DOCSLIB.ORG

Banque Misr Fund 2 Newsletter- English

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Banque Misr Fund 2 Newsletter- English Issuing Bank: Fund Manager: (Equity Fund) Banque Misr Second Fund Mid 2018 Newsletter Investment Strategy Fund Details nd Banque Misr 2 Fund (Equity Fund / Growth) follows an investment policy, which is to Fund Type Equity/ achieve capital appreciation to the certificate holders in the first place (NAV apprecia- Growth tion) through investing in selected stocks, which are discounted to their fair value and are expected to appreciate, based on their financial results, projections and based on the fund Inception Year 1995 manager’s opinion in the market and stocks’ outlook. NAV calculation Daily The fund is near the median of its peers, with respect to return performance based on Certificates purchase & redemption Daily until EIMA report for the periods 2 & 3 years, while achieved better than median in the cur- 12PM from all rent year till the end of June 2018. Banque Misr branches Fund Manager Outlook Certificate purchase Fee None The Egyptian economy witnessed a significant reform event in the form of the floatation of the currency in November 2016. This event took over a year to be absorbed from both its positive and Certificate Redemption Fee 0.75% negative impacts. Normalization of inventory costs, market accepting new products prices as well is removing the comparable currency impact in the comparable historical results. The devaluation Fund Manager Annual Management took the exchange rate from EGP8.4/$ (unofficial rate) in early 2016 to near EGP18/$, that’s a 0.3 - 0.2% 115% increase, inflation during this period based on CPI increased 79%. EGX30 at its late April 18 Fee peak recorded a 164% from the beginning of 2016, while after a correction by the beginning of August, a 120% increase was recorded from the same starting point. Fund’s Auditor: Mostafa Shawki / Wahid Abdel Ghafar & Co. We see the late April 18 peak was discounting strong 2018 growth, but a Q1 18 came out good but not that good with Q1 18 earnings showed 25%yoy and 20%qoq for the 100 companies in our uni- Investment Policy verse. This created the pause that was witnessed in the following period. This came in the same time while emerging markets were starting a correction from its February 2018 peak. Egypt at its Equity max. Limit Up to 95% peak was a bit more expensive from EM markets PER on 2018 earnings, while providing a 10% on 2019 expectations. So both the indigenous and exogenous factors combined set the stage to bring Equity min. Limit 50% the EGX30 16% correction from the April peak. Fixed max. Limit 50% Again Q1 showed a recovery, and the recovery was shown again in food sector companies in 2Q 18 results that were released at the time of issuing this report, but with energy prices increasing at the Fund Distribution end of June 2018, and factoring a minor drop in household disposable income, with the EGP700bn Annual CDs that were locked at 20% rate got repriced at lower rates, add to these factors the initiation of the real estate tax collection. Although each could be considered minor, combined can make a dent Fund Information June 30, 2018 in Q3 18 consumer spending. Fund Size (EGP mn) 146.7 Still 2019 promise more growth with surges in Natural Gas production, tourism recovery and fur- Reuters Code LP65077578 ther consumers absorbing products price increases. Tourism already shown a healthy 120% in- crease in revenues during 2017 and expected to show further growth in 2018 due to British tourist Certificate Value 123.9 numbers increasing and Russian tourists expected return could be the catalyst for an even better 2019 tourism revenues levels. We are looking forward (mainly through tourism & remittance in- NAV YTD Low-High 110.7-133.5 come) to see reserves grow at a pace faster than foreign debt, and consider this as one of our main catalysts to our 2019 market projections. 