IFC exits AlexBank citing completion of objectives

The International Finance Institution Corporation (IFC) announced, on Wednesday, that is has exited from the Bank of Alexandria (AlexBank).

“The IFC has exited AlexBank as our capacity as an equity investor"...

CIB Celebrates One Year Since Signing the UNEP-FI’s Principles for Responsible Banking

Commercial International Bank (CIB), Egypt’s leading private sector bank, is celebrating a milestone in its journey as a pioneer in the Egyptian banking sector. The date 22 September 2020 marks one year since Hussein Abaza, Chief Executive Officer and CIB Board Member, joined 130"...

Banque Misr reveals 1st digital loan

ArabFinance: State-run Banque Misr launched the first digital loan to finance small businesses in Egypt, according to a September 22nd press release.

The new credit facility, the express loan, is the first integrated"...

Edita, Arab Bank sign EGP 105m medium-term loan

Edita Food Industries signed an EGP 105m medium-term loan with the Arab Bank, to finance the purchase and installation of a new production line, the company said in a Sunday statement.

The facility, which comes"...

Bank profits reach EGP 50.049bn in June: CBE

The Central Bank of Egypt (CBE) announced that total profits reported by banks operating in the Egyptian market amounted to about EGP 50.049bn at the end of June 2020.

In a report released on Wednesday, the CBE"...

NBE signs EGP 793.9m long-term financing contract for Nile Wood Company

The National Bank of Egypt (NBE) has signed a financing contract worth EGP 793.9m for the Nile Wood Company, a subsidiary of the Egyptian Kuwaiti Holding Company.

The agreement was made as part of the Central"...

Al Baraka Bank to launch 1st electronic branch

ArabFinance: Al Baraka Bank Egypt (SAUD) will establish the first electronic branch in New Cairo during the coming months, Vice Chairman of Al Barak Bank Ashraf al-Ghamrawi told al-Mal News website.

The bank signed"...

Mastercard registers 1M transactions in single day

ArabFinance: Mastercard reached 1 million mobile wallet transactions, financial and non-financial, in a single day in Egypt, according to a September 9th email statement.

This followed the launch of the self-registration"...

Norges Bank raises stake in Juhayna

ArabFinance: Juhayna for Food Industries (JUFO) stated that Norges Bank raised its stake in the former's capital from 4.99% to 5.09%, according to the company's September 9th statement filed to the Egyptian Exchange.

Norges"...

FAB to restart talks on acquisition of Bank Audi’s Egypt unit

ArabFinance: First Abu Dhabi Bank (FAB) plans to resume negotiations to acquire the assets of Bank Audi’s Egypt unit, sources familiar with the matter told Reuters on September 6th.

The bank's executives"...