Banque du Caire
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-”
State-owned banks National Bank of Egypt, Banque Misr, and Banque du Caire, as well as Commercial International Bank (CIB) had their Caa1 long-term deposit ratings affirmed, with the Bank of Alexandria maintaining its B3 long-term deposit rating
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)
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.
Chairman and CEO of Banque du Caire, Tarek Fayed, emphasized in a statement the importance of this step, as Egypt will become one of the largest shareholders of the Afreximbank, which plays an important role in promoting trade between Africa and the world.
According to the statement, the share that Banque Misr purchased in Banque du Caire belongs to the share of Misr Capital Company.
The loan aims to strengthen the capital base and enhance the bank's ability to finance its clients, as Banque du Caire is a strategic partner of the Fund as one of the largest banks operating in the Egyptian market.
The profit growth was ascribed to higher net interest income by 3% to LE 7.7 billion in the third quarter compared to LE 7.5 billion in the corresponding period of 2020.
“The rating reflects the success of the bank’s continuous development plans and business strategy despite the challenges that the whole world is witnessing as a result of the Corona crisis,” Fayed said.
EBRD clarified in a statement that the financing package is for trade financing and on-lending to local micro-, small and medium-sized companies (MSMEs).
“The offering will be considered again,” he said.
These projects come to present all aspects of support to the projects of the youth and women.
The move comes in the framework of the bank’s keenness on the safety and health of all bank employees and customers.
The program seeks to increase regional and global market reach via e-commerce by helping companies improve their products in terms of design and quality and develop new products suited to the needs of overseas markets, Farouk noted.
This decision came due to the repercussions of the emergence of coronavirus globally and locally, and its impact on stock exchanges in all over the world.
The bank announced the commitment of all its employees to the self-isolation.
Banque du Caire has won the award of the best bank’s role in business growth and best brands strength at bt100 Awards.
EGX clarified in a statement that the capital increased to LE 5.25 billion, up from LE 2.25 billion.
The bank also is open to sell part of the stake to a foreign investor during the initial public offering (IPO), added Eletreby during an event late on Monday.
Chairman and CEO of Banque du Caire Tarek Fayed on Sunday announced that a share of 30-40% will be put for sale on the stock market in the first quarter of 2020.
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