national bank of Egypt
On January 4, Banque Misr and the National Bank of Egypt (NBE) announced the launch of a one-year saving certificate with an annual interest of about 25 percent.
The return of the certificate is paid at 25 percent interest at the end of the term, or at a monthly rate of 22.5 percent.
Banque du Caire joins the shareholding of IBAG, Western Union's first agent in Egypt, after purchasing a stake from Al Ahly Capital Holding - the National Bank of Egypt’s investment arm and Banque Misr.
The banks issued the certificates following an exceptional decision by the Central Bank of Egypt (CBE) last month to raise basic interest rates by 1 percent.
The certificates were offered on the back of an exceptional decision by the Central Bank of Egypt (CBE) to raise the base rates by 1 percent.
Across the Middle East and North Africa region, the NBE ranked as the fourth financing agent and marketer of syndicated loans, and the third main arranger.
The NBE purchased 102.51 million shares from Fawry with a total value of the deal amounting to LE 1.05 billion, with an average purchase price of LE 10.25 per share.
The certificates were offered on the back of an exceptional decision by the Central Bank of Egypt (CBE) to raise the base rates by 1 percent.
Deputy Chairman of the NBE Yehia Abul-Fotouh said that the ALCO committee at the NBE held an emergency meeting Monday, during which a decision was taken to issue a new saving certificate for one year.
Chairman of the Board of Directors of the NBE, Hisham Okasha, stated that the new service comes from the bank’s belief in the importance of achieving the highest level of services provided to its new customers in an advanced manner that meets their needs, and provides the easiest ways to obtain these services while providing the highest rates of security.
The NBE aims to invest in “Mwasalat Misr” to diversify the sources of financing its long-term projects by financing infrastructure projects.
Fitch has also affirmed National Bank of Egypt (UK) Ltd's (NBEUK) Long-Term IDR at 'B+' with Stable Outlook and Support Rating at '4'. NBEUK is a wholly owned subsidiary of NBE. A full list of rating actions is below.
The US dollar exchange rate was stable during Monday's transactions at Egypt's major banks recording EGP 15.61 for buying and EGP 15.74 for selling.
In statements, Chairman of Banque Misr Mohamed el Etribi hailed the partnership that aims at merging unofficial transfer sector into the banking sector in Egypt as well as enhancing financial inclusion as part of the bank’s role to support the Egyptian economy.
NBE announced today that it has been awarded ISO 27001:2013 certification for information security management systems by BSI, the British Standards Institute.
The Central Bank of Egypt (CBE) announced on Friday that Prime Minister Mostafa Madbouli issued two decrees to reform the board of directors of National Bank of Egypt and Banque Misr for three years starting from September 25, 2020.
Al-Mashat clarified that €1.1 billion is to finance three projects in the transportation sector with the National Authority for Tunnels.
Okasha pointed out that the agreement is the first of its kind between NBE and IFC.
“NBE receives 30,000 calls a day, and the bank allows the purchase of certificates of return through the Call Center,” he said.
Mohamed el Atrebi, Board Chairman of Banque Misr, told MENA that the bank sold certificates worth 39 billion pounds since the new certificates were issued.
