Valu, MENA’s leading universal financial technology powerhouse, announced today that it has extended its long-term partnership with Le Marche, a leading furniture expo in Egypt, for three additional years and initiated a new partnership with Electrotech, a new electronics exhibition, to offer customers a unique shopping experience. The event will take place from the 19th to the 22nd of October 2023, at Egypt International Exhibitions Center in the Fifth Settlement, showcasing an array of high-quality home furniture, decor items, and home appliances and electrical and solar energy-powered items for indoor and outdoor use provided through Electrotech.
Valu, MENA’s leading universal financial technology powerhouse, announced today that it has closed its sixth securitized bond issuance. The EGP 922.3 million issuance is part of a short-term program that has been renewed and is backed by a receivables portfolio assigned to EFG Hermes’ Financial Group for Securitization, the issuance’s Special Purpose Vehicle (SPV). The securitization is comprised of a singular trance with a 12-month bond tenor valued at EGP 922.3 million and a Prime 1 (sf) rating.
EFG Hermes, the leading investment bank franchise in Frontier and Emerging Markets (FEM), announces the commencement of its EFG Hermes Saudi Forum in London today. Under the theme of 'Looking for Sustainable Growth', the two-day event is being held in collaboration with the Saudi Exchange and will play host to over 50 leading Saudi companies across various sectors as well as 375 guests from around the world, including representatives from the Saudi Capital Market Authority (CMA), the Public Investment Fund (PIF), as well as over 200 institutional investors and fund managers from over 120 global investment firms.
EFG Hermes, the leading investment bank franchise in Frontier and Emerging Markets (FEM), announced today that its investment banking division successfully concluded advisory on the first issuance for Egyptian Mortgage Refinance Company (EMRC) in a securitized bond offering worth EGP 472 million. This comes as the first issuance in a newly approved EGP 3 billion securitization program.
aiBANK, a leading provider of integrated retail, corporate, and Islamic banking solutions in Egypt, announced the launch of the upfront-interest time deposit with a return of up to 15%, paid in advance with a minimum deposit requirement of 500,000 Egyptian pounds and its multiples without a maximum limit. This time deposit allows for periods of up to 6 months with the possibility of withdrawal at any time, subject to terms and conditions.
aiBANK, a leading provider of integrated retail, corporate, and Islamic banking solutions in Egypt, announced that it has entered into a long-term partnership agreement with Visa, a world leader in digital payments, to provide customers with a new integrated package of e-payment solutions. This strategic partnership aims to provide customers with a comprehensive range of innovative products and services tailored to modern digital payment preferences.
EFG Holding, the leading financial institution with a universal bank in Egypt and the leading investment bank franchise in Frontier and Emerging Markets (FEM), announced today its results for the second quarter of 2023. The Group booked a robust revenue increase of 51% Y-o-Y to EGP 3.1 billion on the back of broad-based growth across the Investment Bank (EFG Hermes), the commercial bank (aiBANK), and the Non-Bank Financial Institutions (NBFIs) platform (EFG Finance) in 2Q23. Moreover, despite a 53% Y-o-Y rise in Group operating expenses, EFG Holding’s operating profit booked an increase of 46% Y-o-Y to EGP 988 million, and net profit before tax grew by 37% Y-o-Y to EGP 842 million in 2Q23. At its bottom line, the Group recorded growth of 20% Y-o-Y to EGP 405 million in net profit after tax and minority interest in 2Q23
aiBANK, a leading provider of integrated retail, corporate, and Islamic banking solutions in Egypt, announced that it has launched aiPremier Elite, a new segment offering distinguished services for high-net-worth clients, cementing aiBANK's unwavering commitment to delivering personalized and comprehensive financial services while fostering long-term relationships with its esteemed clientele. Recognizing the evolving demands of high-net-worth individuals, the bank has curated an exclusive suite of offerings designed to provide unparalleled convenience, flexibility, and sophistication.
The Social Housing and Mortgage Finance Fund signed a cooperation protocol with aiBANK to bolster the level of their partnership and cooperation and finance a larger number of applicants for the Fund. The protocol was signed by Ms. Mai Abdel Hamid, CEO Social Housing and Mortgage Finance Fund and Mr. Tamer Seif El-Din, CEO and Managing Director of aiBANK.
valU, MENA’s leading financial technology company, announces that it has forged a partnership with ElSewedy University of Technology (SUT) – Polytechnic of Egypt to offer its financing services for individuals looking to pursue degrees offered by the university. To commemorate the key partnership, valU will also offer a scholarship grant to one select Bachelor of Engineering Technology student whom a dedicated committee will choose from SUT – POLYTECHNIC OF EGYPT.
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