Extensive capabilities in cash management
The bank’s cash management team assists corporate clients in managing their working capital in the most efficient manner. The team fully understands the importance of time, convenience and efficiency that adds value to the client’s business. The team’s primary focus is to reduce the customer-to-cash cycle by offering a wide range of comprehensive products that cover payables, receivable and account services. On the technology front, Emirates NBD Egypt’s cash management service provides its customers with the best experience and a quick turnaround time through various channels: Web, SmartBusiness Mobile, Swift score, CPs Egovernmental collections, Cor-Pay ACH and Digi-sign.

In a nutshell, the bank’s cash management team provides reconciliation services through SWIFT reporting standards that allow clients to settle their bank accounts electronically. As part of the commercial finance and receivables sector, the bank has provided a host of commercial solutions tailored to meet clients’ needs—whether they are an importer or exporter—and to reduce risks, secure payments and increase capital.

Builds digitisation to become the first choice of any enterprise
It is certain that the bank is always looking to transform its digital banking capabilities to the next level by building, running, managing and optimising digital banking apps using state-of-the-art technology. This is also an important development for Emirates NBD Egypt because the Egyptian economy relies heavily on digital payments. The bank has been able to transition beyond cooperating with pre-existing payment services to develop its own solution and become the first choice of any enterprise that seeks to develop its business relations in local and international levels.

Mohamed Berro, CEO of Emirates NBD Egypt said, “We are always striving to provide new and innovative fintech solutions to meet the needs of our customers. We are committed at Emirates NBD Egypt to be the main player in financing major projects and development initiatives. All these efforts qualified us to win many local and international awards.”

Against this background, Emirates NBD Egypt has won two International Finance awards for the Most Innovative Bank in Trade Finance and Cash Management for 2020. The awards reflect the bank’s continuous efforts in making a breakthrough in cash management. In the last two years, the bank won International Finance Awards for the Best Digital Bank Egypt 2019 and the Best Mobile Banking Application Egypt 2018—marking its excellence in modern banking services.

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Sherif Samy, who was appointed as the bank’s non-executive chairman, told the media, “We met yesterday with the people concerned with the file in the central bank. A lengthy discussion took place on the conclusions of (the) inspection and the violations they contained and to explore central bank directives to strengthen a number of aspects of compliance and internal control.”

Commercial International Bank is the biggest listed bank in Egypt. It currently has 207 branches and serves 1.4 million customers, media reports said. It is reported that the bank has received a notification from the central bank informing its decision to discharge Ezz al-Arab from his leadership role. The decision comes under the new banking law which was passed this year. 

The bank said in a statement that “In view of the current situation with the Central Bank of Egypt, I have decided the time has come to end my journey with CIB.” The central bank said that the Commercial International Bank will have to formulate an immediate corrective plan and it would closely monitor the situation. 

It is reported that the bank’s shares had been suspended from trading following a request from the Financial Regulatory Authority. The bank has slumped after the chairman stepped down over concerns regarding governance.

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