national bank of Egypt
Fitch Ratings upgraded its outlook for the National Bank of Egypt, Banque Misr, Banque du Caire, and the Commercial International Bank (CIB) to positive while maintaining their respective ratings at “B-”
This marks a significant increase from the bank's former highest limit of LE 20,000
Both banks introduced one-year maturity saving certificates featuring a 27 percent annual yield or 23.5 percent monthly yield on the same day
The NBE raised LE 7 billion and Banque Misr secured LE 4 billion
Banque Misr and the National Bank of Egypt (NBE) have announced the issuance of one-year maturity saving certificates with an impressive 27 percent annual yield or 23.5 percent monthly yield. This sets a new record for the highest yield in the country.
Fitch lowered its long-term issuer default rating for state-owned National Bank of Egypt, Banque Misr and Banque Du Caire, as well as Commercial International Bank (CIB)
Egypt’s two biggest state banks, the National Bank of Egypt (NBE) and Banque Misr have on July 26 issued two dollar-dominated three-year certificates of deposits, at very special rates between 7 – 9 percent.
On January 4, Banque Misr and the National Bank of Egypt (NBE) announced the launch of a one-year saving certificate with an annual interest of about 25 percent.
The return of the certificate is paid at 25 percent interest at the end of the term, or at a monthly rate of 22.5 percent.
Banque du Caire joins the shareholding of IBAG, Western Union's first agent in Egypt, after purchasing a stake from Al Ahly Capital Holding - the National Bank of Egypt’s investment arm and Banque Misr.
The banks issued the certificates following an exceptional decision by the Central Bank of Egypt (CBE) last month to raise basic interest rates by 1 percent.
The certificates were offered on the back of an exceptional decision by the Central Bank of Egypt (CBE) to raise the base rates by 1 percent.
Across the Middle East and North Africa region, the NBE ranked as the fourth financing agent and marketer of syndicated loans, and the third main arranger.
The NBE purchased 102.51 million shares from Fawry with a total value of the deal amounting to LE 1.05 billion, with an average purchase price of LE 10.25 per share.
The certificates were offered on the back of an exceptional decision by the Central Bank of Egypt (CBE) to raise the base rates by 1 percent.
Deputy Chairman of the NBE Yehia Abul-Fotouh said that the ALCO committee at the NBE held an emergency meeting Monday, during which a decision was taken to issue a new saving certificate for one year.
Chairman of the Board of Directors of the NBE, Hisham Okasha, stated that the new service comes from the bank’s belief in the importance of achieving the highest level of services provided to its new customers in an advanced manner that meets their needs, and provides the easiest ways to obtain these services while providing the highest rates of security.
The NBE aims to invest in “Mwasalat Misr” to diversify the sources of financing its long-term projects by financing infrastructure projects.
Fitch has also affirmed National Bank of Egypt (UK) Ltd's (NBEUK) Long-Term IDR at 'B+' with Stable Outlook and Support Rating at '4'. NBEUK is a wholly owned subsidiary of NBE. A full list of rating actions is below.
The US dollar exchange rate was stable during Monday's transactions at Egypt's major banks recording EGP 15.61 for buying and EGP 15.74 for selling.
