Bank News
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Egypt's United Bank commences trading on EGX
The United Bank (UB) of Egypt announced on its website that the bank’s ordinary shares began trading on Tuesday on the Egyptian Stock Exchange (EGX).
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Egypt pound breaches 50 to the dollar
The pound has traded within a narrow range just short of 50 to the dollar since Egypt signed an $8 billion financial support package with the IMF.
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Egypt’s central bank withdraws LE 1.033T in liquidity
The CBE had earlier introduced revised guidelines for its weekly main deposit operations, previously conducted through fixed-rate tenders.
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Egypt Adopts Mechanism to Stabilize Exchange Rate by No More than 3 - 4% Change
The government is making intensive efforts to facilitate the entry of investors into the Egyptian market.
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'We won’t repeat past mistakes': Egypt PM says
The dollar's value fluctuated between 4 to 5 percent ($1/EGP 47 to $1/EGP 49) after the country adopted a flexible exchange rate in March.
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El-Sisi issues decree appointing Central Bank of Egypt board for 1 year
President Abdel-Fattah El-Sisi has issued a decree appointing the Central Bank of Egypt (CBE) board of directors, chaired by Hassan Abdullah.
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United Bank's IPO oversubscribed by almost 6x
The United Bank has set ambitious targets for its net profit, aiming to reach 3.071 billion LE by the end of 2025, 3.821 billion in 2026.
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Egypt’s AAIB issues landmark $500 mln sustainability bond to promote finance
Arab African International Bank (AAIB) issued Sunday a landmark $500 million sustainability bond to accelerate Egypt’s green transition.
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Islamic Banking In Egyptian Market Increases To EGP 1.080Trn
This substantial growth is attributed to the transformation of Al-Ahli United bank into an Islamic bank following its Acquisition by Kuwait Finance.
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Egypt’s central bank achieves LE 107.7B in net profits by October 2024
The statement further indicated that total equity rose to LE 162.413 billion, compared to LE 150.667 billion in September.
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Egypt agrees to 10 new IMF conditions
IMF led by Ivana Vladkova Hollar, issued a statement at the conclusion of its visit to Egypt, which lasted from November 6-20.
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Egypt's Rare Bank Privatization Brings United Bank Shares To Market
Egypt’s Central Bank embarked on a rare privatization journey by putting 30% of United Bank up for grabs – only the second such sale in four years.
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EBRD extends €50 million guarantee to CIB for on-lending to Egyptian SMEs
The EBRD facility will help cover up to 50 per cent of the credit risk on as much as €50 million in financing for Egyptian SMEs originated by CIB.
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Fitch Ratings upgrades 4 Egyptian banks IDRs
Fitch Ratings has raised the Long-Term Issuer Default Ratings (IDRs) of the largest four banks in Egypt following the recent upgrade.
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IFIs supported Egypt's NWFE energy projects with over $2.5 bln in past 2 yrs
Egypt secured more than $2.5 billion from International Financial Institutions (IFIs) to finance the private sector's energy projects over 2 years.
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EBRD provides $2.5B to support Egypt's private sector
The discussions focused on expanding the cooperation portfolio and exploring new areas aligned with Egypt's governmental priorities.
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CBE allows opening bank accounts from age 15 without guardian
The bank explained that this amendment comes in light of the decision of Interior Minister amending the age of issuing the ID card to be 15 not 16.
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United Bank eyes raising up to EGP 5.1 bln in EGX offering
The United Bank (UB) is aiming to raise between EGP 4.16 billion and EGP 5.14 billion in the upcoming initial public offering (IPO) on the EGX.
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EBRD guarantee to QNB Egypt to unlock €70 million for small firms in Egypt
The agreement was signed by Jürgen Rigterink, EBRD First Vice President, and Mohamed Bedeir, QNB-Egypt Chief Executive Officer.
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Egypt’s IMF Debts Represent 69% Of Total Arab Countries' Obligations
Egypt's total obligations to the IMF hit $13.2 billion , exceeding the combined IMF debts of eight Arab countries.