Banque Misr

Banque Misr (Arabic: 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 nationalized the bank in 1960. The bank has branch offices in all of Egypt's governorates, and currency exchange and work permit offices for foreign workers in Egypt.

Banque Misr S.A.E.
بنك مصر ش.م.م.
TypeGovernment-owned corporation
IndustryBanking and financial services
Founded13 April 1920; 101 years ago (1920-04-13)
FounderJoseph Cattaui, Talaat Harb
Headquarters,
Number of locations
590
Key people
Mohamed Mahmoud Eletreby (CEO and Chairman)
Services
[1]
  • IncreaseEGP 1.161 Billion (2013)
  • EGP 709 million (2012)
Total assets
  • IncreaseEGP 218.2 Billion (2013)
  • EGP 187.8 Billion (2012)
Websitewww.banquemisr.com
For Egypt's central bank, please see Central Bank of Egypt

HistoryEdit

Joseph Cattaui and Talaat Harb co-founded Banque Misr in 1920.[2] 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 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 Bank Misr established its first foreign subsidiary, Banque Misr-La France, to serve Egyptian tourists to France. 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.

 
Talaat Harb and Medhat Yakan at the opening of a new branch of Banque Misr in 1935.

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.

Misr established Misr American International Bank (MAIB) with Bank of America.
Misr established Misr Exterior Bank in a joint venture with Banco Exterior de España.

ReferencesEdit

  1. ^ ar: youm7.com: بنك مصر يحقق أعلى أرباح في تاريخه بـ3.383 مليار جنيه
  2. ^ Earl L. Sullivan (1 January 1986). Women in Egyptian Public Life. Syracuse University Press. p. 171. ISBN 978-0-8156-2354-0. Retrieved 6 October 2014. CS1 maint: discouraged parameter (link)

External linksEdit