Bank of America Reports Fourth-Quarter 2019 Financial Results

Bank of America reported its fourth-quarter 2019 financial results today. The news release, supplemental filing and investor presentation can be accessed in the following ways:

This press release features multimedia."...

El-Nasr for Manufacturing to finalize reconciliation with Alexbank

ArabFinance: El-Nasr for Manufacturing Agricultural Crops stated that it sent a letter to Alexandria Bank in order to repay the total of reconciliation amount and discharge the company as well as writing off all its pledges in favor of Alexbank.

The"...

CBE reveals Monetary Policy Committee formation led by Tarek Amer

The Central Bank of Egypt (CBE) announced the new formation of its Monetary Policy Committee (MPC), headed by Governor Tarek Amer.

The committee includes Gamal Negm and Rami Aboul Naga, the two deputy governors,"...

Banque Misr says led syndicated loans worth $1.4 bln in 2019

Cairo: Banque Misr said on Sunday it had been the mandated lead arranger for 13 syndicated loans totalling 22.73 billion Egyptian pounds (around $1.415 billion) during 2019.

The bank, Egypt’s second largest"...

Turkey’s Smartest Mobile Assistant from VakıfBank Uses Sestek’s AI-powered Technology

VakıfBank, Turkey's fourth-largest bank, introduced a new banking assistant, “ViBi” to its mobile banking app, which currently has 4.2 million users. The assistant, developed in partnership with Sestek, a leading AI and speech technologies company. The “mobile banking"...

Banque Misr participates in $3B financial deals

Banque Misr has taken part in 13 syndicated loans with a total value of EGP 22.73 billion ($1.415 billion) as a lead arranger, along with 12 financial agreements with a total value of EGP 26.28 billion ($1.636 billion) in which the bank acted as a financial marketer.

The"...

CBE reveals most prominent bank financial safety indicators by 3Q2019 end

The Central Bank of Egypt (CBE) said the total financial position of banks operating in the domestic market rose to about EGP 5.822trn by the end of September 2019, against EGP 5.516trn by the end of June 2019, making an increase of EGP 306bn.

The"...

Bad economic policies leading to closure of banks in Egypt

The National Bank of Oman’s decision to leave Egypt in 2020 may be attributed to the losses it has incurred in the past years as a result to the recession that the country’s economy is suffering, Arabi21 reported citing economists.

The"...

CBE postpones MPC meeting to 16 January to decide on interest rates

The Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) postponed it’s 26 December meeting for the final time this year to decide on interest rates at the bank, and pushed it to 16 January. Bankers’ and analysts’ expectations differed about the meeting,"...

Pharos sets fair value of Qalaa Holdings' share at EGP 2.7 with equal weight recommendation

ArabFinance: Pharos Research has set the fair value of Qalaa Holdings' share at EGP 2.70 with equal weight recommendation.

Qalaa Holdings reported 3Q19 results, recording revenue of EGP3,924.1 million (+12.4%"...