Bank Audi

Financial Institutions & worldwide correspondents

 
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Bank Audi sae Financial Institutions "BFI" manages relationships with correspondent banks worldwide and acts as BAEGY first gate for correspondent banks.


BFI covers the bank's business with local and foreign banks through its dedicated teams; Correspondent Banking team and Programs & Multilaterals Relations team.


During the last five years, the Egyptian banking sector showed the fastest growth in financial position compared to the MENA region, reaching a CAGR of 26.3%. Such strong growth came on the back of the surge in money supply as customer deposits. Egypt’s banks used to rely mainly on customer deposits to drive financial position growth with minimal dependency due to bank balances and other borrowing activities.


In 2019, the Egyptian Banking Sector reaped the economic reform program fruits and surpassed the challenges, mainly the exchange rate volatility of the Egyptian Pound primarily impacting Import & Export business; and adopting CBE mandate related to the enhancement of SME lending.


Worth noting that the new banking law which is under approval, the Central Bank of Egypt will require banks to increase the minimum paid-in capital requirements to EGP 5bn for all Egyptian banks (public and private) which will adversely affect the dividends of banks with small capital, in addition to the IFRS 9 application which will have a slight impact on capital.


In such context during 2019, BFI strategy amidst said challenges was to attract new business, increase profitability, and ensure providing highest quality services to BAEGY's clients exceeding customer satisfaction; where it manages its business relationships through its wide correspondent banks network supported by Bank AUDI SAL presence in France, Turkey, Qatar , Jordan & Switzerland covering more than 150 countries.


BFI is highly active in enhancing the Bank's relationship with various correspondent banks and provides an array of products and services including trade finance, direct lending, international payments and tailored/structured solutions, positively reflected in providing new business approaches meeting the Bank's clients' needs. A number of factors reinforce BFI role namely; experienced relationship officers; a diverse network of almost 200 global correspondent banks; strong ties with multilateral financial institutions in addition to the strong sponsorship of Bank Audi SAL. The Bank also acts as a participating bank in FI Syndications.


Capitalizing on rating agents positive outlook on Egypt; Standard & Poor's credit rating for Egypt stands at B with stable outlook. Moody's credit rating for Egypt was last set at B2 with stable outlook. Fitch's credit rating for Egypt was last reported at B+ with stable outlook, triggered by progress in implementing economic and fiscal reforms, driving improved macroeconomic stability, fiscal consolidation and stronger external finances. BFI continued to witness growing global interest in investing in Egypt, offering various funding instruments to support short and long term facilities in various aspects.


Programs & Multilaterals Relations

BFI focuses on sustainable development funds and credit lines provided by government and multilaterals agencies that positively impact our community and environment. The Bank acted as an agent bank for funds and credit lines by providing an array of services & tailored operation mechanisms, promoting funds to potential clients to increase SME accessibility to credit lines.


In December 2019, Bank Audi sae signed Facility Agreement with AFREXIM Bank for US$ 20 MM to support the Bank's clients funding as an additional source of foreign currency mainly to satisfy small and medium enterprises’ needs. In addition to signing Facility Agreement with Arab Trade Finance Program UAE which supports trade amongst Arab countries.


Bank Audi sae intends to expand its trade finance coverage to satisfy its existing corporate client needs and attract new clients, through signing trade facilitation programs with multilateral financial institutions to support Egyptian exporter’s trade transactions with Africa.


BFI Main Objectives:

  • Continue to explore and penetrate new markets.
  • Focus on supporting Egyptian trade and business.
  • Introduce/innovate revenue-generating products and services.
  • Attract funds and participate in new developmental programs.
  • Increase Bank Audi sae's market share of direct and indirect microfinance lending.

List of Major Correspondent Banks

  • Standard Chartered Bank
  • Deutsche Bank AG
  • The National Commercial Bank
  • MashreqBank PSC
  • National Bank of Kuwait
  • JP Morgan Chase Bank
  • Commerz Bank