Egyptian banks I Banking on domestic recovery
A broad-based recovery in capex lending is brewing. Consolidated sector loans grewby 9% during 9M14, largely attributed to an increase in retail lending and short-term corporate loans. The oil & gas and real estate sectors have the lion’s share of the key loan deals announced during 2H14, which based on the data we collected stand at EGP38bn. Accordingly, banks under coverage budget an average increase in loans of 15-20% for 2015—vs. a 2009-11 average of 7%—where growth is expected to be driven by extending credit to infrastructure and energy-related projects. So far, the shortage of FCY and the ongoing energy issue have been weighing down on demand for credit from the private sector. As such, the recovery of foreign investments—whether directly (post Egypt’s
economic summit in March 2015) or indirectly (recovery in the EGP carry trade)—is a prerequisite for a full-fledged revival of private credit, in our view.
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Through its headquarters in Cairo and presence in New York and Dubai, CI Capital offers a wide range of financial solutions to a diversified client base that include global and regional institutions and family offices, large corporates, SMEs, and high net worth and individual investors.
CI Capital leverages its full-fledged investment banking platform to provide market leading capital raising and M&A advisory, asset management, securities brokerage, custody and research. Through its subsidiary Corplease, CI Capital offers comprehensive leasing solutions, including finance and operating leases, and sale and leaseback, serving a wide range of corporate clients and SMEs. In addition, CI Capital offers microfinance lending through Egypt’s first licensed MFI, Reefy.
The Group has over 1,700 employees, led by a team of professionals who are among the most experienced in the industry, with complementary backgrounds and skill sets and a deep understanding of local market dynamics.
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