06 Jul 2015

Egypt’s currency drops to new low against the dollar

Egypt's central bank says the Egyptian pound has fallen to a new low against the dollar, its second such drop since Thursday.

The central bank set a cutoff rate of 7.73 Egyptian pounds per dollar in an auction that sold $39.6 million on Sunday, compared to the previous rate of 7.63.

Before Thursday's auction, the pound had held at 7.53 since...

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01 Jul 2015

EBRD boosts Trading Facility for Egypt’s CIB to $100mn

The European Bank for Reconstruction and Development (EBRD) said Monday it would increase its trading facility limit to Egypt's largest private sector bank, Commercial International Bank (CIB), to US$100 million from US$50 million.


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30 Jun 2015

NBG-Egypt continues activities unaffected by Greek banks’ closure

The National Bank of Greece-Egypt (NBG-Egypt) continued its activities Monday, and its doors remained open to its clients, an official source, who preferred to remain anonymous, told Daily News Egypt.


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28 Jun 2015

Moody's marks Egypt's draft budget as “credit negative”

International credit agency Moody's has marked Egypt's draft budget as “credit negative” for slowing the government’s medium-term macroeconomic plan.

Last week, Egypt's cabinet approved the draft budget for the fiscal year due to start in July, projecting a deficit of 9.9 percent of GDP, down from an expected gap of 10.8 percent"......

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27 Jun 2015

Egypt bank to unseat Standard Chartered

Ahmed A Namatalla and Arif Sharif Cairo

AS the top loan arranger in Africa for the past three years, Standard Chartered is used to playing catch-up in the second half of the year. It has got its work cut out this year.


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24 Jun 2015

National Bank of Egypt picks five banks for benchmark bonds

National Bank of Egypt (NBE), the oldest commercial lender in the country, has picked five banks to arrange fixed income meetings for a potential benchmark US dollar-denominated bond issue.

The lender, which expects to be rated B-/B by Standard & Poor’s and Fitch, chose Citigroup, Deutsche Bank, HSBC, National Bank of Abu Dhabi and Standard...

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18 Jun 2015

Banks, institutions eye investing $928.5 m in treasury bills: CBE

Local and international banks, alongside financial institutions, have offered to invest $928.5m in the treasury bills auction launched on Monday using the US dollar, according to the Central Bank of Egypt (CBE).


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15 Jun 2015

Citibank to sell Egypt retail business to Commercial International Bank

Egypt-based Commercial International Bank (CIB) will acquire Citigroup’s retail business in the country on undisclosed terms.

This is a part of Citigroup's efforts to move out of less profitable businesses"...

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15 Jun 2015

UPDATE 1-Egypt's EFG-Hermes launches subsidiary to provide leasing services

Egypt's EFG-Hermes , one of the Middle East's largest investment banks, said on Sunday it had launched a wholly-owned subsidiary, EFG Hermes Leasing, that would start operations immediately.


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14 Jun 2015

Hermes launches EFG Hermes Leasing with LE100 m capital

EFG Hermes (HRHO), the leading investment bank in the Arab world, announced today the launch of EFG Hermes Leasing,"......

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