BANKING

22 May 2017

In surprise move, Egypt central bank hikes key interest rates

Egypt's central bank raised its key interest rates by 200 basis points on Sunday, citing stronger economic growth and falling unemployment, confounding the expectations of economists who forecast rates were unlikely to change.

At"...

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22 May 2017

Egypt’s AAIB bank negotiating $110 million loans from EBRD, SANAD Fund

Egypt’s Arab African International Bank (AAIB) is currently negotiating loans worth $110 million with two international financial institutions to boost its liquidity of foreign currency.

The Egyptian bank"...

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21 May 2017

Why rate hike is no answer to 30% inflation in Egypt

Egypt’s central bank is likely to hold interest rates today, even with inflation still soaring after the removal of currency controls last year.
Six of seven economists surveyed by Bloomberg expect the central bank to hold the benchmark rate at 14.75% when policy makers meet"...

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21 May 2017

Egypt’s AAIB bank negotiating dollar loan from EBRD

Egypt’s Arab African International Bank (AAIB) is negotiating dollar-dominated loans from some international financial institutions, including the European Bank for Reconstruction and Development (EBRD).

The"...

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21 May 2017

CIB named best bank in Egypt this year, Ahli United Bank most efficient, NBE dominates customer satisfaction: Business News

Business News has announced the results of its seventh edition of the Bank Performance Indicators in Egypt in 2017. The Commercial International Bank (CIB) received the Bank of the Year award, following a year of strong and balanced performance.

The"...

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20 May 2017

SoftBank Vision Fund Announces First Major Close

(ME NewsWire)-- The SoftBank Vision Fund (the “Fund”) today announced its first major close with over U.S.$93 billion of committed capital. In addition to SoftBank Group Corp (“SBG”) and the Public Investment Fund of the"...

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17 May 2017

ABK is the best new banking brand in Egypt: The Banker

Al Ahli Bank of Kuwait - Egypt (ABK–Egypt) has received the ‘Best New Brand in Egypt’ award by the Banker Middle East.

The award is in recognition of the ABK’s exceptional turnaround and"...

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17 May 2017

Egypt’s AAIB bank to set up presence in Rwanda, Kenya in 2020

Egypt’s Arab African International Bank (AAIB) is planning to set up an African presence after 2020, senior sources in the bank told Amwal Al Ghad on Tuesday.

The bank has chosen Rwanda and Kenya to make"...

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16 May 2017

Banks compete in race to remove limits on using credit cards oversees

Benefiting from high levels of foreign currency reserves, some local banks have recently entered a race to eliminate the ceilings on using credit cards abroad 6 months after liberalizing exchange rate, resulting in raising USD 17bn by banking system.

Among the competing lenders"...

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14 May 2017

Banque Misr negotiates with international funding institution to obtain new dollar debt: bank’s chairperson

Banque Misr is negotiating with one of the international banking institutions in order to obtain a new dollar loan to enhance its liquidity of foreign currency, according to Mohamed Eletreby, Banque Misr’s chairperson.

Eletreby"...

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