Wikipedia

Banking in Egypt

Banking in Egypt is regulated by the Central Bank of Egypt. Egypt’s banking sector has undergone major reforms since the 1990s, resulting in a liberalized and modernized system aligned with international standards. Financial inclusion has expanded, with 74.8% of Egyptians aged 15 and above using financial accounts, reaching 52 million users by 2024.[1] Usage spans banks, Egypt Post, mobile wallets like Vodafone Cash and MobiCash, and prepaid cards like Meeza. Women’s financial inclusion grew 295% since 2016 thanks to policies and initiatives aimed at empowering women financially, reaching 68.8%, while youth participation rose 65% from 2020 to 2024, hitting 53.1%.[2]

History

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A postcard depicting the building of the Crédit Foncier Égyptien, the oldest bank in Cairo, founded in 1880.[3]

Following the 1952 Revolution, Egypt nationalized its banking sector. Large foreign and private banks were merged into the "Big Four" state-owned banks: National Bank of Egypt (NBE), Banque Misr, Banque du Caire, and Bank of Alexandria. For decades, these entities held a near-monopoly on the financial system.[4]

In 2003, the first measures to begin floating the price of the Egyptian pound were implemented.[5]

The most critical period for Merging and Acquisitions in Egypt began in 2004 under a Central Bank of Egypt reform plan. The goal was to reduce the number of banks (from about 57 down to 39) by raising the minimum capital requirement from EGP 100 million to EGP 500 million. Smaller banks that couldn't meet this were forced to merge or be acquired.[6]

In 2006, a major cleanup operation, the CBE merged three struggling banks—The Nile Bank, Egyptian United Bank, and the Islamic International Bank for Investment & Development; into a single entity, The United Bank, owned 99.9% by the CBE.[7]

In 2006, Italy’s Sanpaolo IMI (now Intesa Sanpaolo) bought 80% of the state-owned Bank of Alexandria, marking a major milestone in privatization.[8]

2011 Egyptian Revolution

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During the 2011 Revolution, the country’s financial system had to abruptly pivot from a period of robust post-reform growth to emergency crisis management. Despite severe macroeconomic shocks, the banking sector demonstrated remarkable resilience, banks across Egypt closed their doors for roughly a week (and faced intermittent closures throughout February) as street protests paralyzed the economy.[9] When banks finally reopened on February 6, 2011, the CBE imposed strict daily withdrawal limits to prevent a run on banks. Individuals were capped at pulling out EGP 50,000 and $10,000 in foreign currency per day.[10] Despite closures, an estimated $1.5 billion of foreign investment left Egyptian Treasury bills in the earliest wave of the crisis, as international investors and local wealthy individuals sought to de-risk.[11] Following the Egyptian Revolution, HSBC was accused of helping to enrich high-ranking Egyptian political and economic officials, who are now at the center of corruption investigations.[12]

Recent History

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In October 2023, Commercial International Bank and Arab International Bank have suspended foreign currency purchases and withdrawals using debit cards from abroad; Arab African Internatıonal Bank, start setting new limits on cash withdrawals abroad ranging from EGP 11,000 (USD 355) to EGP 33,000 (USD 1,067) per month. Banque Misr, National Bank of Egypt and HSBC set withdrawal and purchase limits abroad, ranging from EGP 3,092 (USD 100) to EGP 30,944 (USD 1000).[13]

In January 2024, Standard Chartered launched operation in Egypt.[14]

On March 6, 2024, the Central Bank of Egypt decided to reduce the exchange rate of the Egyptian pound against the US dollar for the first time in more than 14 months, following an exceptional meeting that raised interest rates by about 600 basis points.[15] The Central Bank confirmed in a statement that, within the framework of targeting inflation rates, it would work to allow the exchange rate to be determined according to market mechanisms.[16][17][18]

In September 2024, the government announced its intention to sell its stakes in 32 companies, including the Banque du Caire, the Arab African Internatıonal Bank, and Alexbank, through the Egyptian Exchange.[19][20]

