Mohamed El-Atreby, Chairman of the Federation of Egyptian Banks (FEB) expected that the new savings certificates would collect more than EGP 500 billion.
El-Atreby added during a call-in on one of the TV channels that the National Bank of Egypt (NBE) and Banque misr offered of a new one-year savings certificate with an interest rate of up to 27%, disbursed annually, and a second certificate with an annual return of 23.5%, disbursed monthly.
He said: “The two certificates were offered on Friday and purchases are made online or through mall branches that operate on holidays. Today’s proceeds amounted to EGP 11 billion during the first day, and Banque Misr received EGP 6 billion as of this evening.”
He expected that the proceeds of the new certificates would exceed EGP 500 billion, exceeding the proceeds of the 25% and 22.5% certificates that were offered a year ago.
Regarding the date of the IPO of the Banque du Caire, which was delayed, he said: “I expect in 2024 that the IPO of the Bank will be initiated, and if so, this may take place in the second quarter. There are 4 institutions that wish to seize a controlling stake in the Banque du Caire, and there is interest in it, even though the decision has not been taken.”
“We reassure the Egyptians of their deposits... and Egypt is capable of overcoming crises,” he concluded.
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