The Social Housing and Mortgage Finance Fund (SHMFF) signed a cooperation protocol with Commercial International Bank – Egypt (CIB) to expand joint work in the mortgage finance sector.

The payments sector in Egypt is facing legal obstacles facing that hinder its development and growth, Business tycoon Naguib Sawiris said during the second session of the Sixth Annual Hapi Conference.

The Jordanian trading broker CFI Financial Group is planning to set up an investment bank in Egypt.

The Egyptian real estate company Tatweer Misr is planning to secure bank loans ranging from EGP 2 to EGP 3 billion over the coming period.

First Abu Dhabi Bank Misr (FABMISR) has opened its newest branch in Ain El Sokhna.

Two banking consortia, one made up of state banks and the other of private ones, are competing to offer an EGP 10 billion loan to the Egyptian Holding Company for Water and Waste Water (HCWW).

Faisal Islamic Bank of Egypt (FAIT) reported a 51.4% year-on-year (YoY) surge in net profit for the first nine months of 2023.

Al Baraka Bank has inaugurated its newest branch in the Governorate of Ismailia

Egyptian House of Representatives finally approved a bill submitted by the government to revoke some laws related to the establishment of Arab Investment Bank (aiBank), the Export Development Bank (EBank), and the Agricultural Bank of Egypt.

Mashreq Bank Egypt’s portfolio of small and medium-sized enterprises (SMEs) reached 25% of the bank’s credit portfolio.

Emirates NBD Egypt has appointed Amr ElShafei as Chief Executive Officer and Managing Director, according to an emailed press release on February 27th.

The financing agreement was signed in presence of Hamad Bin Talal Al-Thani, Chief Development and Project Delivery Officer at Qatari Diar, Yehia Abou El Fettouh, Deputy Chairman of NBE, Akef El Maghraby, Vice Chairman of Banque Misr, and Mohamed Bedeir, CEO of QNB Al Ahli.

As per the documents, the bank seeks to increase its issued and paid-up capital from EGP 5.273 billion to EGP 5.6 billion through the issuance of 32.736 million shares at a nominal value of EGP 10 per share; to be financed from 2022 retained earnings and profits.

The Financial Regulatory Authority (FRA) increased the value of mortgage installments to 50% of the applicants’ income, instead of 35% and 40% for different incomes, according to a statement on December 27th. Accordingly, home buyers can now pay up to 50% of their monthly income in mortgage installments, which enables them to apply for bigger loans.

Housing and Development Bank (HD Bank) (HDBK) has seen a block-trading transaction valued at EGP 52.264 million on the Egyptian Exchange (EGX).

Electronic and home appliances retailer B.TECH and Commercial International Bank Egypt (CIB) (COMI) announced the completion of securitization bonds issuance with a value of EGP 1.038 billion, according to an email statement on January 10th. The issuance consists of three tranches with different payment priorities, credit ratings, and interest rates.