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Business - Banks

Ahmed Ali, Sayed Badr - 2014-07-20 09:49:26
Board member and President of the Financial Sector at Barclays bank Egypt Mohammed Sharif said the unaudited indicators explain that SMEs finance portfolio closed at EGP390 million at last June in compared to EGP350 million at May-end. The bank attached great importance for SMEs projects across Africa generally and Egypt specifically and this pushes the bank to establish new administration for this vital sector since 2013. Strategy & Planning, Marketing & Corporate Affairs Director at Barclays Egypt Sherif El Behery stated previously to Amwal Al Ghad that the bank eyes boosting the portfolio to EGP700 million by the end of 2014. The bank established the administration in the last September and it seeks to make its finance up to 20% from the total value of credit portfolio within 3 years. Barclays is currently continuing to deal with the major firms to finance and boost its customers' SMEs portfolio, stressing that the sector is the real leader for Egyptian economic growth during the upcoming period, El Behery added. Moreover, the bank expects that the profits will hit EGP260 million within the first half of the ongoing year. More»
Ahmed Ali & Sayed Badr - 2014-07-19 12:00:29
Barclays's Egyptian arm plans to move its administrative headquarters to Egypt's Nasr City or Heliopolis districts, said finance director Mohamed Sherif. In a recent interview with Amwal Al Ghad, Sherif stated that Barclays Egypt is planning to move its administrative head office in Kasr El Aini in Garden City to Nasr City or Heliopolis district in east Cairo. In this respect, the banking official revealed that Barclays Egypt allocated investments worth EGP 480 million to establish its most modern administrative headquarters to serve the bank's future strategies. Barclays Egypt arm is expecting to register a 15% growth in first half profits, he noted, saying that profits are likely to range between 250-260 Egyptian pounds (US$34-36 million) for the first half of 2014. Moreover, Sherif highlighted the bank's strategy includes the launch of its new mutual fund by the beginning of the fourth quarter that will invest in securities and other sectors. The fund will be with capitalisation of EGP 250 million, he added, referring that it may rise to EGP 750 million. More»
Amwal Al Ghad English - 2014-07-18 10:31:30
The Central Bank of Egypt on Thursday raised key interest rates by 100 basis points each to keep inflation in check. The move came two weeks after Egypt's government substantially raised prices of several regulated items in order to reduce the government's subsidies bill, which was hurting the cash-strapped Arab country. The government earlier this month revised up the prices of items such as fuel, electricity and tobacco as part of its 2014-2015 fiscal consolidation plan, which, the Egypt central bank said, will improve the fiscal sustainability over the medium-term but also increase prices. The Monetary Policy Committee, in a statement posted on the Egyptian central bank website, said "a pre-emptive rate hike is warranted to anchor inflation expectations and hence limit a generalized price increase, which is detrimental to the economy over the medium-term." The Monetary Policy Committee raised the overnight deposit rate, overnight lending rate, and the rate of the central bank's main operation each by 100 basis points to 9.25%, 10.25%, and 9.75%, respectively. The discount rate was also raised by 100 basis points to 9.75%, it said. The MPC added that it will continue to closely monitor economic developments and will adjust key rates to ensure price stability over the medium-term. "The Egyptian central bank's surprise decision to hike interest rates today appears to have been in anticipation of a sharp rise in inflation over the coming months," said Jason Tuvey, an economist at London-based Capital Economics. "This follows the government's recent move to raise energy prices. However, economic growth remains weak and financial support from the Gulf continues to support Egypt's balance of payments position. As such, we think today's move could ultimately prove to be a one-off," Mr. Tuvey added in a note to clients. The annual inflation rate remained broadly unchanged at 8.2% in June. Cairo-based EFG Hermes expects inflation to jump into double digits and likely peak at 15% year-over-year by mid-2015. More»
Ahmed Ali & Sayed Badr - 2014-07-17 13:39:57
Barclays's Egyptian arm is expecting to register a 15% growth in first half profits, said Barclays Egypt's finance director Mohamed Sherif on Thursday. Sherif told Amwal Al Ghad that Barclays Egypt's profits will range between 250-260 Egyptian pounds (US$34-36 million) for the first half of 2014. According to H1 unaudited indicators, Barclays Egypt reported EGP 13.5 billion in its deposit portfolio, whereas the bank's total investments in Egypt's governmental debt instruments reached around EGP 8 billion, he noted. Moreover, the banking official forecasted that Barclays Egypt's credit portfolio is likely to hit EGP 6.2 billion in H1; while personal loans will report EGP 1.9 billion and the corporate loans will stand at EGP 3.7 billion. The bank is also targeting pumping loans (both personal and corporate) worth EGP one billion within the current year, he added. Barclays Egypt plans as well to inaugurate two branches in Sixth of October City and Fifth Settlement district within the coming three months to support its banking network. More»
Mohamed Hamdy - 2014-07-17 12:17:56
Egyptian Arab Land Bank eyes pumping new finance worth EGP750 million within the current fiscal year of 2014/2015, so the total value of portfolio increased to EGP12.750 billion. Speaking to Amwal Al Ghad, Mr. Abdel Megid Mohy El-Din – Chairman said his bank is aiming focusing on all the vital sectors including Petrochemicals, energy and real estate sectors. EALB participated in several joint finance in the last fiscal year headed by Egyptian General Petroleum Corporation's loan , KIMA's loan, Hyde Park's loan in addition to SODIC's loan which is ranging from EGP100 to EGP200 million. EALBdiscussed new strategy with the Central Bank of Egypt (CBE) by the upcoming period most notably it focuses on closing the losses file which estimated at EGP6 billion during the next 5 years through alluring new deposits valued at EGP12 billion by 2018 along with expanding in pumping new loans in the market. Moreover, EALB's branches achieved EGP25 million profits in Palestine and Jordon within the first half of the ongoing year. More»