Banque Misr ( ar, بنك مصر) is an Egyptian bank co-founded by industrialist
Joseph Aslan Cattaui Pasha and economist
Talaat Harb Pasha in 1920. The government of the
United Arab Republic
The United Arab Republic (UAR; ar, الجمهورية العربية المتحدة, al-Jumhūrīyah al-'Arabīyah al-Muttaḥidah) was a sovereign state in the Middle East from 1958 until 1971. It was initially a political union between Eg ...
nationalized the bank in 1960. The bank has
branch offices in all of Egypt's
governorates, and
currency exchange
A bureau de change (plural bureaux de change, both ) (British English) or currency exchange (American English) is a business where people can exchange one currency for another.
Nomenclature
Although originally French, the term "bureau de chan ...
and
work permit offices for
foreign worker
Foreign workers or guest workers are people who work in a country other than one of which they are a citizen. Some foreign workers use a guest worker program in a country with more preferred job prospects than in their home country. Guest worke ...
s in
Egypt
Egypt ( ar, مصر , ), officially the Arab Republic of Egypt, is a List of transcontinental countries, transcontinental country spanning the North Africa, northeast corner of Africa and Western Asia, southwest corner of Asia via a land bridg ...
.
History
The idea of a national bank of Egypt dates to at least the days of
Muhammad Ali
Muhammad Ali (; born Cassius Marcellus Clay Jr.; January 17, 1942 – June 3, 2016) was an American professional boxer and activist. Nicknamed "The Greatest", he is regarded as one of the most significant sports figures of the 20th century, ...
, who ordered the establishment of a bank with 700,000 riyals shortly before he became ill and died.
Amin Shumayyil wrote an article in favor of the idea in April 26, 1879 in the newspaper Al-Tijara; although a number of Egyptian dignitaries met to discuss the project, the conflict between the
Khedive
Khedive (, ota, خدیو, hıdiv; ar, خديوي, khudaywī) was an honorific title of Persian origin used for the sultans and grand viziers of the Ottoman Empire, but most famously for the viceroy of Egypt from 1805 to 1914.Adam Mestyan"K ...
Isma'il Pasha
Isma'il Pasha ( ar, إسماعيل باشا ; 12 January 1830 – 2 March 1895), was the Khedive of Egypt and conqueror of Sudan from 1863 to 1879, when he was removed at the behest of Great Britain. Sharing the ambitious outlook of his grand ...
and the National Assembly and subsequent
ʻUrabi revolt
The ʻUrabi revolt, also known as the ʻUrabi Revolution ( ar, الثورة العرابية), was a nationalist uprising in Egypt from 1879 to 1882. It was led by and named for Colonel Ahmed ʻUrabi (also spelled Orabi and Arabi) and sought to d ...
doomed the idea this time. Revolt leader
Ahmed ʻUrabi
Ahmed ʻUrabi (; Arabic: ; 31 March 1841 – 21 September 1911), also known as Ahmed Ourabi or Orabi Pasha, was an officer of the Egyptian army. The first political and military leader in Egypt to rise from the ''fellahin'', ʻUrabi participate ...
’s friend
Wilfrid Scawen Blunt reports in his memoirs that Urabi had envisioned a “credit bank” for farmers.
Omar Lotfi Bey, a member of the
Watani Party
The Watani Party ("National Party", ar, ﺍﻟﺤﺰﺐ ﺍﻟﻮﻃﻨﻲ, ''al-Ḥizb al-Waṭanī'') was a nationalist political party in Egypt.
Founded as political movement in 1895, the Watani was led by Mustafa Kamil Pasha, a Francophile ...
and Vice-President of the School of Law (now part of
Cairo University
Cairo University ( ar, جامعة القاهرة, Jāmi‘a al-Qāhira), also known as the Egyptian University from 1908 to 1940, and King Fuad I University and Fu'ād al-Awwal University from 1940 to 1952, is Egypt's premier public university ...
) revived the idea in lectures at the Universities’ Club beginning on November 1, 1908, but his suggestions of using
German
German(s) may refer to:
* Germany (of or related to)
**Germania (historical use)
* Germans, citizens of Germany, people of German ancestry, or native speakers of the German language
** For citizens of Germany, see also German nationality law
**Ge ...
and
Italian assistance and credit were politically controversial.
