Emirates NBD, part of the renowned Emirates NBD Group, has completed the acquisition of BNP Paribas S.A.E shares in a US$500 million deal after fulfilling the required approvals from the Central Bank of Egypt (CBE) and the General Authority for Investment (GAFI) on the majority of shares representing 95.2%, while necessary approvals are currently in process for the minorities shares owned by Bank Misr and Banque du Caire Employee Insurance Fund and representing 4.8% from the total shares. Rick Pudner, Group CEO of Emirates NBD, stated, “Egypt is a key market in the Middle East and we are totally committed to serve the Egyptian economy and community. This acquisition represents a milestone opportunity for us to realize our strategic goal to be globally recognized as the most valued financial services provider based in the Middle East. We are confident that this acquisition will also underpin the potential opportunities that the Egyptian market offers.” By this acquisition, Emirates NBD will take over BNP Paribas’ Egypt operation and will serve a client base of over 200,000 customers, 3,000 corporate and 700 financial institutions through a network of 68 branches. It is worth noting that despite the challenges facing the Egyptian market and economy, BNP Paribas Egypt succeeded in achieving a net consolidated profit of EGP 266.5 million in 2012, an increase of 20% compared to 2011, and a consolidated net interest income of EGP 551 million during 2012, with an increase of 23% compared to 2011. More»

Central Bank of Egypt (CBE) has offered on Monday US$ 40 million to local banks at its 66th auction and the 48th since Hisham Ramez hold the office of the CBE’s Governor last February. Accordingly, CBE has pumped around US$ 1.94 billion in the foreign exchange market through its periodical FX auction in an attempt to provide foreign liquidity for the local banks so as to finance the import of essential commodities. Accordingly, the total volume of the auctions, in which CBE’s has pumped in the exchange market, reached US$ 2.02 billion. In addition to pumping US$ 1.4 billion through two non-periodic FX auctions in which it contributed in reducing US Dollars rates in the parallel market; the first auction was by the middle of last April worth US$ 600 million and the second was two weeks ago worth US$ 800 million. Following the last two non-periodic FX auction US dollars had witnessed relative stability in the market during last weeks, as US dollars have posted a higher rates of one piaster to stand at EGP 7.019, for the first time since the applying of FX Auctions System, up from EGP 7.012 before the auction. Whereas the average increase of US dollars rates per week reached one and a half Piaster coinciding with CBE’s FX Auctions. Furthermore, In CBE’s last FX auction, on last Thursday, the exchange rates of US Dollars recorded US$ 6.9790. More»

The total volume of Ahli United Bank (AUB)'s foreign transactions, represented in letter of credit and letter of guarantee,  have hit EGP 10 billion during the first 5 months of the current year. Senior source from Ahli United Bank told Amwal Al Ghad that the bank agreed to open letter of credit and letter of guarantee, at total amount of US$ 600 million, for companies working in the petroleum sector for exporting crude oil purposes. In 2012, the total volume of AUB's foreign transactions reached EGP 13.7 billion, compared to EGP 3.6 billion in 2011, recording an increase of EGP 10.1 billion. More»

Arab Banking Corporation (ABC) has recorded net profit of EGP 28.6 million, by the first quarter of the current year, 332.9% higher representing a raise worth EGP 22.07 million, compared to EGP 6.6 million posted during the same period last year. ABC's financial statements showed a decline in the bank’s volume of the t-bills investments by 8.7% (EGP 146.8 million), as it eventually hit EGP 1.5 billion by the end of last March, opposed to 1.6 billion by the end of 2012. Furthermore, the volume of loan and facilities portfolio also fell by 15%, a decrease worth EGP 319.8 million, as it eventually reached EGP 1.8 billion by March-end, compared to EPG 2.1 billion by 2012-end. The volume of ABC's deposit portfolio recorded EGP 4.8 billion by March-end, compared to EGP 4.7 billion by 2012-end, achieving a growth rate of 3.1% worth EGP 149.8 billion. Also by March-end, ABC's total assets rose to EGP 6.5 billion, 3.9% higher of EGP 245.1 million, opposed to EGP 6.2 billion by 2012-end. More»

6 Banks will be signing the final contracts for Hyde Park’s Loan worth EGP 1.2 billion next Tuesday. The loan arranger 6 banks are; the National Bank of Egypt (NBE), the Egyptian Arab Land Bank (EALB), Banque Du Caire, the United Bank , Arab Investment Bank as well as Industrial Development & Workers Bank of Egypt (IDWBE). NBE will be the main arranger of Hyde Park’s loan which is allocated to finance the commercial framework for the project in New Cairo district. It is worth mentioning that the alliance of Housing and Development Bank (HDB) had raised its share in Hyde Park’s ownership structure, to eventually reach 82.5%. In the mean while, negotiations are currently being held with the UAE developer DAMAC in order to sell its shares (17.5%), in favor of the Egyptian New Urban Communities Authority (NUCA). DAMAC shall sell its shares in Hyde Park Co. in return for settling its long-standing disputes with the Egyptian authorities. More»