The Central Bank of Egypt (CBE) was established in 1961 as the country’s central monetary authority. In addition to regulating banks in Egypt, the other functions of the country’s central bank include:
Formulating and implementing domestic banking policy, monetary policy, and credit policy
Managing the country’s foreign exchange and gold reserves
Supervising the national payment systems
Managing the country’s public and private debts
According to Moody’s (1/2021), the Egyptian banking system is stable, as Egypt’s banking system balances profitability and loan book pressures against sound liquidity and a stable government credit profile. It foresees a modest economic growth of 2.4% in 2021.
Moody’s attributed its growth forecast to the slowdown in the industrial production and tourism sectors due to the COVID-19 pandemic. However, it saw that “economic and fiscal reforms will cushion the blow and support a stronger 5% GDP growth in 2022.”
For anyone considering a banking career in Egypt, this list of top banks in Egypt is a helpful guide on where to start. To learn more, see our list of financial institutions.
The Top Banks in Egypt Include:
Established in 2006, Credit Agricole provides retail, corporate, and investment banking services. The bank operates through various segments: Investment, Retail, and Asset and Liability Management. Based in Cairo, it is a subsidiary of the Crédit Agricole Group. It employs around 2,500 people and oversees 83 branches.
Net income: EGP 1.37 billion (2020)
Total assets: EGP 54.7 billion (3/2021)
HSBC Bank Egypt
Incorporated in 1982, HSBC Bank Egypt is a subsidiary of HSBC Holdings Plc. In 2001, it changed its name to HSBC Bank Egypt S.A.E. from Egyptian British Bank. The bank conducts its operations through Small, Medium, and Large Enterprises, Investment, Individuals, and Other Activities segments. It manages 60 branches and seven small units. Based in Cairo, it employs around 1,600 individuals.
Net income: EGP 5.71 billion (2019)
Total assets: EGP 105.4 billion (2019)
Bank of Alexandria
Founded in 1957, Bank of Alexandria operates as a subsidiary of Intesa Sanpaolo S.P.A. Headquartered in Cairo, the bank employs around 4,200 staff and manages 211 branches in Egypt.
Net income: EGP 2.49 billion (2020)
Total assets: EGP 103.9 billion (3/2021)
Qatar National Bank (QNB)
Qatar National Bank is a subsidiary of Qatar National Bank (Q.P.S.C.). Established in 1978, the bank operates through four segments – Corporate, Investments, Individuals, and Other Businesses.
QNB oversees a network of 231 branches and 450+ ATMs and 17,000+ POS machines across the country. It employs around 6,700 individuals and serves around 970,000 clients.
Net income: EGP 7.49 billion (2020)
Total assets: EGP 305.2 billion (3/2021)
Commercial International Bank
Incorporated in 1975, Commercial International Bank is one of the main private sector banks in Egypt. The bank provides retail, corporate, and investment banking services in the country. It carries on its operations through four segments – Corporate Banking, Investment Banking, Retail Banking, and Others. Based in Giza, it operates 182 branches and employs around 7,100 individuals.
In 1987, the financial services company, formerly known as Chase National Bank of Egypt, changed its name to Commercial International Bank (Egypt) S.A.E.
Net income: EGP 10.2 billion (2020)
Total assets: EGP 447.7 billion (3/2021)
National Bank of Egypt
Established in 1898, the National Bank of Egypt is the oldest of banks in Egypt. The bank offers retail, corporate, and investment banking services. With around 16,200 employees, it is headquartered in Cairo. It oversees 413 branches and 3,823 ATMs across the country. It also maintains branches in New York and Shanghai, as well as representative offices in Johannesburg, Dubai, and Addis Ababa.
In 2016, the bank posted total assets of US$63.20 billion and a net profit of US$595 million.
Net income: EGP 20.21 billion (2019)
Total assets: EGP 1.6 trillion (2019)
Arab Banking Corporation
Arab Banking Corporation was formerly known as Egypt Arab African Bank (S.A.E). Founded in 1982, the bank is responsible for issuing and managing savings certificates for the government. It operates 28 branches and 94 ATMs in the country. Based in Cairo, it employs around 570 staff.
Net income: EGP 218.3 million (2018)
Total assets: EGP 14.42 billion (2018)
Banque du Caire
Based in Cairo, Banque de Caire operates as a subsidiary of Banque Misr and offers retail and commercial banking services in the country. Incorporated in 1952, the bank oversees 150 branches in the country. As it operates as a subsidiary, assets and revenue details are unavailable.
Net income: EGP 2.21 billion (2016)
Total assets: EGP 131.3 billion (2016)
Founded in 1978, Bank Audi operates as a subsidiary of Bank Audi S.A.L. Formerly known as Cairo Far East Bank SAE, the bank changed its name to Bank Audi SAE in 2008, following its acquisition by Bank Audi SAL Audi Saradar Group. It manages a network of 45 branches and 128 ATMs located throughout Egypt.
As of 2016, the bank’s total assets amounted to US$36.39 million and net profit reached US$1.24 million.
This has been CFI’s guide to the top banks in Egypt. For anyone looking for a career in banking, this list is a great place to start your networking. You may also want to consider CFI’s Financial Modeling and Valuation Analyst (FMVA)® designation to boost your resume and career path!