2018 Distributions /Certificate - Even with the minor bump in consumer spending, we expect in Q3, we see the consumer sector set Since Inception Distributions 79.4 for a recovery in 2018 & 2019, due to the normal growth in population and improved income fol- Certificate Par Value 66.67 lowing improved tourism revenues, and better utilization rates. Real estate and to a lesser extent the auto industry can also benefit from the redemption of the 20% CDs, while both tourism & con- YTD performance 11.7% struction vehicles to have an expected demand recovery. Annual Return Since Inception 9.0% Banks earn a net interest income, so declining rates in the medium term, won’t hurt them, especial- ly with a shift to a more EGP balance sheet, which has higher NIMs than FX assets. Moreover, we Return Post MCI’s Management 229.3% believe the increase in long term loans, backed by an improved economic activity, would support interest income and commission & fees. Annual Return Post MCI’s Manage- 34.9% ment Concerns from a slowdown in real estates could be valid, but the biggest companies (which we follow) are the best positioned to either lead the herd or weather the storm, if the slowdown hap- Fund Breakdown pens, especially with the new JV approach, which makes the companies asset light. We generally see the telecom as a mature sector, but some companies show deep discounts, which could present some upside over the next 12 months. Concerns about cement sector oversupply are valid, but again some became a bit cheap even after discounting this oversupply. We are looking forward to see the impact of the energy price changes on Q3 results to fully under- stand the impact on cost, but we will also look at whom was able to pass through the cost increase, so it must be treated on a case by case approach. We see 2018 might be tight, with some upside in EGX30 to18.1k at a 50% probability to material- ize, but if our catalysts materialize we could see EGX30 in the 19.9k area during 2019 at a 70% probability to materialize. Our targets correspond to Egypt 2019 earnings PER expected multiple of 10.0x vs. peer emerging countries PER for the same year of 12.9x. Top Sectors & Its Sector % of Equity Top Equity Holdings percentage of Real Estate & Related 27.9 Equity Financial non-Banking 16.1 Commercial International Bank Construction & Related 15.4 Banking 15.2 Sewedy Electric Food & Related 8.5 Telecom, Media & IT 6.5 Talaat Moustafa Group Oil Related 2.7 Transportation 2.3 Eastern Company Textile & Related 2.2 Pharmaceutical 1.8 Egypt Kuwait Holding Co Chemical & fertilizers 0.8 Banque Misr Call Center: 19888 www.banquemisr.com Issuing Bank: Fund Manager: (Equity Fund) Banque Misr Second Fund Mid 2018 Newsletter Fund’s Equity Price to Earnings Multiple (2018e) 12.6 Other Fund Indica- tors Fund’s Yield 2018e (Stocks & Fixed Income) 2.7 Fund’s Equity Beta 1 0.96 Fund’s Equity Sharpe Ratio 2 4.7 Fund’s Equity Treynor-Black Ratio 3 28 Equity Estimated Alpha Return 4 20 EGX30 stocks % of Fund’s Equity 80 EGX100 stocks % of Fund’s Equity 98 Avg. Turnover of Fund’s stocks to their respective Turnover 0.4 Fund Performance Ranking out of the 28 Egyptian Equity Funds (2018*) 11 Performance Till June 30, 2018 YTD 2 Years 3 Years 5 Years Banque Misr Second Fund 12% 126% 94% 191% Ranking 11 16 15 15 EIMA Average Balanced Funds 11% 128% 92% 192% BM 2 Performance to Average Funds 110% 98% 102% 100% EGX 30 Index Performance 9% 135% 95% 244% BM 2 Performance to the Index 132% 93% 99% 78% Source: Egyptian Investment Management Association EIMA Banque Misr Banque Misr was established in 1920 by the leading economist Mohamed Talaat Harb Pasha The bank captures 16%, 10% and 14% of the deposits, lending and total assets of the Egyptian banking sector respectively, positioning it as the second largest commercial bank in Egypt. The bank has investments in over 220 projects, including some of the most significant projects in Egypt, in various economic sectors includ- ing industrial, touristic, real estate, food, public utilities projects in addition to communications, and information technology. The bank has over the years created a massive client base, which is close to 6 million customer, through its widespread network of branches which stands at 470 branches and banking units spread over all of Egypt, in addition to its presence abroad. Established in 2010, with an issued and paid capital of EGP1.5 billion, and under the accordance of law #95 for year 1992, Misr Capital Invest- and operates with a Egyptian Financial Regulatory Authority license (#586). MCI currently has a paid in capital of EGP 3.5 ments billion. The company operates in the direct investment and asset management fields The management of Banque Misr’s first and second mutual funds have been entrusted to MCI since December 2011. The company owns a portfolio of direct investments including: 99.9% stake in Banque du Caire, 5.6% of Future for Urban Development, 8.7% of Alexandria for Mineral Oils, 10% of