The National Bank of Egypt (NBE) and United Bank of Egypt target to inject about EGP 14 million of credit facilities to El Khouly Spinning and Weaving Company in Sixth of October City. Such credit facilities will be used to shore up the defaulting customer through financing the company’s commercial activity which was halted during the last period because of the political turmoil Egypt witnessed, sources said. In addition, NBE approved to offer credit facilities of EGP 120 million to a tourism company for financing its expansions in Sharm El-Sheikh and Hurghada as well as credit facilities of EGP 180 million to a 440-room hotel in Hurghada to establish 560 rooms. NBE targets to reduce non-performing loans from EGP 6.2 billion to EGP 5 billion by the end of FY 2012/2013. NBE awaits the bankruptcy verdict against Amr Al Nasharty, owner of Sainsbury’s Group, to settle his EGP 310 million debt through selling some of his assets. More»

The Industrial Development and Workers Bank of Egypt raised its operating profit to EGP 43 million at the end of last September, from EGP 28 million last June. Sources attributed such increase in profit to the bank’s expansion in financing small and medium enterprises (SMEs) as loans offered to such enterprises surged EGP 320 million and in retail loans which registered about EGP 100 million at the end of last September. The bank targets to increase its operating profit to EGP 50 million before the end of 2012 to register the best record since 2004. More»

Misr Fertilizer Production Company (MOPCO) will meet 22 banks during this month to discuss the US$ 1.050 billion finance that was earlier received by the company. MOPCO Fertilizers Factory resumed its production after it had stopped 10 consecutive months due to the protests held by people of Damietta against the establishment of the factory for contaminating the environment. The National Bank of Egypt (NBE), Banque Misr and Arab African International Bank (AAIB), who arranged the finance, face a problem as the finance was disbursed to MOPCO in order to establish two factories and if the company did not establish such projects, it will default on the loan. Sources told Amwal Al Ghad that the banks will discuss the conditions which the company agreed upon in order to resume its production again as well as the extent to which the company is in need for the final tranche of the loan amounting to US$ 300 million and the credit facilities amounting to US$ 33 million after the Company reached an agreement with people of Damietta to operate factory no. 3 only and not resuming the establishment of factories no. 2 and 1 which means that the investment cost decreased and the company will not need the last tranche. More»

Alex Bank has celebrated today the customer satisfaction day for the second year in its branches, administrations and headquarters. This day, celebrated in all Intesa Sanpaolo subsidiaries, aims at affirming the importance of satisfying  customers and highlighting the unique relationship between the bank and its customers. The employees and customers of the bank participated in the celebration in which gifts and money were given for customers and unique gifts were offered to retail customers and top customers of SMEs sector. Alex Bank also organized a competition in which the employees participated with the aim of raising knowledge on possible methods to satisfy customers. More»

The National Bank of Abu Dhabi (NBAD) , the Number One Bank in the UAE, has partnered with the American University in Dubai ( AUD ) to jointly develop training programmes and cooperate on recruitment, sponsorships and job training. This marks NBAD 's fourth partnership with a University this year to support the Bank's objectives to strengthen UAE's academic institutions. " NBAD 's commitment to further the emergence of the UAE to global excellence is strategic and fundamental concept, it is a holistic approach. We not only take pride in being a significant financier of infrastructure projects, the Bank also supports growth at grassroots," says Suaad Al Shammari, the Head of Emiratisation at NBAD . "Academic institutions play a vital role in this process because they develop and train the human resources and tomorrow's leaders. They also help draw the best talents to the UAE and help promote our country's brand." Under a Memorandum of Understanding (MoU) between NBAD and AUD , the Bank would provide career guidance to the university's graduates. NBAD would also provide tutorial, seminar expertise and lecturing to American University in Dubai . Furthermore, the two partners would develop joint venture training programmes. During the signing ceremony, Mrs. Peggy Awad, Director of External Relations at the American University in Dubai , commented: " AUD recognises the importance of providing access for its students to the broader external community and the crucial role that the industry and corporate partners play in helping develop our student's skills as we prepare them for the competitive workplace." More»