Egyptian lender CIB reaches for a bigger piece of East Africa's banking sector theeastafrican.co.ke - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theeastafrican.co.ke Daily Mail and Mail on Sunday newspapers.
Egypt State-run bank seeks licence in Nairobi entry bid
Summary
The Egyptian banks say they will ride on the billions in annual trade between Egypt and Kenya to gain market share, a pointer that Banque Misr is targeting trade finance.
Kenya has witnessed renewed interest by global banks since the CBK lifted a licensing moratorium in March 2017.
Other lenders which have expressed interest in Kenya include America’s largest bank JPMorgan Chase & Co.
Monday July 12 2021
By BRIAN NGUGI
Summary
The Egyptian banks say they will ride on the billions in annual trade between Egypt and Kenya to gain market share, a pointer that Banque Misr is targeting trade finance.
Digital Banking Indispensable in Africa | Global Finance Magazine gfmag.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gfmag.com Daily Mail and Mail on Sunday newspapers.
Mayfair CIB Bank has recorded its first net profit since its licensing in 2017 and is eying a bigger share of the retail market with Sh5 billion investment.
World’s Best Banks 2021: Middle East
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May 04, 2021
This year was an exceptional one for everyone, everywhere, but perhaps even more so in the Middle East, where the economic slowdown induced by the pandemic was amplified by the drastic drop in oil prices and production.
As a result, regional GDP contracted by 3.8% in 2020, reports the World Bank in its April update, adding that the estimated accumulated cost of the pandemic in terms of GDP losses to the region’s economies by the end of 2021 will amount to $227 billion.
To try and weather the storm, governments set up stimulus packages and borrowed massively to sustain health care, housing and social welfare. As is often the case in times of crisis, structural imbalances were pointed out as major impediments to economic recovery, and decision-makers pulled the reform agenda back from their priority lists.