Middle East Oil Tankage & Pipelines & 4% Alexandria Fertiliz- ers. Banque Misr Building 2nd floor - Financial District Smart Village, KM 28 Cairo-Alex Desert Road, Giza, Egypt. Tel.: 02 35370830 / 31 / 32 Fax: 02 35370829 www.misrci.com 1 Fund’s Beta: used to assess the fund’s equity volatility risk compared to the market 2 Fund’s Sharpe Ratio: Used to assess the quality of the fund’s equity expected return less the risk free rate over its volatility (standard deviation) 3 Treynor-Black Ratio: Used to assess the quality of the fund’s equity expected return less its cost of equity rate over its volatility (standard deviation) 4 Fund’s Alpha Return: The fund’s equity target upside from current prices, above the risk free rate For all of the fund’s details,
Load more

Recommended publications
  • World Bank Document
    69450 Public Disclosure Authorized The Role of Postal Networks in Expanding Access to Financial Services Country Case: Egypt’s Postal Finance Services Public Disclosure Authorized The World Bank Group Global Information and Communication Technology Postbank Advisory, ING Bank Postal Policy Public Disclosure Authorized Public Disclosure Authorized Author’s Note This paper discusses the role of the postal network in expanding access to financial services in Egypt. It reviews the public postal operator within the postal sector and within the broader context of the communications sector. The roles of the postal network and state and privately-owned banks are also reviewed from the perspective of the financial sector development, with particular focus on payments systems development and microfinance. This paper was prepared with desk research in 2004. Field visits were not scheduled. While this country case on Egypt can stand alone, it is an integral part of this large study of the potential of postal networks to coordinate with financial service providers in 7 countries (Egypt, Kazahkstan, Namibia, Romania, Sri Lanka, Uganda, and Vietnam) and 5 regions (Africa, Asia, Eastern Europe and Central Asia, Latin America and the Caribbean, and the Middle East and Northern Africa). Glossary of Abbreviations and Acronyms ATM automated teller machine BdC Banque du Caire CIDA Canadian International Development Agency EFT POS electronic fund transfer at point of sale EGP Egyptian pound ENPO Egypt national post office FFI formal financial institution GDP
    [Show full text]
  • PID) APPRAISAL STAGE Report No.: AB2097 Operation Name EG- FINANCIAL SECTOR REFORM Region MIDDLE EAST and NORTH AFRICA
    PROGRAM INFORMATION DOCUMENT (PID) APPRAISAL STAGE Report No.: AB2097 Operation Name EG- FINANCIAL SECTOR REFORM Region MIDDLE EAST AND NORTH AFRICA Public Disclosure Authorized Sector Banking (85%) and Insurance (15%) Project ID P088877 Borrower(s) GOVERNMENT OF EGYPT Implementing Agency Ministry of Investment and Central Bank of Egypt Date PID Prepared January 12, 2006 Date of Appraisal March 15, 2006 Authorization Date of Board Approval June 15, 2006 1. Country and Sector Background 1. The financial sector in Egypt has been, over the past decade and a half, the subject of Public Disclosure Authorized reform efforts mainly aimed at financial liberalization to develop more effective financial instruments, strengthen the financial system’s infrastructure, and enhance competitiveness through increased private sector participation. Egypt, as a result, has modernized its financial system in a measurable way, and provided increased autonomy and power to the monetary and regulatory authorities. In particular, the government 1991 Economic Reform and Structural Adjustment Program (ERSAP) – supported by a World Bank adjustment operation – was designed to achieve macroeconomic stability of which an integral part was financial sector reform. That reform program foresaw two phases. The first focused on developing more effective monetary and financial instruments to control liquidity, and liberalizing interest rates and credit. The second phase focused on increasing competitiveness in the financial market by enhancing private participation in commercial banking, securities, and insurance. The objectives of the first phase were by and large met, while phase two of the program did not extend beyond Public Disclosure Authorized the establishment of a legal framework for bank privatization, as the sale of joint-venture or state-owned commercial banks were thought by the government to be premature given concerns for lack of public support.
