BANKING

24 Jan 2017

Banque Misr, NBE receive definitive judicial ruling against head of Dreamland Group

Banque Misr and the National Bank of Egypt (NBE) said they obtained definitive judicial rulings to sell most of Dreamland’s assets, which is owned by Ahmed Bahgat, as well as other rulings obligating Bahgat, as head of Dreamland Group, to pay EGP 600m to both banks.

In a press release"...

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23 Jan 2017

Egypt's Pharos Holding eyes new equity fund launch

Cairo-based investment bank Pharos Holding is planning to launch a new equity fund within the next few months, chairman Mohamed Taymour announced Sunday.

The capital of the new fund will be worth more than 1 billion"...

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22 Jan 2017

IMF to release documents on Egypt’s $12b loan agreement

The International Monetary Fund (IMF) will release in an online conference on Wednesday the staff report and documents related to Egypt’s three-year $12 billion loan agreement.

The online conference, to take place at 5pm Cairo Time, will see the first comprehensive report released by the IMF on the loan agreement with Egypt.

The IMF deal...

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22 Jan 2017

United Bank of Egypt appoints new assistant MD of funding large enterprises, SMEs

The board of United Bank of Egypt has appointed Nevine Kashmiri as the assistant to the managing director of the department for funding large as well as small- and medium-sized enterprises.

According to a statement"...

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18 Jan 2017

Crédit Agricole to secure $30 mln subordinated loan for Egypt unit

Crédit Agricole Egypt has confirmed Tuesday requesting a $30 million subordinated loan from the French parent Crédit Agricole bank.

The loan is to support Crédit Agricole Egypt’s tier two"...

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14 Jan 2017

Egypt says foreigners will be able to repatriate profits soon

Egypt’s Central Bank Governor Tarek Amer said yesterday that foreign investors would be able to repatriate profits and capital “in the coming period” now that hard currency reserves were recovering, state news agency MENA reported.
Egypt’s official foreign reserves fell as low as $19bn in October, prompting it to float its pound currency...

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13 Jan 2017

Bank of America Reports Fourth-Quarter 2016 Financial Results

Bank of America today reported its fourth-quarter 2016 financial results. The news release, supplemental filing and investor presentation can be accessed in the following ways:


This"...

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10 Jan 2017

Egypt, Russia agree on bank guarantees and credit packages for Dabaa nuclear power plant

Egypt and Russia have agreed on a number of items included in the Dabaa nuclear power plant contract, including the items on credit packages and bank guarantees.

Government sources told Daily News Egypt that technical"...

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09 Jan 2017

[Egypt] Housing and Development Bank extends branch portfolio to 70

The Housing and Development Bank (HDB) increased the number of its branches to 70 by the end of 2016, after the inauguration of the latest branch in Port Said as the bank seeks to grow its foothold in the region and continent.

According"...

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09 Jan 2017

Egypt's pound strengthens at banks as demand from importers eases

The Egyptian pound strengthened slightly at banks as demand for dollars by importers eased, bankers told Reuters on Sunday.

The dollar was being bought for around 18 pounds at most banks, down from around 19 last week. Banks were paying clients around 17.8"......

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