2-3bn loans
Cairo – Mubasher: Abu Dhabi Commercial Bank - Egypt (ADCB Egypt) is currently considering to inject from EGP 2 billion to EGP 3 billion in new financing to vital sectors in the Egyptian market such as manufacturing, construction, oil and gas, …
The six-year loan will help SMEs navigate the repercussions of the pandemic
20 January 10:48 AM Banque Misr inks EUR 425m loan deal with EIB
Cairo – Mubasher: Banque Misr signed a loan agreement worth EUR 425 million with the European Investment Bank (EIB). The funding is the first tranche of a EUR 750 million loan to be on-lent to small- and medium-sized enterprises (SMEs), the bank …
The funding has led to the creation of 17,220 jobs
19 January 02:09 PM Mashroak finances 7,460 SMEs in Kafr El-Sheikh with EGP 865m
Cairo – Mubasher: The Egyptian National Programme for Community, Human, and Local Development (Mashroak) has financed about 7,460 small- and medium-sized enterprises (SMEs) in Kafr El-Sheikh with EGP 864.64 million, the Governor Gamal Nour El-Din …
The total value of the syndicated loan amounts to EGP 1.28 billion
19 January 01:49 PM Palm Hills Developments approves long-term syndicated loan deal
Cairo – Mubasher: The board of directors of Palm Hills Developments (PHD) approved the long-term syndicated loan agreement signed with the National Bank of Egypt (NBE) and other banks. The EGP 1.28 billion loan will be used to refinance the …
Gardenia City is built over 513 feddans
18 January 06:00 PM NBE, Banque Misr launch Gardenia City with EGP 26bn investments
Cairo – Mubasher: The National Bank of Egypt (NBE) and Banque Misr announced the launch of Gardenia City with investments of EGP 26 billion. A consortium comprised of Al Ahly Sabbour Development and Founders, a subsidiary of Hyde Park, will be …
The issuance will be used to finance the country’s budget deficit
18 January 10:31 AM CBE offers EGP 17bn T-bonds on Monday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bonds (T-bonds) worth EGP 17 billion on Monday on behalf of the Ministry of Finance. The first tranche of the T-bonds will be offered through two-year notes valued at EGP 5 …
Domty achieved net profits of EGP 105.09 million in nine months
17 January 12:54 PM Domty authorises EALB to mortgage bakery production line
Cairo – Mubasher: The board of directors of Arabian Food Industries Co (Domty) authorised its Vice Chairman and Managing Mohamed El-Damaty to issue an official power of attorney to the Egyptian Arab Land Bank (EALB). The power of attorney will …
The acquisition is expected to be complete in the second quarter of 2021
17 January 10:53 AM Bank ABC inks deal to acquire Blom Bank Egypt
Mubasher: Bahrain's Arab Banking Corporation (Bank ABC) announced signing an agreement with Lebanon’s Blom Bank to acquire its 99.4% stake in Blom Bank Egypt. The acquisition deal, subject to several conditions and approvals from regulatory …
The issuance will be used to finance the country’s budget deficit
17 January 10:39 AM CBE offers EGP 16bn T-bills on Sunday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 16 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 5 …
All physical and non-physical assets and customer accounts are included in the deal
14 January 05:54 PM Bahrain's Bank ABC completes acquisition of Blom Bank Egypt for $480m
Mubasher: Bahrain's Arab Banking Corporation (Bank ABC) finalised the acquisition of Blom Bank’s unit in Egypt for $480 million, two banking sources told Reuters on Thursday. All physical and non-physical assets and customer accounts are included …
Central Bank of Egypt
14 January 03:43 PM Egyptian banks' balances abroad surge to $20bn at December-end
Cairo – Mubasher: Balances and reserves held by Egyptian banks abroad leapt to more than $20 billion at the end of December 2020 from about $10 billion at the end of April, a senior official at the Central Bank of Egypt (CBE) told the Middle East …