Banque du Caire
Encyclopedia
Banque du Caire, or "Bank of Cairo", is a full service bank
headquartered in Cairo
. The bank operates over 123 branches
in Egypt
. It has branches in Abu Dhabi
, Dubai
, Sharjah, Ras al Khaima in the United Arab Emirates and Manama
in Bahrain
, representative offices in Kiev
, Ukraine
and Harare
, Zimbabwe
, as well as affiliates or subsidiaries in Saudi Arabia
, and Uganda
.
Among the bank's significant subsidiaries are: Suez Steel
, in which the bank owns 78% of the shares. The bank has a 20% shareholding in Air Cairo
, and owns 21.8% of the United Bank of Egypt. In Uganda, Banque du Caire owns 44.4% of the shares in Cairo International Bank
, Uganda's 17th largest commercial bank based on assets.
The government of Egypt owns Banque du Caire; however, it is considering privatizing the bank.
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
headquartered in Cairo
Cairo
Cairo , is the capital of Egypt and the largest city in the Arab world and Africa, and the 16th largest metropolitan area in the world. Nicknamed "The City of a Thousand Minarets" for its preponderance of Islamic architecture, Cairo has long been a centre of the region's political and cultural life...
. The bank operates over 123 branches
Branch (banking)
A branch, banking center or financial center is a retail location where a bank, credit union, or other financial institution offers a wide array of face-to-face and automated services to its customers....
in Egypt
Egypt
Egypt , officially the Arab Republic of Egypt, Arabic: , is a country mainly in North Africa, with the Sinai Peninsula forming a land bridge in Southwest Asia. Egypt is thus a transcontinental country, and a major power in Africa, the Mediterranean Basin, the Middle East and the Muslim world...
. It has branches in Abu Dhabi
Abu Dhabi
Abu Dhabi , literally Father of Gazelle, is the capital and the second largest city of the United Arab Emirates in terms of population and the largest of the seven member emirates of the United Arab Emirates. Abu Dhabi lies on a T-shaped island jutting into the Persian Gulf from the central western...
, Dubai
Dubai
Dubai is a city and emirate in the United Arab Emirates . The emirate is located south of the Persian Gulf on the Arabian Peninsula and has the largest population with the second-largest land territory by area of all the emirates, after Abu Dhabi...
, Sharjah, Ras al Khaima in the United Arab Emirates and Manama
Manama
Manama is the capital and largest city of Bahrain, with an approximate population of 155,000 people.Long an important trading center in the Persian Gulf, Manama is home to a very diverse population...
in Bahrain
Bahrain
' , officially the Kingdom of Bahrain , is a small island state near the western shores of the Persian Gulf. It is ruled by the Al Khalifa royal family. The population in 2010 stood at 1,214,705, including 235,108 non-nationals. Formerly an emirate, Bahrain was declared a kingdom in 2002.Bahrain is...
, representative offices in Kiev
Kiev
Kiev or Kyiv is the capital and the largest city of Ukraine, located in the north central part of the country on the Dnieper River. The population as of the 2001 census was 2,611,300. However, higher numbers have been cited in the press....
, Ukraine
Ukraine
Ukraine is a country in Eastern Europe. It has an area of 603,628 km², making it the second largest contiguous country on the European continent, after Russia...
and Harare
Harare
Harare before 1982 known as Salisbury) is the largest city and capital of Zimbabwe. It has an estimated population of 1,600,000, with 2,800,000 in its metropolitan area . Administratively, Harare is an independent city equivalent to a province. It is Zimbabwe's largest city and its...
, Zimbabwe
Zimbabwe
Zimbabwe is a landlocked country located in the southern part of the African continent, between the Zambezi and Limpopo rivers. It is bordered by South Africa to the south, Botswana to the southwest, Zambia and a tip of Namibia to the northwest and Mozambique to the east. Zimbabwe has three...
, as well as affiliates or subsidiaries in Saudi Arabia
Saudi Arabia
The Kingdom of Saudi Arabia , commonly known in British English as Saudi Arabia and in Arabic as as-Sa‘ūdiyyah , is the largest state in Western Asia by land area, constituting the bulk of the Arabian Peninsula, and the second-largest in the Arab World...