    [Show full text]
  • Development and Restructuring of the Saudi Banking System
    Development and restructuring of the Saudi banking system Saudi Arabian Monetary Agency Early history of banking development and bank restructuring The early years The emergence of Saudi Arabia as a modern day unified state has been a development of recent origin. The consolidation of the state apparatus over a large country with a small population dispersed in far-flung pockets and the laying down of the country’s physical and fiscal infra- structure on the most efficient and modern lines in a relatively short span of time has been a remarkable achievement. The simultaneous development of the legal and institutional framework of finance and commerce in a span of about four decades has been a no less onerous exercise. The basic framework was laid some time back and in recent decades the institutional framework has evolved to support the development of a modern economy. In the early part of this century a few foreign based trading houses (including a trading arm of Algemene Bank Nederland) and money changers provided most of the finance related services to meet the needs of the trading community and pilgrims who were the major sources of finance in the economy. With the discovery of oil in 1939, the inflow of royalty revenue into government coffers started and following the Second World War, there was a surge in oil demand and production. Government revenues and expenditures rose rapidly and foreign banks started entering the market. The French Banque de L’Indochine and Arab Bank opened branches in Jeddah in 1948; followed in 1950 by the British Bank of Middle East, National Bank of Pakistan and Bank Misr of Egypt.
    [Show full text]
  • Banque Misr Has Chosen Queen Cleopatra As the Symbol Represented on the Bank‘S Logo Since Its Establishment in 1920
    ANNUAL B ANQUE MISR SUSTAINABILITY REPORT 2014 / 2015 ANNUAL SUS T AI N ABILITY REPO R T 2014 / 2015 Nations with History Can Build a Civilization Nations With History Can Build a Civilization Banque Misr has chosen Queen Cleopatra as the symbol represented on the bank‘s logo since its establishment in 1920. Queen Cleopatra is one of the most famous female rul- ers in history. She is an icon of Egypt’s great and ancient civilization. Cleopatra’s rule was marked by prosperity and peace. Over hundreds of years, historians have referred to Cleopatra as “Philopatris”: “She who loves her country”. Cleopatra ruled as part of the Ptolemaic dynasty from 51- 30 B.C. Ancient Egyptian civilization is renowned for the ground-breaking accomplishments it made in the fields of art and architecture, engineering, medicine, and statecraft. It was one of the earliest civilizations ever to show respect to human rights. Ancient Egyptians were the first to acknowledge man’s right to life; they had even applied the principle of equality to the entire population. Egyptians were equal before the law, with- out discrimination between the rich and the poor. Ancient Egyptian rulers were known to hold knowledge in high value, equally encouraging men and women to pursue a proper education. 2 ANNUAL SUSTAINABILITY REPORT 2014/2015 ANNUAL SUSTAINABILITY REPORT 2014/2015 3 BUSINESSES SHOULD SUPPORT AND RESPECT THE PROTECTION OF INTERnatiOnally PROCLAIMED HUMAN RIGHTS Ancient Egyptians were pioneers in applying the human resource management techniques in real life. The great historical leaders of Egypt have come up with a system that was able to measure the responsibilities of the workforce, check their absence or presence and rotate them individually or in groups.
