Bank of America Reports Third-Quarter 2019 Financial Results

Bank of America reported its third-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."...

ABE signs cooperation protocol with World Food Programme

The Agricultural Bank of Egypt (ABE) has signed a cooperation protocol with the World Food Programme (WFP) – the food-assistance branch of the United Nations – with the aim to support and develop agricultural development projects and provide the necessary financing for the owners"...

Settlement on workers’ rights to delay approval of NBG-Egypt sale to Bank Audi

Cairo: The approval of the sale of branches and portfolios of the National Bank of Greece – Egypt (NBG) to Bank Audi will not be issued before settling the rights of employees at the Greek bank, sources told Daily News Egypt.

The"...

Al Baraka Bank, ADIB, and EG Bank most negatively affected by New Banking Act: Prime Holding

Cairo: Under the New Banking Act, which raises the minimum capital requirements for lenders tenfold, Al Baraka bank would be the most negatively affected, since it is required to raise up to EGP 1.4bn, followed by Abu Dhabi Islamic Bank (ADIB), and EG Bank, Prime Holding said in a Tuesday"...

NBE arranged syndicated loans worth EGP 28bn during Q3 2019: Bloomberg

National Bank of Egypt (NBE) has secured EGP 28bn in syndicated loans during the first quarter (Q1) of 2019, Bloomberg said.

The NBE arranged these loans in various roles, namely the agent, bookrunner, and marketer"...

Credit facilities by banks fall EGP 35.2B in July to EGP 1.8trn: CBE

Cairo: The Central Bank of Egypt (CBE) said the volume of credit facilities granted by banks operating in the local market to their clients during July decreased by 1.9% to EGP 1.819trn, compared to EGP 1.854trn in June.

Credit"...

Egypt has no problem in paying off its debts and foreign obligations: CBE

The Central Bank of Egypt (CBE)’s Sub Governor for Markets and Foreign Relations Sector, Rami Abulnaga said that Egypt is not facing any problems repaying its foreign debts and obligations, stating that all obligations are paid on time.

Abulnaga"...

Revolut Chooses Visa as Lead Issuing Partner to Drive Rapid Global Expansion

Visa (NYSE:V) and Revolut, the leading fintech in Europe, today announced a new agreement that will help Revolut expand its business globally. Leveraging Visa’s brand, scale and global acceptance footprint, Revolut will be able to bring its product offerings to five new regions, reaching 24 new markets, for a total of 56 markets globally. Under the terms of the agreement, Revolut will primarily issue Visa-branded cards in the global expansion. Revolut offers consumers a range of digital financial services via a mobile application, including currency exchange, budgeting and person-to-person (P2P) payments, all linked to a Visa card. Building......

Meeza card’s transactions reach EGP 2.2bn until September: CBE

Egypt’s banking system availed 5m Meeza cards since launching the Egyptian National Payment Scheme (NPS) in December 2018, while 2m cards have been utilised, said Lobna Helal, deputy governor of the Central Bank of Egypt (CBE), revealing that Meeza’s transactions amounted to"...

Egypt's currency strengthens after c.bank interest rate cut.

Cairo: The Egyptian pound strengthened against the dollar on Sunday, the first trading day after the central bank lowered its main interest rates by a full percentage point.

The currency strengthened to 16.22"...