• Tuesday, 14 February 2023

    USD 1 bn for expansion at CIB, the wind-down of CVentures, and pharma goods stuck in port?

    BANKING- CIB could raise USD 1 bn for expansion: CIB is seeking regulatory approval to issue financial instruments worth up to USD 1 bn or the equivalent in EGP or other currencies to finance the bank’s expansion, according to an...
  • Monday, 13 February 2023

    CIB net income up 17% in 4Q 2022

    CIB’s net income rose 17% y–o-y to EGP 3.95 bn in 4Q 2022, according to its latest earnings release (pdf). The bank recorded revenues of nearly EGP 9.8 bn, up 41% on the same period last year.Full-year results: The EGX...
  • Monday, 13 February 2023

    Moody’s downgrades five banks’ deposit ratings on sovereign credit risk

    Moody’s has downgraded the long-term deposit ratings of five Egyptian banks on the back of its downgrade last week of the country’s sovereign credit rating. The National Bank of Egypt (NBE), Banque Misr, Banque du Caire (BdC) and CIB have...
  • Monday, 30 January 2023

    CIB and Kenya’s Mayfair Bank are now one

    CIB now owns all of Kenya’s Mayfair: EGX mainstay CIB will acquire 49% of Mayfair CIB for USD 40 mn, giving it full ownership of the Kenyan bank, CIB said in a statement yesterday. Mayfair CIB has a focus on...
  • Sunday, 29 January 2023

    THIS EVENING: CIB gets central banks’ blessing to complete Mayfair acquisition + Take our 2022 Enterprise Reader Survey

    Good afternoon, wonderful people. We’re now in the throes of that dreaded two-month stretch without any holidays or long weekends to speak of. (Is that the world’s smallest violin we hear?)**TAKE OUR 2022 ENTERPRISE READER SURVEY and get a chance...
  • Wednesday, 25 January 2023

    It’s sayonara to high-yield CDs at the end of the month

    Banque Misr and the National Bank of Egypt are pulling their one-year, 25% certificates of deposit after the end of January, according to emailed statements from the two banks. The high-yield savings products were introduced to the market on 4...
  • Wednesday, 11 January 2023

    BTECH kicks off EGP 5 bn securitization program

    BTECH has closed an EGP 1.038 bn securitized bond issuance, according to a joint statement (pdf) from BTECH and CIB, which was the exclusive financial advisor on the transaction, as well as issuance manager, general arranger, promoter, and co-underwriter.The details:...
  • Tuesday, 10 January 2023

    GB Lease issues EGP 1.7 bn in securitized bonds

    GB Auto subsidiary GB Lease has closed an EGP 1.7 bn securitized bond issuance, according to a joint statement (pdf) by Al Ahly Pharos and CIB. The two institutions were joint financial advisors on the transaction alongside the National Bank...
  • Tuesday, 20 December 2022

    MAF to invest EGP 750 mn in Egypt by 2025

    DEBT- Arabian Construction Company to borrow EGP 3 bn from CIB: CIB has agreed to provide the Arabian Construction Company (ACC) with a EGP 3 bn credit facility to fund its joint projects with Egyptian and Saudi private sector players,...

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