    [Show full text]
  • Study on Improving the Efficiency of Workers' Remittances
    ISBN 92-861-0396-4 FEMIP Facility for Euro-Mediterranean Investment and Partnership • Facility for Euro-Mediterranean Investment and Partnership Facility for Euro-Mediterranean Investment and Partnership • FEMIP Trust Fund European Investment Bank 100, boulevard Konrad Adenauer 3 (+352) 43 79 1 L-2950 Luxembourg 5 (+352) 43 77 04 countries Findel Offices: 4, rue Lou-Hemmer L-1748 Findel www.eib.org/femip – U [email protected] Mediterranean in FEMIP External Offices: Facility for Euro-Mediterranean Egypt EUROMED remittances 6, Boulos Hanna Street 3 (+20-2) 336 65 83 Investment and Partnership Dokki, 12311 Giza 5 (+20-2) 336 65 84 U [email protected] workers’ of Morocco Study on improving the efficiency of workers’ remittances Riad Business Center 3 (+212) 37 56 54 60 Immeuble S3, Aile sud, 4ème étage, 5 (+212) 37 56 53 93 in Mediterranean countries efficiency Boulevard Er-Riad U [email protected] the Rabat Tunisia improving 70, avenue Mohamed V 3 (+216) 71 28 02 22 on TN-1002 Tunis 5 (+216) 71 28 09 98 U [email protected] Study © EIB – 03/2005 – EN – QH-X1-06-001-EN-C © EIB Photo Library A word from the Vice-President his study on remittances to their countries of origin made by Mediterranean Tworkers who have emigrated to the European Union is a first in more ways than one. It is the first study financed by the FEMIP Trust Fund. This Fund, which was established in 2004 and has been financed – to date – by 15 EU Member States and the European Commission, is intended to support the development of the private sector via the financing of studies and technical assistance measures and the provision of private equity.
    [Show full text]
  • Emirates NBD Concludes the Acquisition of BNP Paribas S.A.E. Shares
    Emirates NBD concludes the acquisition of BNP Paribas S.A.E. shares Cairo – June, 2013: Emirates NBD, part of the renowned Emirates NBD Group, has completed the acquisition of BNP Paribas S.A.E shares in a USD 500 million deal after fulfilling the required approvals from the Central Bank of Egypt and the General Authority for Investment (GAFI) on the majority of shares representing 95.2%, while necessary approvals are currently in process for the minorities shares owned by Bank Misr and Banque du Caire Employee Insurance Fund and representing 4.8% from the total shares. Rick Pudner, Group CEO of Emirates NBD, stated, “Egypt is a key market in the Middle East and we are totally committed to serve the Egyptian economy and community. This acquisition represents a milestone opportunity for us to realize our strategic goal to be globally recognized as the most valued financial services provider based in the Middle East. We are confident that this acquisition will also underpin the potential opportunities that the Egyptian market offers.” By this acquisition, Emirates NBD will take over BNP Paribas’ Egypt operation and will serve a client base of over 200,000 customers, 3,000 corporate and 700 financial institutions through a network of 68 branches. It is worth noting that despite the challenges facing the Egyptian market and economy, BNP Paribas Egypt succeeded in achieving a net consolidated profit of EGP 266.5 million in 2012, an increase of 20% compared to 2011, and a consolidated net interest income of EGP 551 million during 2012, with an increase of 23% compared to 2011.