List of operational banks

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Rank Bank name Country Total assets
(US$ Millions)		 Branches
1 National Bank of Egypt  Egypt 156 891 [21] 679
2 Banque Misr  Egypt 78 000 [22] 820
3 Commercial International Bank  Egypt 23 406 [23] 214
4 Arab African Internatıonal Bank  Egypt 18 200 [24] 99
5 QNB Egypt  Qatar 17 913 [25] 239
6 Banque du Caire  Egypt 10 272 [26] 245
7 Fabmisr  United Arab Emirates 9 180 [27] 74
8 Abu Dhabi Islamic Bank  United Arab Emirates 7 300 [28] 72
9 Suez Canal Bank  Egypt 5 700 [29] 55
10 HSBC Bank Egypt  United Kingdom 5 463 [30] 53
11 Faisal Islamic Bank of Egypt  Egypt 5 400 [31] 43
12 Housing and Development Bank  Egypt 5 100 [32] 100
13 Emirates NBD  United Arab Emirates 4 978 [33] 69
14 Arab Bank Egypt  Jordan 4 900 [33] 44
15 Arab International Bank  Egypt 4 626 [34] 23
16 Alexbank  Egypt 4 512 [35] 210
17 Export Development Bank  Egypt 4 400 [36] 45
18 Agricultural Bank of Egypt  Egypt 4 360 [33] 1210
19 National Bank of Kuwait (Egypt)  Kuwait 4 260 [37] 53
20 ADCB Egypt  United Arab Emirates 3 338 [38] 46
21 Saib Bank  Egypt 3 250 [33] 46
22 Crédit Agricole Egypt  France 3 100 [39] 87
23 Kuwait Finance House  Kuwait 3 044 [33] 44
24 Attijariwafa Bank Egypt  Morocco 2 972 [40] 64
25 Al Baraka Group  Bahrain 2 768 [33] 43
26 Al Ahli Bank of Kuwait Egypt  Kuwait 2 732 [41] 45
27 Egyptian Arab Land Bank [ar]  Egypt 2 600 [33] 43
28 Egyptian Gulf Bank [ar]  Egypt 2 529 [33] 60
29 Bank ABC  Bahrain 2 200 [33] 52
30 The United Bank [ar]  Egypt 2 100 [33] 68
31 Bank NXT [ar]  Egypt 1 880 [42] 33
32 Mashreq Bank  United Arab Emirates 1 258 [33] 13
33 Industrial Development Bank of Egypt [ar]  Egypt 1 137 [33] 26
34 Citibank Egypt  United States 1 092 [33] 3
35 MIDBank [ar]  Egypt 551 [33] 17

Ceased operation in Egypt

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Bank name Start End Fate
United States Egyptian American Bank 1976 2006 Merged to Crédit Agricole start operation
France Calyon Bank 2004
Egypt Alexandria Commercial Bank 1981 2006 Acquired by Union National Bank.[43]
Egypt Al Watany Bank 1980 2007 Acquired by National Bank of Kuwait.[44]
Egypt National Development Bank 2007 Acquired by Abu Dhabi Islamic Bank.[45]
France National Société Générale Bank 1978 2013 Acquired by QNB Group.[46]
France BNP Paribas 1977 2013 Acquired by Emirates NBD.[47]
United States Citibank (Retail banking only) 1955 2015 Acquired by Commercial International Bank.[48]
Canada Scotiabank 1976 2015 Acquired by Arab African Internatıonal Bank.[49]
Greece Piraeus Bank 2005 2015 Acquired by Al Ahli Bank Of Kuwait.[50]
United Kingdom Barclays 1864 2016 Acquired by Attijariwafa Bank.[51]
Oman National Bank of Oman 2019 Liquidated.[52]
United Arab Emirates Union National Bank 2006 2020 Acquired by ADCB.[53]
Greece National Bank of Greece 1975 2021 Liquidated.[54]
Lebanon Bank Audi 2005 2021 Acquired by Fabmisr.[55]
Lebanon BLOM Bank 1977 2021 Acquired by Bank ABC.[56]

