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The Egyptian Exchange (EGX), in cooperation with the Federation of Egyptian Banks (FEB), organized a meeting with the investor relations officers of listed banks to discuss the mechanisms of developing the capabilities of the IR officers. The event was held in the presence Rami El-Dokany, Executive Chairman of EGX, Mr. Mohamed Mahmoud El Etreby, Chairman of FEB and officials of investor relations departments in listed banks.
EGX Chairman praised the role of the Egyptian banking sector in supporting and serving economy. He pointed out the efficiency characterizing the banking sector, in relation to banking transactions, capital indicators and asset quality, which contributed to success the banking sector to manage important economic variables such as the cash reserves and the stability of the local currency.
El-Dokany stressed the importance of the sector's contributions in activating the trading movement in EGX, as well as EGX’s keenness to enhance cooperation with the banking sector in various aspects, including cooperation in the integration of mechanisms and procedures for KYC.
El-Dokany added that despite the positive performance of the sector, the quality of its financial indicators and the satisfactory growth in profits, this was not reflected on the trading, due to the lack of clarity of the strategic plan of the IRs.
Mohamed El Etreby, Chairman of the Federation of Egyptian Banks (FEB), expressed his pride in the international praise for the performance of the Egyptian Exchange during 2022, as it was the best performer among the Arab exchanges, after achieving gains by 22% despite the current economic challenges.
El-Etreby added that the EGX listed banks sector's lead in terms of volume and value of transactions compared to the rest of the EGX sectors during the year 2022 with trading values of EGP 63 billion. This shows the importance of the sector and its role in stimulating trading in general. He noted that this activity was not sufficiently reflected on the market value of the shares of the banks sector listed on the Egyptian Exchange, which is still less than the fair value compared to the fair values issued by research centers affiliated with investment banks.