    [Show full text]
  • Research Department the Top 100 Arab Banks
    Union of Arab Banks General Secretariat – Research Department 20/10/2015 The Top 100 Arab Banks 1. The Geographical Distribution of the Top 100 Arab Banks Arab banks play an important role in the global banking system due to their considerably large asset base and number. By the end of Q2 2015, data from the largest 100 Arab banks in terms of assets show that these banks had combined assets that amount to $2.87 trillion, with a deposit base of about $1.94 trillion, and a capital base of $314 billion. Moreover, they provided around $1.45 trillion in loans and advances to the economy. These 100 Arab banks are distributed among Arab countries as follows: 17 banks from the UAE, 12 Saudi banks, 10 banks from each of Qatar and Lebanon, 9 Kuwaiti banks, 8 banks from Egypt, 7 banks from both Morocco and Bahrain, 5 banks from Libya, 4 banks from each of Oman and Algeria, 3 Iraqi banks, 2 banks from Jordan, and 1 bank from each of Syria and Tunisia. As shown in Table 1, the largest number of these banks operates in the Gulf countries (59 banks). Table 1 also shows the geographical distribution of the top 100 Arab banks and the consolidated assets according to each country for the end of 2014 and the second quarter of 2015. Table 1: Geographical Distribution and Total Assets of Top 100 Arab Banks ($ Million) Total Assets Average Bank Size Number of Banks 2014 2015 2014 2015 UAE 17 513,777 545,339 30,225 32,079 Saudi Arabia 12 559,605 579,592 46,634 48,299 Qatar 10 286,768 304,934 28,676 30,493 Lebanon 10 178,036 182,530 17,762 18,253 Kuwait 9 231,104 231,622 25,857 25,736 Egypt 8 171,379 173,526 21,422 21,691 Bahrain 7 132,020 134,320 18,860 19,189 Morocco 7 137,455 135,252 19,636 19,322 Oman 4 46,746 49,722 11,687 12,431 Algeria 4 88,883 88,883* 22,221 22,221 Libya 5 80,406 79,486 16,081 15,897 Iraq 3 171,079 289,937 57,026 96,646 Jordan 2 58,849 59,464 29,432 29,732 Syria** 1 8,324** 8,324** 8,324 8,324 Tunisia 1 5,093 5,093* 5,093 5,093 Total 100 2,669,524 2,868,024 Source: Bank websites and Bankscope.
    [Show full text]
  • Oil and the Internationalization of Arab Banks
    OXFORD NSRTUTE =FOR m ENERGY STUDIES Oil and the Internationalization of Arab Banks Naiem A. Sherbiny Oxford Institute for Energy Studies F6 1985 The contents of this paper are for the purposes of study and discussion and do not represent the views of the Oxford Institute for Energy Studies or any of its members. Copyright 0 1985 Oxford Institute for Energy Studies ISBN 0 948061 11 1 ACKNOW LED GEMEBTS The author is a senior economist in the Energy Department of the World Bank. He wrote the present paper while visiting the Oxford Institute for Energy Studies in Summer 1985. The paper is based partly on the author's research in the Institute, and partly OR his recent paper entitled "Arab Financial Institutions and Developing Countries" prepared for the 1985 World Development Report, which will shortly appear in the Wor Id Sank's Staff Working Papers Series. Without implication, the author wishes to acknowledge the support and comments of Robert Mabro, Director of the Oxford Institute for Energy Studies; David J Reid, Advisor, Bank of England; and Hikmat Nashashibi, Chief Executive, AI-Mal Group, London. Errors and interpretations are the author's sole responsibility. , t 1. INTRODUCTION 2. EARLY DEVELOPMENTS OF ARAB BANKS 3. THE 1970s AND EARLY 1980s: OPPORTUNITIES AND CHALLENGES 14 4. CENTRES OF ARAB BANKING 28 5. ISLAMIC BANKS 41 6. FUTURE PROSPECTS 48 TABLE 1 INDEX NUMBERS OF AVERAGE ANNUAL OIL 16 REVENUES OF ARABlOPEC MEMBERS 2 AVERAGE ANNUAL IMPORTS OF ABAB/OPEC 17 COUNTRIES 3 CUMULATIVE NET FOREIGN ASSETS OF 19 THE LOW ABSORBERS 4 INTERNATIONAL ACTIVITIES OF ARAB BANKS 25 5 ASSETS OF SELECTED ISLAMIC BANKS 44 6 SOME PERFORMANCE INDICATORS OF 46 SELECTED ISLAMIC BANKS A-l LARGEST ARAB BANKS 55 A-2 LEADING ARAB BANKS IH EUROCURRENCY 56 SYNDICATED LENDING 1.
