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.
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.
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 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.
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.
This is AIIB’s first non-regional syndication transaction in the financial institutions sector and NBE’s first on-lending project directed to the infrastructure sector. AIIB will support NBE with its ongoing efforts to enhance its sustainability initiatives.
The NBE aims to invest in “Mwasalat Misr” to diversify the sources of financing its long-term projects by financing infrastructure projects.
Yahya Aboul Fotouh, Vice Chairman of the Board of Directors of the NBE, said in a statement Thursday that the bank is keen to expand non-bank debt instruments, stressing that his bank is exerting the necessary effort and care to meet the needs of the bank’s customers in various sectors that positively affect the wheel of the national economy.
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 protocol was signed by Planning Minister and NIB Chairperson Hala el Saeed, Finance Minister Mohamed Maait and NBE Chairman Hesham Okasha.
CI Ratings also affirmed in a report the Short-Term Foreign Currency Rating (ST FCR) of of NBE at 'B'.
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 Minister of Health and Population, Hala Zayed, emphasized the importance of solidarity of all state institutions, which will contribute greatly to Egypt overcoming this crisis.
Al-Mashat clarified that €1.1 billion is to finance three projects in the transportation sector with the National Authority for Tunnels.
IFC announced Tuesday joining forces with the National Bank of Egypt and the Micro, Small and Medium Enterprise Development Agency (MSMEDA) to strengthen the clean technology entrepreneurship sector .