Top 20 banks in Egypt
© Egypt Business Directory
Egypt's banking sector has been marked by significant developments in recent weeks, reflecting the nation's efforts to navigate economic challenges and spur growth. From interest rate adjustments to strategic partnerships, here's a comprehensive overview of the latest in Egypt's financial landscape:
National Bank of Egypt (NBE) Raises Interest Rates:
In a bid to align with the Central Bank of Egypt's decision to increase interest rates, the NBE has announced adjustments to its certificates of deposit. The Platinum Savings Certificate, closely tied to the CBE's deposit rate, saw a notable rise from 19.5% to 21.5%. This move aims to attract investors while ensuring competitiveness within the market.
Central Bank of Egypt Bolsters Foreign Currency Reserves:
Amidst global economic uncertainties, the CBE reported a $30 million increase in foreign currency reserves, reaching approximately $35.249 billion by January's end. This uptick underscores Egypt's commitment to maintaining stability in foreign exchange markets, crucial for sustaining investor confidence and mitigating external pressures.
IMF Engagement and Economic Reform:
Egypt's ongoing engagement with the International Monetary Fund (IMF) signifies a concerted effort towards economic reform. Discussions between IMF officials and Egyptian authorities have yielded progress, with a focus on implementing a comprehensive policy package. This collaborative approach seeks to address pressing economic challenges, including exchange rate flexibility and fiscal reforms, essential for unlocking additional financial support.
Innovative Banking Solutions:
Egyptian banks are responding to evolving consumer needs with innovative solutions. The introduction of new debit cards, such as the NBE's Visa Platinum for US dollar accounts, aims to facilitate overseas transactions and enhance customer experience. These initiatives align with broader strategies to diversify banking services and adapt to changing market dynamics.
Currency Devaluation and Financing Challenges:
Egypt's decision to devalue its currency reflects efforts to mitigate economic pressures exacerbated by global crises, including the Russia-Ukraine conflict. Despite challenges, Egypt remains focused on securing additional funding to bridge financing gaps, essential for sustaining economic stability and fostering long-term growth.
Looking Ahead:
As Egypt navigates economic headwinds, strategic measures within the banking sector underscore resilience and adaptability. Collaborative efforts with international partners, coupled with innovative financial solutions, position Egypt to weather uncertainties and pursue sustainable development objectives.
National Bank of Egypt (NBE) Raises Interest Rates:
In a bid to align with the Central Bank of Egypt's decision to increase interest rates, the NBE has announced adjustments to its certificates of deposit. The Platinum Savings Certificate, closely tied to the CBE's deposit rate, saw a notable rise from 19.5% to 21.5%. This move aims to attract investors while ensuring competitiveness within the market.
Central Bank of Egypt Bolsters Foreign Currency Reserves:
Amidst global economic uncertainties, the CBE reported a $30 million increase in foreign currency reserves, reaching approximately $35.249 billion by January's end. This uptick underscores Egypt's commitment to maintaining stability in foreign exchange markets, crucial for sustaining investor confidence and mitigating external pressures.
IMF Engagement and Economic Reform:
Egypt's ongoing engagement with the International Monetary Fund (IMF) signifies a concerted effort towards economic reform. Discussions between IMF officials and Egyptian authorities have yielded progress, with a focus on implementing a comprehensive policy package. This collaborative approach seeks to address pressing economic challenges, including exchange rate flexibility and fiscal reforms, essential for unlocking additional financial support.
Innovative Banking Solutions:
Egyptian banks are responding to evolving consumer needs with innovative solutions. The introduction of new debit cards, such as the NBE's Visa Platinum for US dollar accounts, aims to facilitate overseas transactions and enhance customer experience. These initiatives align with broader strategies to diversify banking services and adapt to changing market dynamics.
Currency Devaluation and Financing Challenges:
Egypt's decision to devalue its currency reflects efforts to mitigate economic pressures exacerbated by global crises, including the Russia-Ukraine conflict. Despite challenges, Egypt remains focused on securing additional funding to bridge financing gaps, essential for sustaining economic stability and fostering long-term growth.
Looking Ahead:
As Egypt navigates economic headwinds, strategic measures within the banking sector underscore resilience and adaptability. Collaborative efforts with international partners, coupled with innovative financial solutions, position Egypt to weather uncertainties and pursue sustainable development objectives.
| Company | Founded | Company description |
|---|---|---|
| 1920 | Banque Misr was established 88 years ago by the pioneer economist, Mohamed Talaat Harb Pasha, as the first bank fully owned by Egyptians. | |
| 1975 | The Commercial International Bank was established in 1975 as a joint venture between the National Bank of Egypt and the Chase Manhattan Bank. | |
| 1898 | The National Bank of Egypt is the oldest commercial bank in Egypt offering business banking and investment banking. | |
| 1952 | Banque du Caire offers retail, corporate, and investment banking, SME financing, and conventional as well as Islamic asset management services. | |
| 1957 | Alexbank is one of the largest banks in Egypt, with 210 branches. It was the first Egyptian state-owned bank and was privatised in 2006. | |
| 1930 | Agricultural Bank of Egypt (ABE) is considered to be one of the biggest agricultural banks in the Arab world and Middle East | |
| 1904 | Attijariwafa bank is a leading banking and financial Group in North, Western and Central Africa. | |
| 1981 | EGBANK expanded in many sectors such as microfinance and financial Natural Gas. | |
| 1997 | Abu Dhabi Islamic Bank Egypt, a leading universal bank that is fully Shari'a compliant. | |
| 1983 | Banking services, finance, refinance projects, all banking activities, saving, deposities, LGs, LC's. | |
| 1978 | Personal, corporate, and Islamic banking, conventional and Islamic asset management services including fund management. | |
| 2006 | The United Bank believes in the huge role of small and medium-sized enterprises (SME's) to lead the national economic reform. | |
| 1951 | BLOM Bank provides universal banking services like Commercial Banking, Corporate Banking, Private and Investment Banking and Asset Management. | |
| 1967 | Originally founded in Egypt in 1978 under the name of Alexandria Kuwait International Bank (AKIB). AKIB was one of the first private banks in Egypt. | |
| 1979 | Housing & Development Bank S.A.E is a banking group organized around 3 areas of activity: retail banking; business banking; real estate financing. | |
| 1979 | Faisal Islamic Bank of Egypt is the first Egyptian Islamic and commercial bank. | |
| 1974 | aiBANK was established in 1974 as an investment and business bank under the supervision of the Central Bank of Egypt. | |
| 1980 | Al Baraka Bank is a multinational banking corporation, a leading international Islamic banking group . | |
| 1993 | The African Export-Import Bank (Afreximbank) is the foremost Pan-African multilateral financial institution devoted to financing and promoting trade. | |
| 1952 | Egyptian Arab Land Bank is a public Bank specialized in real estate investments and trade finance. |
Disclaimer
This compilation of the companies has been made to the best of our knowledge and belief. We have made every effort to obtain the information from reliable and up-to-date sources and to reproduce it as accurately as possible. Nevertheless, we cannot guarantee the accuracy and completeness of the information. We are grateful for additions and corrections, which you are welcome to send to sales@egypt-business.com. The selection of companies is based on the number of employees, the revenue, and the number of online visitors.
This compilation of the companies has been made to the best of our knowledge and belief. We have made every effort to obtain the information from reliable and up-to-date sources and to reproduce it as accurately as possible. Nevertheless, we cannot guarantee the accuracy and completeness of the information. We are grateful for additions and corrections, which you are welcome to send to sales@egypt-business.com. The selection of companies is based on the number of employees, the revenue, and the number of online visitors.