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About EGP 2bn in transactions undertaken using Meeza cards was in purchases and payments
The cooperation comes as part of the Central Bank of Egypt (CBE) initiative to stimulate e-payments in Egypt, rather than cash exchanges. This is in line with the Egyptian state’s economic vision to achieve sustainable development and transition to a cashless society.
NBE committed to minimising economic, financial impact of COVID-19 on Egyptian economy and our customers in particular, says bank’s chairperson
Project’s implementation is likely to start in 4Q 2020
NBE initiative will absorb large part of Egypt’s informal employment and reduce unemployment rates
Significant increase, brings bank’s deposit portfolio to EGP 1.5trn
Joint loan’s arrangement reflects participating banks’ support for real estate sector
Company aims for EGP 3bn in revenues in 2020, says Al-Hatimi
Hisham Okasha, Chairperson of NBE, said the arrangement of this loan comes in light of the participating banks’ strategies to provide necessary funds for energy projects in local and foreign currencies because of their importance in advancing development and supporting the Egyptian economy.
The NBE has also decided to increase the return on another 3-year Group B investment certificate. The certificate’s annual return was originally 12%, which has now risen to 12.5%, to be paid every three months.
Bank sees significant e-banking services expansion during FY 2018/19
Bank concludes 6 financing deals of total EGP 15.4bn
Policies issued in cooperation with Misr Life Insurance
The bank’s total finances increased to EGP 1.6trn in June 2019, compared to EGP 1.5trn in June 2018. Equity amounted to about EGP 110bn in 2019, compared to EGP 92.2bn in the year before.
New saving certificates issued by NBE and Banque Misr gain LE 10.7 bn in two days.
80% of NBE’s certificate sales took place online
CBE included microfinance sector in the initiative on Monday
To ensure safety of customers, employees, new certificates to be available only via mobile, internet banking, call centres, email: Banque Misr chairperson
EGX30 down 17.7% last week despite Thursday’s session 5% increase
Both banks to offer 1-year saving certificates with 15% yield on Sunday
Karim Soos, Retail Risk Group Head at NBE, said the bank seeks through the new agreement to support its strategic plan towards financial inclusion and expansion in various banking services, particularly the digital ones. This has become the global trend recently, in line with the country’s plan to bring about nationwide digital transformation.
The signing ceremony was attended by Chairperson of NBE Hesham Okasha, Chairperson and CEO of Fiber Misr Ahmed Mekky, Deputy Chairperson of NBE Yehia Aboul Fotouh, Deputy Chairperson of Fiber Misr Sherif Nabih, and Head of NBE’s Credit Group for Corporate and Syndicated Loans Sherif Riad
Project’s total cost is EGP 580m, NBE contributes 75% over 7 years
20% of the total cost of implementing a housing compound project in the beach area of New Alamein City
We aim to channel more financing to SMEs and retail loans: Aboul Fotouh
Bloomberg ranks the NBE first in managing syndicated loans in Egypt
Bank to continue sponsoring the Egyptian Rowing Federation and other games in coordination with the Ministry of Youth and Sports, says Aboul Fotouh
Bank’s deposits reached EGP 1.3trn, while loans were EGP 570bn, including EGP 90bn of retail loans and EGP 57bn for SMEs funding, says Aboul Fotouh
Bank’s SMEs portfolio amounts to about EGP 64bn, benefiting 74,000 projects, targeting EGP 100bn in 2020, says Aboul Fotouh
SMEs, energy efficiency, climate mitigation projects to benefit from the fund