    [Show full text]
  • EBRD Trade Facilitation Programme Issuing Banks
    EBRD Trade Facilitation Programme Issuing Banks Table of Contents (Click on a country heading to go to that section) Albania ..................................................................................................................................................... 2 Armenia ................................................................................................................................................... 2 Belarus..................................................................................................................................................... 2 Bosnia and Herzegovina ......................................................................................................................... 2 Bulgaria.................................................................................................................................................... 3 Croatia ..................................................................................................................................................... 3 Egypt ........................................................................................................................................................ 3 Georgia .................................................................................................................................................... 4 Greece ..................................................................................................................................................... 4 Jordan .....................................................................................................................................................
    [Show full text]
  • Banque Du Caire of Egypt: a State-Owned Retail Bank
    BANQUE DU CAIRE OF EGYPT: A STATE-OWNED RETAIL BANK CASE STUDY USAID AMAP FINANCIAL SERVICES KNOWLEDGE GENERATION— STATE-OWNED RETAIL BANKS IN RURAL AND MICROFINANCE MARKETS microREPORT #59 FEBRUARY 2006 This publication was produced for review by the United States Agency for International Development. It was prepared by DAI. BANQUE DU CAIRE OF EGYPT: STATE-OWNED RETAIL BANK CASE STUDY USAID AMAP FINANCIAL SERVICES KNOWLEDGE GENERATION— STATE-OWNED RETAIL BANKS IN RURAL AND MICROFINANCE MARKETS microREPORT #59 The authors’ views expressed in this publication do not necessarily reflect the views of the United States Agency for International Development or the United States Government. TABLE OF CONTENTS EXECUTIVE SUMMARY IX I. INTRODUCTION AND OVERVIEW 1 II. ENVIRONMENT/CONTEXT 3 OVERVIEW OF EGYPT....................................................................................................3 Geography and Demographics ..................................................................................3 Recent History and the Political Environment ..........................................................4 Economy....................................................................................................................4 FINANCIAL SECTOR .......................................................................................................5 Legal and Regulatory Framework .............................................................................6 MICROFINANCE SECTOR ..............................................................................................6
    [Show full text]
  • RMA List, EXIM Bank
