Banque Misr

Banque Misr S.A.E.
بنك مصر ش.م.م.

Banking and financial services
Founded	13 April 1920; 104 years ago (1920-04-13)
Founders	Joseph Cattaui Talaat Harb
Headquarters	Cairo , Egypt
Number of locations	590
Key people	Mohamed Mahmoud Eletreby (CEO and Chairman)
Services	Financing
Operating income	£E 3.383 Billion (2013) £E 2.426 Billion (2012) [1]
Net income	£E 1.161 Billion (2013) £E 709 million (2012)
Total assets	£E 218.2 Billion (2013) £E 187.8 Billion (2012)
Number of employees	20,000 (2022)
Website	www.banquemisr.com

Banque Misr (

The idea of a national bank of Egypt dates to at least the days of

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, now 33-35 rue Danielle Casanova, with registered address across the block on 24 Place Vendôme.^[5] 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

• 1963 In Libya, Banque Misr created Nahda Arabian Bank to hold its branches there.
• 1971 Banque Misr absorbed
  Bank of Tokyo
  .
• 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.

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 Romanian 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
  Cairo International Bank in Uganda
  .
• 1996 MIBank sold 10% of its shares to the Egyptian public in an
  Sakura Bank
  (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's 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 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 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
• 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 inheritances 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 services for electronic payment over a mobile phone. 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 transfers, and pay for purchases from approved merchants.^[6]

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 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 issuer in Egypt, it is also the first bank in the country to provide contactless payment.
• United Arab Emirates: 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.^[7]
• Lebanon: 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
• Germany
• Saudi Arabia: On April 6, 2021, the Saudi Cabinet licensed Banque Misr to open a branch in the Kingdom.^[8]

References