Suez Canal Bank ( ar, بنك قناة السويس) is an
Egyptian bank, established as a
joint-stock company
A joint-stock company is a business entity in which shares of the company's capital stock, stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their share (finance), shares (certificates ...
in 1978 according to Law No. 43 (
Infitah) in 1974. It is one of the oldest banks in the Egyptian private sector. The bank provides
financial services
Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...
to individual and corporate clients in Egypt and at its branch in
Tripoli
Tripoli or Tripolis may refer to:
Cities and other geographic units Greece
*Tripoli, Greece, the capital of Arcadia, Greece
*Tripolis (region of Arcadia), a district in ancient Arcadia, Greece
* Tripolis (Larisaia), an ancient Greek city in t ...
,
Libya. The bank’s capital is
£E2 billion, and it registered a profit of £E195 million at the end of 2015.
Shareholders
*
Arab International Bank (41.48%)
*
Libyan Foreign Bank
Libyan Foreign Bank (LFB) was established in 1972 in Tripoli, Libya as Libyan Arab Foreign Bank; it was renamed Libyan Foreign Bank in 2005. It was Libya's first offshore banking institution licensed to operate internationally. The Central Bank of ...
(27.21%)
*
Suez Canal Authority Employee Pension Fund (10.11%)
* Arab Financial Investments Company (2.50%)
* Open circulation on the
Egyptian Exchange (18.20%)
History
The Suez Canal Bank was founded in 1978 in
Ismailia, a city in eastern Egypt, with
authorized capital
The authorised capital of a company sometimes referred to as the authorised share capital, registered capital or nominal capital, particularly in the United States) is the maximum amount of share capital that the company is authorised by its con ...
of £E10 million and
paid-in capital of £E2.5 million. In 1982, the company offered its
initial public offering on the Egyptian Exchange. The company opened an
Islamic banking
Islamic banking, Islamic finance ( ar, مصرفية إسلامية), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economic ...
branch in
Dokki
Dokki ( ar, الدقي , is one of nine districts that make up Giza city, which is part of Greater Cairo, in Egypt. Dokki is situated on the western bank of the Nile, directly across from Downtown Cairo. It is a vital residential and comme ...
in 1983. In 1998, the company was upgraded to £E500 million of authorized and £E100 million of paid-in capital. The first foreign branch was opened in Tripoli in 2002. In 2007, capital was raised once more, to £E2 billion authorized and £E1 billion paid-in.
Services
The bank provides its services and financial products to individual and corporate clients through 34 branches in Egypt and Tripoli. Offerings include
investment banking
Investment banking pertains to certain activities of a financial services company or a corporate division that consist in advisory-based financial transactions on behalf of individuals, corporations, and governments. Traditionally associated wit ...
,
trade finance,
credit cards,
financial services
Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...
, and Islamic banking.
See also
*
List of banks in Egypt
List of banks in Egypt shows a list format description of the banks currently, or at some recent time, existing within Egypt
Banks Registered with the Central Bank of Egypt
# National Bank of Egypt
# Banque Misr
# Banque du Caire
# The Unite ...
References
{{reflist
Egyptian brands
Banks of Egypt
Egyptian companies established in 1978
Companies listed on the Egyptian Exchange