    Correspondence Relationship E stab lished (RM A L ist) Export Import Bank of Bangladesh Limited as on D ec emb er, 2 0 1 3 SL.NO C OU NT R Y C I T Y NA M E OF B A NK SW I F T I D 001 ALBANIA T IRANA BANK A K O MBE T ARE T RE GT ARE SH.A.( CW ) NCBAALT X 002 ALGE RIA ALGIE RS BNP P ARIBAS E L DJ AZ AIR BNP ADZ AL 003 ALGE RIA ALGIE RS CIT IBANK N.A. CIT IDZ AL 004 ALGE RIA ALGIE RS BANQ E DE L! AGRIC LT RE E T DE DE "E LO P E ME NT R RAL BADRDZ AL 00# ARGE NT INA B E NO S AIRE S BNP P ARIBAS $ S CC RSALE DE B E NO S AIRE S BNP AARBA 00% ARGE NT INA B E NO S AIRE S HSBC BANK ARGE NT INA SA BACO ARBA 00& ARGE NT INA B E NO S AIRE S BANCO DE LA P RO "INCIA DE B E NO S AIRE S P RBAARBA 00' A ST RALIA S(DNE ( BNP P ARIBAS SA ( CW ) BNP AA 2 S 00) A ST RALIA S(DNE ( K O RE A E XCHANGE BANK K O E XA 2 S 010 A ST RALIA CANBE RRA A ST RALIA AND NE W Z E ALAND BANK ING GRO P LIMIT E D ANZ BA 2 C 011 A U ST R A LI A S(DNE ( A U ST R A LI A A ND NE W Z E A LA ND B A NK I NG G R OU P LI M I T E D ANZ BA 2 S 012 A ST RALIA ME LBO RNE A ST RALIA AND NE W Z E LAND BANK ING GRO P LIMIT D ( CW ) ANZ BA 3 M 013 A ST RALIA BRISBANE A ST RALIA AND NE W Z E ALAND BANK ING GRO P LIMIT E D ANZ BA 4B 014 A ST RALIA ADE LADE A ST RALIA AND NE W Z E ALAND BANK ING GRO P LIMIT E D ANZ BA #A 01# A ST RALIA BRISBANE S NCO RP $ME T W A( LIMIT E D ME T W A 4B 01% A ST RALIA ME LBO RNE NAT IO NAL A ST RALIA BANK LIMIT E D NAT AA 3 3 01& A ST RALIA W ANT IRNA SO T H NAT IO NAL A ST RALIA BANK LIMIT E D NAT AA 3 3 02 J 01' A ST RALIA S(DNE ( NAT IO NAL A ST RALIA BANK LIMIT E D NAT AA 3 3 02 X 01) A ST RALIA BRISBANE NAT IO NAL A ST RALIA BANK LIMIT E D NAT AA 3 3 04B 02 0 A ST RALIA ADE LAIDE NAT IO NAL A ST RALIA BANK LIMIT E D NAT AA 3 3 0#A 02 1 A ST RALIA P E RT H NAT IO NAL A ST RALIA BANK LIMIT E D NAT AA 3 3 0%P 02 2 A ST RALIA HO BART NAT IO NAL A ST RALIA BANK LIMIT E D NAT AA 3 3 0&H 02 3 A ST RALIA DARW IN NAT IO NAL A ST RALIA BANK LIMIT E D NAT AA 3 3 0'D 02 4 A ST RALIA ME LBO RNE BANK O * C(P R S A ST RALIA BC(P A 3 3 02 # A ST RALIA S(DNE ( CIT IBANK N.A.
    [Show full text]
  • Banking's Most Socially Active Professionals
    The Middle East's Most Socially Active Banking Professionals – September 2020 Position Company Name LinkedIN URL Location Size No. Employees on LinkedIn No. Employees Shared (Last 30 Days) % Shared (Last 30 Days) 1 EBE Bank (Export Development Bankhttps://www.linkedin.com/company/11740197 of Egypt) Egypt 1001-5000 476 71 14.92% 2 Al Ahli Bank of Kuwait https://www.linkedin.com/company/18072449 Egypt 1001-5000 464 61 13.15% 3 Gulf International Bank https://www.linkedin.com/company/19634 Bahrain 1001-5000 1,120 132 11.79% 4 saib https://www.linkedin.com/company/20535277 Egypt 1001-5000 620 73 11.77% 5 EGbank https://www.linkedin.com/company/27180777 Egypt 1001-5000 764 87 11.39% 6 Bank Audi https://www.linkedin.com/company/27057812 Egypt 1001-5000 617 69 11.18% 7 Warba Bank https://www.linkedin.com/company/1479727 Kuwait 201-500 478 53 11.09% 8 Dotin https://www.linkedin.com/company/5021121 Iran 501-1000 434 47 10.83% 9 Banque du Caire https://www.linkedin.com/company/700705 Egypt 5001-10000 2,215 238 10.74% 10 Al Khalij Commercial Bank (al khaliji)https://www.linkedin.com/company/453520 P.Q.S.C. Qatar 201-500 210 22 10.48% 11 Attijariwafa bank Egypt https://www.linkedin.com/company/18419828 Egypt 1001-5000 722 75 10.39% 12 Suez Canal Bank https://www.linkedin.com/company/1370187 Egypt 1001-5000 482 50 10.37% 13 Boubyan Bank https://www.linkedin.com/company/1067433 Kuwait 1001-5000 1,060 107 10.09% 14 Saman Electronic Payment (SEP)https://www.linkedin.com/company/2316513 Iran 1001-5000 258 26 10.08% 15 Informatics Services Corporation
    [Show full text]