 | |
 NBE twin towers, the headquarters | |
| Type | Public bank |
|---|---|
| Industry | Banking and financial services |
| Founded | June 25, 1898 (1898-06-25) |
| Headquarters | , |
Number of locations | 679 (2024)[1] |
Key people | Mohamed Kamal Al Din (Chairman) Mohamed El-Etreby (CEO)[2] |
| Services | |
| Revenue | EGP 133,3 billion (2024) (USD 2,5 billion)[1] |
| Total assets | EGP 8,14 trillion (2024) (USD 156,8 billion)[1] |
Number of employees | 29 162 (2024)[1] |
| Website | www |
National Bank of Egypt S.A.E. (NBE; Egyptian Arabic: البنك الأهلي المصري) is a major Egyptian bank, between the big five banks. Founded in June 1898,[3] it is the country's largest bank in terms of assets, deposits, loans, bank-capital, number of total branches, and employees.[4]
NBE has 540 branches within the country, assets of £E 366,6 bn., total deposits of £E 312,7 bn., and total loans and advances of £E 114,7 bn.[5] As of 2007, the National Bank of Egypt accounted for 23% of the Egyptian banking system's total assets, 25% of total deposits and 25% of total loans and advances. NBE also financed about 24% of Egypt's foreign trade during the year. NBE also accounts for 74% of the credit card market and 40% of the debit cards in Egypt.
History
[edit]19th century
[edit]In 1898, Sir Ernest Cassel (50% ownership),[6] the three brothers Joseph Suares (1837–1900), Raphael Suares (1846–1909) and Felix Isaac Suares (1844–1906), Moise Cattaui (25%) and Constantine Salvagos of Alexandria (25%) established the National Bank of Egypt (NBE), though Cassel remained in England. NBE established an agency in London.
20th century
[edit]- 1901 NBE opened a branch in Khartoum. It obtained a privileged position as banker to and for the government and acted as the semi-official central bank. Over time, it added further agencies and branches in the Sudan.
- 1902 Cassel established the Agricultural Bank of Egypt.[6]
- 1906 NBE established the Bank of Abyssinia in Addis Ababa. The bank received a 50-year monopoly and was the Ethiopian government's fiscal agent as well as the sole issuer of currency.
- 1925 Lloyds Bank transferred to NBE the branches in Cairo and Alexandria that it acquired with its purchase of Cox & Kings in 1923 and from the Bank of British West Africa.
- 1931 The Bank of Abyssinia was liquidated and the Ethiopian government established Bank of Ethiopia to replace it.
- 1936 Agricultural Bank of Egypt was liquidated.
- 1940 All the staff and the Board of the bank were largely Egyptian.
- 1951 A decree gave NBE the status of the Central Bank for Egypt.
- 1957 The Banking Act confirmed the status of NBE as Egypt's Central Bank.
- 1959 The government of the Sudan nationalized NBE's assets in the Sudan, using them as the basis for the new central bank, the Bank of Sudan
- 1960 The Egyptian government nationalized NBE and created a separate central bank.
- 1961 Citibank sold to NBE its Egyptian assets and liabilities. Citibank had entered in 1955 but was forced to leave by the nationalization decree.
- 1975 Chase Manhattan Bank (49%) and National Bank of Egypt (51%) established Commercial International Bank (CIB).
- 1976 NBE, together with 19 other Arab and four US banks, established Arab American Bank as a wholesale bank operating in New York.
- 1982 NBE established a subsidiary in the UK.
- 1987 Chase sold its shares in CIB to NBE and CIB changed its name to Commercial International Bank, SAE. Partial privatization in 1993 and a GDR issue in 1996 reduced NBE's share to 34%. NBE established a rep office in South Africa and a banking subsidiary in London, which took over the assets and operations of NBE's previous subsidiary and its by then two branches there.
21st century
[edit]- 2000 NBE established a NY branch to take over the business of Arab American Bank.
- 2005 NBE acquired Mohandes Bank, which had been established in 1979 as a commercial bank. It also acquired Bank of Commerce and Development, known as "Al Tigaryoon".
- 2006 NBE opened a representative office in Dubai.
- 2008 NBE upgraded its representative office in Shanghai into a branch.
International operations
[edit]NBE has one subsidiary external to Egypt, within London, Britain, the only subsidiary of the bank.[7] Branches in New York and Shanghai, and representative offices in Johannesburg and Dubai
United States operations of the bank,[4] commencing at some time during 2001,[8] are directed from within an office of [4] the Black Rock Building[9] located on 40 East, 52nd street of New York City [4]
Universal bank
[edit]
Saudi Arabia: In 2021, the Council of Ministers approved the granting of a license to the National Bank of Egypt to open a commercial branch in the country.[10]
South Sudan: The bank officially opened on June 28, 2022.[11] It is located in Juba, in the commercial area of Juba Market, near the Bank of South Sudan.
Sudan: It is present in Sudan; the subsidiary began operations in Khartoum in 2012.[12]
See also
[edit]References
[edit]- 1 2 3 4 "National Bank of Egypt". www.nbe.com.eg.
- ↑ Mughal, Waqar. "Mohamed ElEtreby". Forbes Lists.
- ↑ oldest bank in Egypt (nbeuk & wamda) is contradicted by "Anglo-Egyptian Bank founded – Alexandria – 1864" (Oxford Business Group, Barclays):
- National Bank of Egypt, published 2014 – accessed 2020-02-12
- Nina Curley (2012) — Revolutionizing Egypt's Oldest Bank with Cloud Computing, published by wamda August 15, 2012, – accessed 2020-02-12
- Egypt sets new targets for banking sector after moving to free-floating currency, published by Oxford Business Group – accessed 2020-02-14
- Anglo Egyptian Bank [permanent dead link], published by Barclays – accessed 2020-02-14
- 1 2 3 4 National Bank of Egypt Resolution Plan Section 1: Public Section December 2013, published by The Federal Reserve of the United States - accessed 2020-02-12
- ↑ "ar: youm7.com: البنك الأهلى المصرى يحقق8.1 مليار جنيه أرباحا خلال عام". Archived from the original on 2014-07-07. Retrieved 2014-02-09.
- 1 2 "Multinational banking in Egypt: A case-study of the Ionian Bank, 1907–1939". Business History. 67 (7). 8 July 2024.
- ↑ Companies Archived 2020-11-23 at the Wayback Machine, published by the Arab Bankers Association - accessed 2020-02-12
- ↑ History[permanent dead link] – published by National Bank of Egypt New York (http://nbeny.com/[permanent dead link]) – accessed 2020-02-12
- ↑ "Properties, Developments, Alternative Investments | Rudin". www.rudin.com. Retrieved 2026-05-05.
- ↑ "Saudi approves licence for National Bank of Egypt branch, SPA reports". Reuters. Archived from the original on 2021-11-03.
- ↑ "National Bank of Egypt to open South Sudan subsidiary on Tuesday". Sudans Post. 2022-06-26.
- ↑ "Egyptian bank to fund investment in Sudan with 500 million dollars". Sudan Tribune. 2012-09-21.
Bibliography
[edit]- Caselli, Clara (1980). "The Development of the Banking System and Monetary Policy in Egypt in the Context on the Open Door Policy / l'Evolution de la Structure du Credit et de la Politique Monetaire en Egypte et Politique de la Porte Ouverte". Savings and Development. 4 (4). Giordano Dell-Amore Foundation: 320–341. ISSN 0393-4551. JSTOR 25829755. Retrieved 2020-02-12.
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