Monday, 30 September 2024

Read full issue

WHAT WE’RE TRACKING TONIGHT

aiBank rebrands to Bank NXT

Good afternoon, folks, and welcome to the last day of September.

THE BIG STORY TODAY

aiBank is now Bank NXT: EFG Holding’s commercial bank arm, aiBank, has announced today that it is rebranding to Bank NXT to embark on a new phase of “growth, digital innovation, and customer-centric solutions,” the bank said during a press conference today attended by Planning and International Cooperation Minister and Sovereign Fund of Egypt Chairperson Rania Al Mashat. The new corporate identity is part of a strategy that aims to triple the bank’s client base and increase the number of branches across the country to 50 by 2027, up from 36 branches currently.

Onwards and upwards: Bank NXT’s net income came in at EGP 901.6 mn in 1H 2024, nearly reaching the EGP 1.15 bn that the bank recorded for the whole calendar year of 2023, Bank NXT’s CEO and managing director Tamer Seif said at the press conference.

THE BIG STORY ABROAD

Fears of an incoming invasion grow as Israel launches on-the-ground incursions into southern Lebanon and continues bombing campaign: Following comments in recent days from senior Israeli officials alluding to a possible ground incursion, Israel has conducted several small-scale operations on the Lebanese side of the border. Hezbollah has reiterated that it is prepared to confront any Israeli ground invasion of Lebanon, with its deputy leader Naim Qassem saying in his first public address since the group’s leader was killed last week that “We will face any possibility and we are ready if the Israelis decide to enter by land and the resistance forces are ready for a ground engagement.”

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • What needs to be done to reignite investor confidence? Even after the float of the EGP and steps towards ambitious reforms underway, investors remain cautious about the local market, so what else needs to be done? We spoke to Ahmed Issa, executive board member and deputy CEO of Banque Misr and former tourism minister, Helmy Ghazi, deputy CEO and head of global banking at HSBC Egypt, and Karim Awad, group CEO and chairman of the executive committee at EFG Holding to gain a clearer picture of Egypt’s economic trajectory.
  • Fresh oil and gas incentive package aims to boost foreign investment in the sector: The government is currently in talks with foreign partners over a new set of incentives for the oil and gas industry that aim to boost oil and gas production and reduce the growing gap between energy supply and demand.
  • Beltone’s VC arm is undergoing a significant expansion: Beltone Holding’s venture capital arm, Beltone Venture Capital has successfully completed its first direct international investment through a strategic investment in French e-bike rental company with a strong footprint in the Moroccan market VelyVelo.

☀️ TOMORROW’S WEATHER- The September cooldown is going strong, and the capital will be seeing a high of 31°C and a low of 22°C tomorrow, according to our favorite weather app.