A large, underbanked market makes Egypt an appealing prospect for financial institutions looking for long-term growth, although the effects of ongoing economic and political uncertainty are weighing on some lenders.
Egypt Financial Services
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Economic update | Egypt: Stock market takes a hit
28 Feb 2013
The stock market in Egypt got off to a bullish start in 2013, but political deadlock, ongoing unrest across the country, a rising government budget deficit, foreign reserve losses and currency depreciation have all seen the Egyptian Exchange (EGX) struggle in recent weeks. A recent government decision to impose a tax on all EGX transactions is likely to contribute to continued unstable performance.
Despite an uncertain political climate and a sluggish economic recovery, the long-term prospects of Egyptian banks are attracting attention from their Gulf counterparts. Two recently announced acquisitions have brought the sector back into the headlines on a positive note, helping offset a recent ratings downgrade.
Investor interest in Egyptian bonds and shares is on the rise as greater political stability and signs of economic recovery help stimulate confidence in the country.
Articles & Analysis | Waiting game: High potential for sharia-compliant offerings, but regulatory uncertainties remain from The Report: Egypt 2012
As financial services firms regain ground after a tumultuous 2011, conditions are ripe for sharia-compliant banking, investment funds, insurance ( takaful) and bonds and equity instruments ( sukuk) to put Egypt on the global Islamic financial services (IFS) map. The concerns about conventional banking, resulting from the global...
Articles & Analysis | Top five banks: The largest players in the sector from The Report: Egypt 2012
The nation’s banks weathered a perfect storm of economic and political crises in the 2008-11 period. With a new government now established, supporting GDP growth and a rising rate of consumer spending, so long as the country remains stable the sector is well-positioned for profitability. What follows is a look at the top-five players in the sector...