banque misr
Fitch lowered its long-term issuer default rating for state-owned National Bank of Egypt, Banque Misr and Banque Du Caire, as well as Commercial International Bank (CIB)
Egypt’s two biggest state banks, the National Bank of Egypt (NBE) and Banque Misr have on July 26 issued two dollar-dominated three-year certificates of deposits, at very special rates between 7 – 9 percent.
The EBRD elaborated that the provided loan will contribute to the expansion of Banque Misr's activities beyond the Greater Cairo region and help increase the availability of medium-term funding for underserved Egyptian MSMEs.
El-Etreby stated that this step is an excellent move that aligns with Egypt's digital strategy, aiming to enhance financial inclusion, build a competitive digital economy, expand financial technology, and utilize digital solutions in providing financial services.
Mastercard will provide Banque Misr with bespoke payment technologies and advisory services
The NBE said transactions in the highly yield certificates will terminate at the end of this month.
El-Etreby affirmed earlier that the NBE and Banque Misr’s resort to offering this certificate aims to address inflation and attract foreign exchange, within the framework of the role played by the two banks as the two largest government banks in the market.
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 Misr receives TRAILBLAZING TELCO ACQUIRER – MENA Award for fastest growing acquirer in Ecommerce for Mobile Network Operators in the Middle East from Mastercard International.
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 first technical assistance programme will further strengthen credit risk management and adoption of SME financing best practice to enable Banque Misr to increase financing for smaller companies.
The 18 percent saving certificates achieved an amount of about LE 750 billion in the two banks, as the proceeds of the 18 percent certificate amounted to LE 515 billion at the National Bank of Egypt and LE 240 billion at the Banque Misr since its issuance on March 21 until the end of work today, Monday.
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.
According to the statement, the share that Banque Misr purchased in Banque du Caire belongs to the share of Misr Capital Company.
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.
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.
The dollar renunciation rates of the two banks rose to more than 50 percent compared to the previous day.
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.
Minister of Communication and Information Technology Amr Talaat and Board Chairman of Banque Misr Mohammed El Etreby witnessed the signing ceremony.
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