See also

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References

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  1. ↑ "74% of Eligible Egyptians Actively Using Bank Accounts". 27 February 2025.
  2. ↑ "Egypt's Fintech Sector Expands Fivefold in Five Years". 27 February 2025.
  3. ↑ Raafat, Samir (15 February 1997). "How About the Former Credit Foncier Egyptien Building Today the Arab International Bank?". The Egyptian Gazette.
  4. ↑ 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): 320–341. ISSN 0393-4551.
  5. ↑ Gribbon, Laura (2016-11-03). "A look at the last time Egypt floated the pound in 2003". Mada Masr.
  6. ↑ "Do consolidation and foreign ownership affect bank risk taking in an emerging economy? An empirical investigation". Emerald Inside. 2015-09-14.
  7. ↑ "Sharia banking takes root in Egypt". MEED. 2008-11-07.
  8. ↑ "Bank of Alexandria sold for $1.6b". Gulf News. 2006-10-27.
  9. ↑ "Customers queue at Egypt banks". Al Jazeera. 2011-02-06.
  10. ↑ Ellis, Eric (2011-09-12). "Egypt: Banking on a revolution". Euromoney.
  11. ↑ "Egypt: Challenging times for banking - Oxford Business Group". 2011-09-21.
  12. ↑ Mathiason, Nick; Barr, Caelainn (2011-04-30). "HSBC under fire over leading role in land deals for Mubarak regime". The Guardian. ISSN 0261-3077.
  13. ↑ Rafik, Farah (2023-10-09). "Egyptian Banks Suspend Debit Card Use in Foreign Currency, Set New Limits for Cash Withdrawals | Egyptian Streets".
  14. ↑ "Standard Chartered officially launches operations in Egypt". Arab News. 2024-01-31.
  15. ↑ فاروق, إيهاب (2024-03-06). "مصر تخفض سعر الجنيه بعد الرفع المفاجئ لأسعار الفائدة | اقتصاد الشرق مع بلومبرغ". Asharq News (in Arabic).
  16. ↑ "البنك المركزي المصري يرفع الفائدة 600 نقطة أساس". بيزنس 24 (in Arabic). 2024-03-06.
  17. ↑ "الجنيه المصري يخسر ثلث قيمته أمام الدولار بعد قرار "المركزي"". اندبندنت عربية (in Arabic). 2024-03-06.
  18. ↑ "بعد قرار رفع الفائدة المفاجئ.. مصر تحرر سعر الجنيه". اقتصاد سكاي نيوز عربية (in Arabic).
  19. ↑ "Egypt to sell United Bank stake in IPO on local bourse". gulfbusiness.com.
  20. ↑ "Egypt's United Bank to list on Cairo stock exchange on Oct. 24". Reuters. 2024-10-23.
  21. ↑ National Bank of Egypt
  22. ↑ "Financial Statements Banque Misr".
  23. ↑ Investors Relations, Financial Highlights
  24. ↑ Anual Report AAIB 2024
  25. ↑ Consolidated Financial Statements Together With Auditors’ Report For The Year Ended December 31, 2025
  26. ↑ Banque du Caire, Anual Report FY 2025
  27. ↑ "FABMISR Achieves Net Profit EGP 16.7 Billion by the end of 2025 Initiative". fabmisr.com.eg.
  28. ↑ Abu Dhabi Islamic Bank-Egypt (ADIB-Egypt)
  29. ↑ Suez Canal Bank
  30. ↑ HSBC Bank Egypt S.A.E Annual Report and Accounts 2024
  31. ↑ Faisal Islamic Bank of Egypt
  32. ↑ "Housing & Development Bank (HDB) - Egypt's 50 Most Valuable Companies 2026 - Forbes Lists". Forbes.
  33. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 "Africa's Top 100 Banks 2025: the full list and our analysis". African Business. 2025-10-13.
  34. ↑ "AIB Annual Report 2024" (PDF).
  35. ↑ Interim Financial Statements For The Period Ended 2025
  36. ↑ "Export Development Bank of Egypt (EBank) - Egypt's 50 Most Valuable Companies 2026 - Forbes Lists". Forbes.
  37. ↑ "Financial Statements For The Financial year".
  38. ↑ "Abu Dhabi Commercial Bank – EGYPT FINANCIAL STATEMENTS" (PDF). 2026-02-21.
  39. ↑ Crédit Agricole Egypt (CAE)
  40. ↑ "التجاري وفا بنك إيجيبت شركة مساهمة مصرية" (PDF) (in Arabic).
  41. ↑ "Al AHLI BANk OF KUWAIT - EGYPT". ABK Egypt. 2025-09-01.
  42. ↑ Mughal, Waqar. "The United Bank". Forbes Lists.
  43. ↑ "UAE banks Coming of age". Executive Magazine. 2007-11-20.
  44. ↑ "NBK wins bid for Egypt's Al-Watany Bank" (Press release). NBK Press Office. 15 August 2007. Archived from the original on 23 August 2007.
  45. ↑ "Abu Dhabi Islamic Bank plans North Africa expansion". Al Arabiya English. 2013-08-12.
  46. ↑ "Qatar National Bank to sell small stake in Egypt unit to comply with listing rules". Reuters. 2018-02-18.
  47. ↑ "Emirates NBD and BNP Paribas sign agreement for the sale of BNP Paribas Egypt to Emirates NBD - BNP Paribas". BNP Paribas.
  48. ↑ Mounir, Hossam (2015-08-25). "CBE approves CIB's acquisition of Citibank retail portfolio". Daily News Egypt.
  49. ↑ "Bank of Nova Scotia sells loan and deposit business in Egypt as Canadian banks rejig global operations". Financial Post. 2015-03-09.
  50. ↑ "UPDATE 3-Kuwait's Al Ahli Bank buying Piraeus Bank Egypt for $150 mln". Reuters. 2015-05-21.
  51. ↑ "Morocco's Attijariwafa Bank Completes Acquisition of Barclays Egypt – The North Africa Post". Northafrica Post. 2017-05-04.
  52. ↑ "National Bank of Oman to exit from Egypt in Q1 2020 – The North Africa Post". northafricapost.com. 2019-12-16.
  53. ↑ Mounir, Hossam (2025-02-16). "Sustainability, Green Finance Among Key Strategic Pillars of Abu Dhabi Commercial Bank – Egypt: CEO". Daily News Egypt.
  54. ↑ Mounir, Hossam (2023-05-22). "NBG sells its headquarters, continues to liquidate assets as it bids farewell to Egypt". Daily News Egypt.
  55. ↑ Mounir, Hossam (2022-06-11). "Legal merger between FAB and Audi – Egypt concludes". Daily News Egypt.
  56. ↑ "Bahrain's Arab Banking Corporation buys BLOM Egypt". Arab News. 2021-01-18.
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