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A downgrade of Egypt's Sovereign Ratings would immediately result in a lowering of EDBE's FC Ratings.
Magdy Ramadan, CIO, EDBE, said, 'New age banking requires an advanced core banking platform.
EDBE has also been able to seamlessly integrate its services across branches, reducing time taken for end of day activities by 75%.
EDBE was able to increase its net income figures in 2007/08 significantly, as it realized a net income of LE310.7, compared to LE7.5mn, the previous year, implying a 4 folds y-o-y growth.
According to CI's rating Methodology, the rating action on EDBE's Foreign Currency Ratings captures the constraint imposed by the revised Sovereign Rating.
For the six months to December 2008, the net profit was EGP144.6m, EDBE said.
This initiative benefits over 3,500 companies and 337,000 individuals in the National Bank of Egypt (NBE), Banque Misr, Banque du Caire, the Export Development Bank of Egypt (EDBE), the Egyptian Arab Land Bank (EALB), the Agricultural Bank of Egypt (ABE), the United Bank (UBEG), and the Industrial Development Bank.
By: Egypt Today staff CAIRO -- 6 August 2017: Export Development Bank of Egypt (EDBE) has applied for listing the issued and paid-up capital increase shares, a Sunday stock report said.
Capital Intelligence (CI), the international credit rating agency, announced today that it has affirmed Export Development Bank of Egypt's (EDBE) Financial Strength Rating of BBB-, its Support Rating of 2 as well as the Bank's Foreign Currency Long-Term and Short-Term Ratings of BBB- and A3, respectively.
The list includes the National Bank of Egypt (NBE), Banque du Caire, Export Development Bank of Egypt (EDBE), Egyptian Arab Land Bank (EAL), Agricultural Bank of Egypt (ABE), United Bank, and Industrial Development, and Workers Bank of Egypt.
However, EDBE chairperson Mervat Sultan said, according to the statement, that the mechanism of working in the bank to receive finances guaranteed by their receivables starts by issuing a request with the EDF, which would provide information about the investors to the EBED, and then the fund will study the investors' case and decide whether they are eligible for receiving financing or not.
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- Edberg, Stefan