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
• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...
• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...
• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo...
• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boo...
• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector cou...
As work on the first phase of the Ahmed Sékou Touré International Airport expansion continues, Guinean authorities have announced their intention to move...
• Loulo-Gounkoto mine remains shut as Mali’s administrator seeks to restart it by selling stored gold• Barrick halted operations in January over export...
Hive Coega has officially entered its construction phase, with tenders now out for its core infrastructure. This milestone comes four years after the...
Côte d’Ivoire, the world’s leading cocoa producer, has set an ambitious target: to process 100% of its cocoa crop at the first stage by 2030. While the...
Located about 40 kilometers from Cape Town’s city center, Boulders Beach in Simon’s Town is one of the Cape Peninsula’s most iconic destinations. This...
The Gerewol tradition is a fascinating ritual celebrated by the Bororo Fulani, a nomadic community primarily located in Chad and Niger. This annual...