Back to the complete issue
Tuesday, 12 May 2020

National Bank of Egypt, Banque Misr sell EGP 121 bn of high-yield certificates

State banks sell EGP 121 bn of high-interest saving certificates: National Bank of Egypt (NBE) has sold EGP 82 bn of its 15% fixed-rate certificates, while Banque Misr (BM) sold EGP 39 bn-worth of the same product, BM Chairman Mohamed El Etreby and NBE Deputy Chairman Yehia Aboul Fotouh were quoted as saying by state news agency MENA. This brings the total value of investments in the certificates to EGP 121 bn since they were launched on 22 March.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2021 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of Commercial International Bank (tax ID: 204-891-949), the largest private-sector bank in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; and Act Financial (tax ID: 493-924-612), the leading activist investor in Egypt; and Abu Auf (tax ID: 584-628-846), the leading health foodmaker in Egypt and the region.