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Égypt-actus
Égypt-actus
revue de presse sur l'actualité culturelle, archéologique, politique et sociale de l'Égypte
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Standard Chartered seeks Egypt acquisition

Standard Chartered seeks Egypt acquisition | Égypt-actus | Scoop.it

Standard Chartered is looking to acquire a bank in Egypt to ride an expected boom in one of the Middle East's largest economies, the firm's regional head said. The bank also plans to expand operations in Iraq this year.

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"The Middle East is not only a regional hub for us but a global hub given its position as a trade corridor between Asia and Africa," Papadopoulos, chief executive for the Middle East, North Africa and Pakistan, told Reuters

 

He said of Egypt, "The foreign reserves are at critical levels. Currency is depreciating and I won't be surprised if it depreciates further."

But he added that the bank believed Egypt was in a transition towards a more stable economic and political system, making investment attractive from a long-term perspective.

 

"The only entrance point to Egypt is through acquisitions. We expect that there could be other banks coming to the market for sale, and we will be ready to grab the opportunity," Papadopoulos said, declining to name potential acquisition targets.




More on:http://www.foxbusiness.com/news/2013/03/24/standard-chartered-seeks-egypt-acquisition-plans-iraq-push/

 


 

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Egypt's turmoil slows divestments - International

Go back a few months and the disposal of Egyptian assets seemed like a good option for European banks desperate to raise funds by selling non-core operations.

Flash forward and Egypt's deteriorating political situation, together with the resultant sharp drop in its currency, threaten to hamper further selloffs, with international banks unwilling to accept the fire-sale prices that are increasingly on offer.

For investment bankers on the hunt for fees, it threatens to be a lengthy wait for dealmaking to revive. And last year's flurry of activity may start to look like no more than a blip.
“People who sold last year appear a lot smarter now than those who waited,” said one financial institutions group banker, asking not to be quoted because of the sensitivity of his position advising clients.

 

“Clearly, the current situation in Egypt does not look like it would lure even the most bullish of investors,” the banker said. “Clients are not asking about buying opportunities now but want to know how (much) worse the situation may get.”

 

European banks, under pressure to cut costs and bolster their capital levels in the post-credit crunch regulatory clampdown, have been looking to sell Egyptian operations to regional banks more familiar with the country's politics and bullish on its long-term prospects.

 

French banks Societe Generale and larger rival BNP Paribas agreed to sell their banking arms in Egypt to Qatar National Bank and Dubai's Emirates NBD respectively in 2012.

 

Some had expected other deals to follow.

 

More on: http://www.iol.co.za/business/international/egypt-s-turmoil-slows-divestments-1.1466929#.URUSW780WSo

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Egypt farm bank launching retail Islamic services

Egypt farm bank launching retail Islamic services | Égypt-actus | Scoop.it
Egypt's main agricultural bank is launching Islamic retailservices this month to meet increasing demand in rural areas, a bank official told Reuters.

"We are launching sharia-compliant retail banking this month with a portfolio of 50 million pounds ($7.5 million) and can raise that to 100 million" next June based on demand, said Abdel Rahman Al Kafrawi, head of Islamic transactions at Principal Bank for Development and Agricultural Credit (PBDAC).

 

Government-owned PBDAC will offer retail finance at 18 Islamic branches through murabaha and musharaka structures, he said. The bank has offered Islamic finance on a very small scale for several decades at 10 branches, and in 2012 won the central bank's approval to raise the number to 24 branches.

Al Kafrawi said the new Islamic services would cover areas including purchases of durable goods and agricultural equipment, the setting up of clinics and medical laboratories (....)

 

Of 5.8 million farmers who owned land, only about a million had borrowed from the PBDAC, he said, adding that the bank aimed to raise this to 3 million by increasing Islamic finance and other services.

 

More on: http://www.reuters.com/article/2013/02/12/us-egypt-islamic-agriculture-idUSBRE91B06L20130212

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