Joseph Cattaui and
Talaat Harb co-founded Banque Misr in 1920. Talaat had published books in 1907 and 1911 calling for the founding of a national bank with Egyptian financing. (The
National Bank of Egypt was British-owned, and all the other banks in Egypt were owned by foreigners.) Harb modeled Bank Misr's operations on those of
Deutsche Orientbank with which he was familiar due to his friendship with the owner of a
Sephardi
Sephardic (or Sephardi) Jews (, ; lad, Djudíos Sefardíes), also ''Sepharadim'' , Modern Hebrew: ''Sfaradim'', Tiberian: Səp̄āraddîm, also , ''Ye'hude Sepharad'', lit. "The Jews of Spain", es, Judíos sefardíes (or ), pt, Judeus sefa ...
Jewish bank,
Banque Suarès. Harb established Banque Misr and its companies on the basis of certain concepts: all its dealings were in Arabic, Egyptians operated the bank, and the bank restricted share ownership to Egyptian citizens. Misr's Board of Directors included a number of Sephardic Jews and a
Coptic Christian.
In 1926-1927 Banque Misr established its first foreign subsidiary, Banque Misr-France, to serve Egyptian tourists to France. Its Paris office was on 101-103
rue des Petits-Champs
Rue des Petits-Champs is a street which runs through the 1st and 2nd arrondissement of Paris, France.
Location
This one-way street, running east-west, is located between rue de la Banque and Avenue de l'Opera.
History
It was officially cr ...
, now 33-35
rue Danielle Casanova, with registered address across the block on 24
Place Vendôme
The Place Vendôme (), earlier known as Place Louis-le-Grand, and also as Place Internationale, is a square in the 1st arrondissement of Paris, France, located to the north of the Tuileries Gardens and east of the Église de la Madeleine. It i ...
. Four years later, Bank Misr joined with Banque Essadine, in Lebanon, to form the joint-venture Banque Misr-Syrie-Liban. This bank then absorbed Banque Ezzeddine & Adib (Izz al-Din) in
Tripoli.
Banque Misr failed in 1939, but was then reorganized.
In 1960
Gamal Nasser nationalised all banks in Egypt, foreign and domestic, including the four largest domestic banks —
National Bank of Egypt, Banque Misr,
Bank of Alexandria and
Banque du Caire. The next year, Syria nationalized all banks operating in the country, including Banque Misr's operations there.
* 1963 In Libya, Banque Misr created Nahda Arabian Bank to hold its branches there.
* 1971 Banque Misr absorbed
Banque de Port-Said. Banque de Port-Said had been created in 1960 to hold the Egyptian operations of several foreign bank, including
Ionian Bank,
Ottoman Bank
The Ottoman Bank ( tr, Osmanlı Bankası), known from 1863 to 1925 as the Imperial Ottoman Bank (french: Banque Impériale Ottomane, ota, بانق عثمانی شاهانه) and correspondingly referred to by its French acronym BIO, was a bank ...
,
Banque Belge et Internationale en Egypte and
Bank of Tokyo
was a Japanese foreign exchange bank that operated from 1946 to 1996. In January 1996, it merged with Mitsubishi Bank to form The Bank of Tokyo-Mitsubishi (now MUFG Bank). Its headquarters was in the Nihonbashi district of Tokyo, adjacent to the ...
.
* 1975 Liberalization of foreign entry led several Egyptian banks to establish joint venture banks with foreign banks.
* 1976 Banque Misr established Misr International Bank (MIBank) with Banque Misr owning 44%,
First Chicago 20%, Europartners 10.5%,
UBAF Bank 8.5%,
Banco di Roma 7.375%, and Mitsui Bank 2.625%.
: Misr established Misr American International Bank (MAIB) with
Bank of America
The Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina. The bank ...
.
: Misr established Misr Exterior Bank in a joint venture with
Banco Exterior de España.
* 1977 Bank MISR established Misr Romanian Bank, together with a number of
Romania
Romania ( ; ro, România ) is a country located at the crossroads of Central Europe, Central, Eastern Europe, Eastern, and Southeast Europe, Southeastern Europe. It borders Bulgaria to the south, Ukraine to the north, Hungary to the west, S ...
n banks. Misr initially owned 51%, with Banca Romana de Comert Exterior owning 19%, and other Romanian banks such as Banca Agricola and Banca Comerciala Romana owning the rest.