, and Uganda
Uganda
Uganda , officially the Republic of Uganda, is a landlocked country in East Africa. Uganda is also known as the "Pearl of Africa". It is bordered on the east by Kenya, on the north by South Sudan, on the west by the Democratic Republic of the Congo, on the southwest by Rwanda, and on the south by...
.
Among the bank's significant subsidiaries are: Suez Steel
Suez Steel
Suez Steel is an steel company located in Adabia, Egypt. As of September 2006, Banque du Caire, which owns or owned up to 80% of Suez Steel's stock, has offered the stock for sale.The company's stock is listed on the Egypt stock exchange.-External links:*...
, in which the bank owns 78% of the shares. The bank has a 20% shareholding in Air Cairo
Air Cairo
Air Cairo is a charter airline based in Cairo, Egypt. The airline is the charter subsidiary of EgyptAir and operates inclusive tour flights to Egypt from Europe, Africa and Asia....
, and owns 21.8% of the United Bank of Egypt. In Uganda, Banque du Caire owns 44.4% of the shares in Cairo International Bank
Cairo International Bank
Cairo International Bank is a commercial bank in Uganda. It is one of the twenty-two banks licensed by Bank of Uganda, the national banking regulator.-Overview:...
, Uganda's 17th largest commercial bank based on assets.
The government of Egypt owns Banque du Caire; however, it is considering privatizing the bank.
History
- 1952 Several wealthy families established Banque du Caire (BC) as a private bank.
- 1954 BC established a branch in JeddahJeddahJeddah, Jiddah, Jidda, or Jedda is a city located on the coast of the Red Sea and is the major urban center of western Saudi Arabia. It is the largest city in Makkah Province, the largest sea port on the Red Sea, and the second largest city in Saudi Arabia after the capital city, Riyadh. The...
. - 1957 BC took over the Egyptian operations of Crédit LyonnaisCrédit LyonnaisCrédit Lyonnais is a historic French bank. In the early 1990s it was the largest French bank, majority state-owned at that point. Crédit Lyonnais was the subject of poor management during that period which almost led to its bankruptcy in 1993...
and the Comptoir National d’Escompte de Paris (CNEP). which later became BNP ParibasBNP ParibasBNP Paribas S.A. is a global banking group, headquartered in Paris, with its second global headquarters in London. In October 2010 BNP Paribas was ranked by Bloomberg and Forbes as the largest bank and largest company in the world by assets with over $3.1 trillion. It was formed through the merger...
, after the Egyptian government nationalized all French and English banks (and later all foreign banks) in the wake of the Suez crisisSuez CrisisThe Suez Crisis, also referred to as the Tripartite Aggression, Suez War was an offensive war fought by France, the United Kingdom, and Israel against Egypt beginning on 29 October 1956. Less than a day after Israel invaded Egypt, Britain and France issued a joint ultimatum to Egypt and Israel,...
. The bank viewed this step as a major milestone in its growth. http://www.bdc.com.eg/about/html/bdc04.htm - Prior to 1959 BC established a branch each in DamascusDamascusDamascus , commonly known in Syria as Al Sham , and as the City of Jasmine , is the capital and the second largest city of Syria after Aleppo, both are part of the country's 14 governorates. In addition to being one of the oldest continuously inhabited cities in the world, Damascus is a major...
, SyriaSyriaSyria , officially the Syrian Arab Republic , is a country in Western Asia, bordering Lebanon and the Mediterranean Sea to the West, Turkey to the north, Iraq to the east, Jordan to the south, and Israel to the southwest....
, and AmmanAmmanAmman is the capital of Jordan. It is the country's political, cultural and commercial centre and one of the oldest continuously inhabited cities in the world. The Greater Amman area has a population of 2,842,629 as of 2010. The population of Amman is expected to jump from 2.8 million to almost...
, JordanJordanJordan , officially the Hashemite Kingdom of Jordan , Al-Mamlaka al-Urduniyya al-Hashemiyya) is a kingdom on the East Bank of the River Jordan. The country borders Saudi Arabia to the east and south-east, Iraq to the north-east, Syria to the north and the West Bank and Israel to the west, sharing...
, and later branches in AleppoAleppoAleppo is the largest city in Syria and the capital of Aleppo Governorate, the most populous Syrian governorate. With an official population of 2,301,570 , expanding to over 2.5 million in the metropolitan area, it is also one of the largest cities in the Levant...
and LatakiaLatakiaLatakia, or Latakiyah , is the principal port city of Syria, as well as the capital of the Latakia Governorate. In addition to serving as a port, the city is a manufacturing center for surrounding agricultural towns and villages...
, both in Syria. - 1960 BC’s branch in Amman, Jordan becaome the Cairo Amman BankCairo Amman BankThe Cairo Amman Bank is a full service bank in Jordan and the Palestinian territories, with headoffice in Amman. The headoffice for the Palestinian territories is in Ramallah. The bank operates about 70 branches and offices in Jordan and 21 in the Palestinian territories. CAB currently ranks 6th...
with BC retaining a minority position in the bank (12% in 1999.) - 1961 The Egyptian government nationalized BC.
- 1962 Banque MisrBanque MisrBanque Misr is an Egyptian bank founded by industrialist Talaat Pasha Harb in 1920.- Operations :The bank has branch offices in all of Egypt's governorates, and currency exchange and work permit offices for overseas workers in Egypt.Related organizations: Banque Misr presents long lists of its...
Liban absorbed BC’s branches in LebanonLebanonLebanon , officially the Republic of LebanonRepublic of Lebanon is the most common term used by Lebanese government agencies. The term Lebanese Republic, a literal translation of the official Arabic and French names that is not used in today's world. Arabic is the most common language spoken among...
. - 1963 The Syrian government nationalized BC’s branches there, incorporating them into Banque de l’Unite Arabe (Bank of Arab Unity; est. 1961).
- 1964 BC absorbed Banque de l’Union Commerciale (ex Credit Orient).
- 1975 BC contributed its five branches in Saudi Arabia to Saudi Cairo Bank for a 40% share, pursuant to Saudi Arabia’s nostrification program. That same year, BC (51%) joined with Barclays Bank (49%) to form Cairo Barclays International Bank.
- 1977 BC joined with Banque Nationale de Paris (a successor to CNEP) to form Banque du Caire et de Paris.
- 1978 BC joined with several Korean banks and other investors to found Cairo Far East Bank. Korean Exchange Bank was the largest shareholder with 32% and other Korean banks held 17%. BC owns 19%.
- In the 1970s, BC opened a branch at ManamaManamaManama is the capital and largest city of Bahrain, with an approximate population of 155,000 people.Long an important trading center in the Persian Gulf, Manama is home to a very diverse population...
in BahrainBahrain' , officially the Kingdom of Bahrain , is a small island state near the western shores of the Persian Gulf. It is ruled by the Al Khalifa royal family. The population in 2010 stood at 1,214,705, including 235,108 non-nationals. Formerly an emirate, Bahrain was declared a kingdom in 2002.Bahrain is...
and four in the UAE, at Abu DhabiAbu DhabiAbu Dhabi , literally Father of Gazelle, is the capital and the second largest city of the United Arab Emirates in terms of population and the largest of the seven member emirates of the United Arab Emirates. Abu Dhabi lies on a T-shaped island jutting into the Persian Gulf from the central western...
, DubaiDubaiDubai is a city and emirate in the United Arab Emirates . The emirate is located south of the Persian Gulf on the Arabian Peninsula and has the largest population with the second-largest land territory by area of all the emirates, after Abu Dhabi...
, SharjahSharjah (city)Sharjah is the third largest and most populous city in the United Arab Emirates. It is located along the southern coast of the Persian Gulf on the Arabian Peninsula.Sharjah is the seat of government of the emirate of Sharjah...
, and Ras-al-Khaimah. - 1983 Cairo Barclays International Bank changed its name to Banque du Caire Barclays International.
- 1988 Saudi Cairo Bank required recapitalization following difficulties, including earlier unauthorized speculation in precious metals by senior management. BC’s share position fell to 20%.
- 1995 BC joined with Bank of AlexandriaBank of AlexandriaThe Bank of Alexandria is one of the largest banks in Egypt. It has a market share of almost 7% and had assets of 5.2 billion euros as of June 30, 2006. Intesa Sanpaolo is the major shareholder in the bank. It holds 70.25% of the bank shares, IFC holds 9.75% and the Egyptian Government holds 20%...
, National Bank of EgyptNational Bank of Egypt- in arabic National Bank of Egypt is the oldest and largest bank in Egypt, and has 405 branches within the country, including 131 in Cairo. It has assets of L.E. 185.3 bn., total deposits of L.E. 155.2 bn., and total loans and advances of L.E. 83 bn...
, Banque MisrBanque MisrBanque Misr is an Egyptian bank founded by industrialist Talaat Pasha Harb in 1920.- Operations :The bank has branch offices in all of Egypt's governorates, and currency exchange and work permit offices for overseas workers in Egypt.Related organizations: Banque Misr presents long lists of its...
and Kato Aromatics to found Cairo International BankCairo International BankCairo International Bank is a commercial bank in Uganda. It is one of the twenty-two banks licensed by Bank of Uganda, the national banking regulator.-Overview:...
in UgandaUgandaUganda , officially the Republic of Uganda, is a landlocked country in East Africa. Uganda is also known as the "Pearl of Africa". It is bordered on the east by Kenya, on the north by South Sudan, on the west by the Democratic Republic of the Congo, on the southwest by Rwanda, and on the south by...
. - 1997 Saudi Cairo Bank merged with United Saudi Commercial Bank to form United Saudi Bank. BC’s share position fell to 9.8%.
- 1999 Ownership of Banque du Caire et de Paris became BNP 76% and BC 22%. United Saudi Bank merged into Saudi American Bank. BC established representative offices at KievKievKiev or Kyiv is the capital and the largest city of Ukraine, located in the north central part of the country on the Dnieper River. The population as of the 2001 census was 2,611,300. However, higher numbers have been cited in the press....
in the UkraineUkraineUkraine is a country in Eastern Europe. It has an area of 603,628 km², making it the second largest contiguous country on the European continent, after Russia...
and HarareHarareHarare before 1982 known as Salisbury) is the largest city and capital of Zimbabwe. It has an estimated population of 1,600,000, with 2,800,000 in its metropolitan area . Administratively, Harare is an independent city equivalent to a province. It is Zimbabwe's largest city and its...
in ZimbabweZimbabweZimbabwe is a landlocked country located in the southern part of the African continent, between the Zambezi and Limpopo rivers. It is bordered by South Africa to the south, Botswana to the southwest, Zambia and a tip of Namibia to the northwest and Mozambique to the east. Zimbabwe has three...
. Barclays increased its stake in Banque du Caire Barclays International to 60% by buying an additional 11% from Banque du Caire. - 2000: Barclays bought out Banque du Caire’s stake in Banque du Caire Barclays International.
- 2007: BC essentially withdrew from its ownership of (Cairo Amman BankCairo Amman BankThe Cairo Amman Bank is a full service bank in Jordan and the Palestinian territories, with headoffice in Amman. The headoffice for the Palestinian territories is in Ramallah. The bank operates about 70 branches and offices in Jordan and 21 in the Palestinian territories. CAB currently ranks 6th...
) in JordanJordanJordan , officially the Hashemite Kingdom of Jordan , Al-Mamlaka al-Urduniyya al-Hashemiyya) is a kingdom on the East Bank of the River Jordan. The country borders Saudi Arabia to the east and south-east, Iraq to the north-east, Syria to the north and the West Bank and Israel to the west, sharing...
, with Banque MisrBanque MisrBanque Misr is an Egyptian bank founded by industrialist Talaat Pasha Harb in 1920.- Operations :The bank has branch offices in all of Egypt's governorates, and currency exchange and work permit offices for overseas workers in Egypt.Related organizations: Banque Misr presents long lists of its...
taking over its shares.