Banque du Caire

Banque du Caire, or "Bank of Cairo", is a full-service bank headquartered in Cairo. The bank operates over 231 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 Kyiv, Ukraine and Harare, Zimbabwe, as well as affiliates or subsidiaries in Saudi Arabia, and Uganda. [1]

Banque du Caire
بنك القاهرة
TypePrivate-sector bank
IndustryBanking and financial services
Founded15 May 1952
HeadquartersCairo, Egypt
Key people
Tarek Fayed, Chairman & Chief Executive Officer
ProductsFinancial services, consumer banking, investment banking, corporate banking, SME banking, global transaction banking, financial institutions
2.5 Million EGP
Websitewww.bdc.com.eg

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.[2]

The government of Egypt owns Banque du Caire; however, it is considering privatizing the bank. It is Egypt's third-largest state-owned bank.[3]

HistoryEdit

  • 1952 — Several wealthy families, chief among them, the Egyptian Jewish Cattaui dynasty, and the wealthy Jewish banking Sassoon family from Aleppo established Banque du Caire (BC) as a private bank.
  • 1954 — BC established a branch in Jeddah.
  • 1957 — BC took over the Egyptian operations of Crédit Lyonnais and the Comptoir National d’Escompte de Paris (CNEP). which later became BNP Paribas, after the Egyptian government nationalized all French and English banks (and later all foreign banks) in the wake of the Suez crisis. The bank viewed this step as a major milestone in its growth. [1]
  • 1959 — Prior to this, BC established a branch each in Damascus, Syria, and Amman, Jordan, and later branches in Aleppo and Latakia, both in Syria.
  • 1960 — BC's branch in Amman, Jordan became the Cairo Amman Bank with BC retaining a minority position in the bank (12% in 1999.)
  • 1961 — The Egyptian government nationalized BC.
  • 1962 — Banque Misr Liban absorbed BC's branches in Lebanon.
  • 1963 — The Syrian government nationalized BC's branches there, incorporating them into Banque de l’Unité 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%.
  • 1970s — BC opened a branch at Manama in Bahrain and four in the UAE, at Abu Dhabi, Dubai, 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 Alexandria, National Bank of Egypt, Banque Misr and Kato Aromatics to found Cairo International Bank in Uganda.
  • 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 Kyiv in the Ukraine and Harare in Zimbabwe. 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 Bank) in Jordan, with Banque Misr taking over its shares.
  • 2009 — Five shares of BDC are sold to Misr Investment Company, and another five to Egypt-Abu Dhabi Real Estate Investment Company.
  • 2010 — All shares owned by Banque Misr are transferred to Misr Investment Company.
  • 2018 — Launches a new leasing business under the name Cairo Leasing Corporation (CLC).
  • 2019 — The Central Bank of the United Arab Emirates approved establishment of a BC branch office in the UAE.

ReferencesEdit

  1. ^ Activity of Banque du Caire Archived July 26, 2009, at the Wayback Machine
  2. ^ Banque du Caire's Financial Statements 2005 Archived October 23, 2006, at the Wayback Machine
  3. ^ "Egypt is making renewed efforts to reform its economy". The Economist. 14 September 2017. Retrieved 16 September 2017. CS1 maint: discouraged parameter (link)

External linksEdit