* 1988
Banque de Caire took a 17% in MIBank, and Misr took over First Chicago's 20% stake.
* 1995 Banque Misr joined with
Bank of Alexandria,
National Bank of Egypt,
Banque du Caire and Kato Aromatics to found
Cairo International Bank in
Uganda
}), is a landlocked country in East Africa. The country is bordered to the east by Kenya, to the north by South Sudan, to the west by the Democratic Republic of the Congo, to the south-west by Rwanda, and to the south by Tanzania. The ...
.
* 1996 MIBank sold 10% of its shares to the Egyptian public in an
initial public offering
An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investme ...
. The remaining shareholders were Misr with some 55%,
Banca di Roma International (10%),
British Arab Commercial Bank
The British Arab Commercial Bank PLC (BACB) is an international wholesale bank incorporated in the United Kingdom that is authorised by the Prudential Regulation Authority (PRA) and regulated by the PRA and the Financial Conduct Authority (FCA) ...
(8.5%),
Commerzbank
Commerzbank AG () is a major German bank operating as a universal bank, headquartered in Frankfurt am Main. In the 2019 financial year, the bank was the second largest in Germany by the total value of its balance sheet. Founded in 1870 in Hambur ...
and
Banco Central Hispano Americano (jointly 7.875%) and
Sakura Bank
was a Japanese bank based in Tokyo and Kobe. It was formed in April 1990 as the Mitsui Taiyo Kobe Bank (MTKB) by the merger of Mitsui Bank (founded 1876) and Taiyo Kobe Bank (founded 1973). The Sakura Bank name was adopted in April 1992.
Histor ...
(2.625%).
* 2004 Banque Misr merged in Misr Exterior Bank.
* 2005 National Société Générale Bank (NSGB), a joint venture between
National Bank of Egypt and
France
France (), officially the French Republic ( ), is a country primarily located in Western Europe. It also comprises of Overseas France, overseas regions and territories in the Americas and the Atlantic Ocean, Atlantic, Pacific Ocean, Pac ...
's
Société Générale
Société Générale S.A. (), colloquially known in English as SocGen (), is a French-based multinational financial services company founded in 1864, registered in downtown Paris and headquartered nearby in La Défense.
Société Générale ...
, acquired a majority stake in Misr International Bank (MIBank), making NSGB Egypt's biggest private sector bank. Arab African International Bank (AAIB) acquired Misr America International Bank (MAIB). Lebanon's
Blom Bank
BLOM BANK ( French: Banque du Liban et D’Outre Mer; Arabic: بنك لبنان والمهجر) is a Lebanese bank established in 1951 and has been frequently selected as the Best Bank in Lebanon by the most recognized regional and international ...
increased its stake in Romanian-Egyptian joint venture Misr Romania Bank to 97% by purchasing an 84% stake.
Services
Investment finance
The General Investment Funds Administration was founded in 1994 to expand the bank’s offerings with an eye toward flexibility and low costs. Banque Misr manages individual, corporate, and institutional investments both on the long and short terms. Eight investments funds are offered, each with their own investment strategy, earning a regional prize two years in a row.
* First Fund
* Second Fund (growth capital)
* Third Fund (cumulative return and periodic distribution)
* Fourth Fund (by
sharia
Sharia (; ar, شريعة, sharīʿa ) is a body of religious law that forms a part of the Islamic tradition. It is derived from the religious precepts of Islam and is based on the sacred scriptures of Islam, particularly the Quran and the H ...
with the help of Al-Hosn Fund)
* Omar Fund (accumulative investment with life insurance and capital guarantee)
Venture capital
* Establishes projects on behalf of clients, obtains official approvals and licenses, prepares incorporation contracts as well as articles of association and by-laws, takes the month-long procedure, publishes and registers
* Organizes underwriting for new projects
* Builds the share capital of existing companies, ends their procedures, and issues
certificates of deposit
* Issues
bonds for corporations and organizations
*
Liquidates companies and handles related financial, legal, and tax procedures
* Registers companies’ shares as a
custodian bank
A custodian bank, or simply custodian, is a specialized financial institution responsible for providing securities services. It safeguards assets of asset managers, insurance companies, hedge funds, and is not engaged in "traditional" commercial ...
