BANKING-

Banks can no longer have a go-to accountant or auditor. The Central Bank of Egypt has issued fresh regulations putting a limit as to how long banks, payment services providers, credit rating agencies and their likes can use the services of one accounting or auditing firm, it said in a statement. The regulations also include a clause that ensures the client can’t retap the same firm except after the passage of a specific period of time. The central bank says this will ensure governance standards and ensure there is no conflict of interest between the client and the firm.

The fine print: Firms have 12 months to comply with the new rules.

ENERGY-

A new bank to address a financing gap in the African oil industry: The African Petroleum Producers’ Organization (APPO) and Afreximbank have set up the Africa Energy Bank, a bank that aims “to address the impending funding crisis in the African oil and gas industry, triggered by the global energy transition,” according to a statement from Afreximbank. The bank will have an initial capital of USD 5 bn and is set to become operational next month, pending the signature of at least two APPO member countries, the statement read.

MICROFINANCE-

Misr Ins. Holding’s microfinance arm receives regulatory greenlight: Misr Ins. Holding Company’s microfinance arm — dubbed Maak — has received the go-ahead from the Financial Regulatory Authority (FRA), Asharq Business reported, citing a company official. Maak, which has an initial capital of EGP 75 mn, aims to grant EGP 1 bn in financing during its first year of operations.

RETAIL-

More details on MTI’s Saudi expansion: EGX-listed MM Group for Industry and International Trade (MTI) has allocated the equivalent of EGP 200 mn to its Saudi venture — the company through which MTI plans to enter Saudi home appliances and electronics markets, MTI Investor Relations Head, Ashraf Elghannam told Al Borsa. The company plans to enter the Saudi market next month.

Tags: