National Bank of Egypt

National Bank of Egypt (NBE; ) is an Egyptian bank. Founded in June 1898,[1] it is the country's largest bank (2013) in terms of assets, deposits, loans, bank-capital, number of total branches, and employees.[2]

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.[3] 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.

According to the July 2007 issue of the Banker, in terms of total assets, NBE ranks 226th among the top 1000 world banks and ranks 3rd among the Arab banks.

History

19th century

20th century

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.[4]

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.

type	Government-owned corporation
industry	Banking and financial services
products	Asset management Banking Commodities Credit cards Equities trading Insurance Investment management Mortgage loans Private equity Wealth management
services	Financing
net income	$ 4.061 billion (2019)
assets	$ 84.77 billion (2019)
foundation	June 25, 1898
location city	Cairo
location country	Egypt
locations	516
homepage	http://www.nbe.com.eg/

National Bank of Egypt

History

19th century

20th century

21st century

Overseas operations

See also

Bibliography

External links

References