* Appraising companies’ assets and extracting their fair share price with specialized expert offices
Real estate
* Buying and selling real estate and farmland on behalf of clients
* Auctioning off all kinds of real estate
* Brokering residential and administrative properties for clients
* Promoting industrial and tourist projects, residential and administrative units, villas, resorts, and amusement parks, along with conventional direct buyer-seller transactions
Portfolio management
* Providing technical advice and expertise to help establish projects
* Paying periodic obligations on clients’ behalf to government agencies and creditors
* Liquidating
inheritance
Inheritance is the practice of receiving private property, titles, debts, entitlements, privileges, rights, and obligations upon the death of an individual. The rules of inheritance differ among societies and have changed over time. Of ...
s in Egypt and abroad and dividing among the heirs
Other services
* Preparing economic feasibility studies for clients’ project in specialized expert offices
* Preparing for exhibitions, seminars, and national and international conferences
* Other non-traditional services
Telephone banking
Banque Misr provides
telephone banking over the number 19888, with complete confidentiality using a passcode and a serial number for each account; supplying these yields the balance and the last five transactions.
Banque Misr Wallet
In March 2017, Banque Misr launched its
online banking
Online banking, also known as internet banking, web banking or home banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial ins ...
services for electronic payment over a
mobile phone
A mobile phone, cellular phone, cell phone, cellphone, handphone, hand phone or pocket phone, sometimes shortened to simply mobile, cell, or just phone, is a portable telephone that can make and receive calls over a radio frequency link whi ...
. The Wallet can be used to deposit and withdraw money in accounts, transfer from one enabled account to another, pay utility bills, charge companies’ balance, donate, pay fines, receive
wire transfer
Wire transfer, bank transfer, or credit transfer, is a method of electronic funds transfer from one person or entity to another. A wire transfer can be made from one bank account to another bank account, or through a transfer of cash at a cash ...
s, and pay for purchases from approved merchants.
Areas served
* Boasting a unique global presence, Banque Misr has pioneered the latest banking innovations nationally and includes one of the largest computer centers in the
Middle East
The Middle East ( ar, الشرق الأوسط, ISO 233: ) is a geopolitical region commonly encompassing Arabian Peninsula, Arabia (including the Arabian Peninsula and Bahrain), Anatolia, Asia Minor (Asian part of Turkey except Hatay Pro ...
linking its 626 branches and 2,516
ATMs throughout the country. From 2005 to 2009, the company built its network between branches. By the end of this timeframe, the company had 32 affiliated Islamic banking branches. The largest
credit card
A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the ...
issuer in Egypt, it is also the first bank in the country to provide
contactless payment.
*
United Arab Emirates
The United Arab Emirates (UAE; ar, اَلْإِمَارَات الْعَرَبِيَة الْمُتَحِدَة ), or simply the Emirates ( ar, الِْإمَارَات ), is a country in Western Asia (Middle East, The Middle East). It is ...
: Established in 1974 as Banque du Caire, the division’s name was changed in 2008 to match the main bank. There are 5 branches in the Emirates.
*
Lebanon
Lebanon ( , ar, لُبْنَان, translit=lubnān, ), officially the Republic of Lebanon () or the Lebanese Republic, is a country in Western Asia. It is located between Syria to the north and east and Israel to the south, while Cyprus lie ...
: Banque Misr is one of the oldest banks active in Lebanon, founded in 1929, and has 18 branches throughout the country with capital of
£L100 billion.
*
France
France (), officially the French Republic ( ), is a country primarily located in Western Europe. It also comprises of Overseas France, overseas regions and territories in the Americas and the Atlantic Ocean, Atlantic, Pacific Ocean, Pac ...
*
Germany
Germany,, officially the Federal Republic of Germany, is a country in Central Europe. It is the second most populous country in Europe after Russia, and the most populous member state of the European Union. Germany is situated betwee ...
*
Saudi Arabia
Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in Western Asia. It covers the bulk of the Arabian Peninsula, and has a land area of about , making it the fifth-largest country in Asia, the second-largest in the Ara ...
: On April 6, 2021, the
Saudi Cabinet licensed Banque Misr to open a branch in the Kingdom.
References
External links
*
{{Authority control
1920 establishments in Egypt
Banks established in 1920
Banks of Egypt
Companies based in Cairo
Egyptian brands
Government-owned companies of Egypt
Government-owned banks