Finance

Bank of Cairo announces new expansion step on the continent

Bank of Cairo announces new expansion step on the continent
Tuesday, 20 April 2021 04:02

Bank of Cairo is planning to expand part of its activities in Africa and the Middle East, according to local media Hapi Journal, which quotes Tarek Fayed (pictured), Managing Director of the state-owned financial institution. The initiative is expected to be carried out from a new entity whose creation has been approved by the Central Bank of Egypt, and which will be specialized in the management of payment solutions.

Bank of Cairo's African ambitions began in 1995, when it established the Cairo International Bank Kampala in Uganda, in which it had a 62.5% stake. In 2020, the Egyptian banking group finalized the acquisition of additional shares in the capital of this bank, with two other Egyptian banks.

For Tarek Fayed, the Ugandan subsidiary is seen as the hub where the African expansion will start from. Africa is at the heart of the interests of many Egypt-based commercial banks. An initiative by Beltone Financial to acquire a stake in the Togo-based Oragroup Group is underway. The investment management group has made a successful entry into Nigeria and Kenya, where its subsidiaries rank high on the list of stock market service companies.

Bank of Cairo is also a minority shareholder in the African Export-Import Bank, which gives it insight into the trade finance needs of Africa.

Despite interest income of EGP10.4 billion ($661 million) in 2020, up 20% from the end of 2019, Bank of Cairo’s final margin declined, weighed down by rising credit risk provisions.

Idriss Linge

On the same topic
Blue Earth Capital secures over $100 million first close Impact secondaries strategy targets emerging markets, including Africa and...
Coris buys Portugal state’s 59.81% stake in Banco Comercial do Atlântico Deal approved by Portugal and Cape Verde regulators Transaction...
Togolese banks provided 16.2% of WAEMU cross-border credit by September 2025 Regional cross-border financing rose to CFA405.6 billion Credit...
Sahel Capital secures $29 million first close for agribusiness fund SCAF II targets West African agribusiness value chains Fund makes first...
Most Read
01

Africa’s energy & mining exports benefit from US tariff exemptions, cushioning trade as most other...

Africa’s Energy Boom in 2026 Puts AfCFTA at the Heart of Its Trade Response to US Tariffs
02

Development Partners International sold its 20.17% stake in Atlantic Business International for mo...

DPI Exits Atlantic Business International in $200 Million-Plus Deal
03

Nigerian fintech Paystack launches Paystack Microfinance Bank Bank created after acquiring ...

Stripe-Owned Paystack Enters Nigerian Microfinance Banking Via Acquisition
04

Nigeria granted Amazon Kuiper a seven-year license starting February 2026 The move opens comp...

Amazon wins approval to enter Nigeria’s satellite internet market
05

This week in Africa, Africa CDC continues its clinical trial on mpox, while a new study highlights l...

Weekly Health Update| Rising diabetes rates raise health risks in Morocco and the MENA region
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.