Banque du Caire
From Wikipedia, the free encyclopedia
| Banque du Caire | |
 |
|
| Type | |
|---|---|
| Founded | May 15, 1952 |
| Headquarters |  Cairo |
| Key people | Mr. Mohamed Kamal El-Din Barakat, Chairman Mr. Mohamed Yehia Saim Ozalp, Vice Chairman Mr. Mohamed Ahmed Kafafi, Vice Chairman |
| Industry | Finance |
| Products | Financial Services |
| Operating income | ~ EP2.2 bn 2005 |
| Employees | ~ |
| Website | http://www.bdc.com.eg/ |
Banque du Caire, or "Bank of Cairo", is a full service bank headquartered in Cairo. The bank operates over 120 branches in Egypt. It has branches in the United Arab Emirates and Bahrain and representative offices in Ukraine and in Zimbabwe, as well as affiliates or subsidiaries in Saudi Arabia (Saudi Cairo Bank), Uganda (Cairo International Bank), and Jordan (Cairo Amman Bank).
Among the bank's significant subsidiaries are: Suez Steel, of which the bank owns the majority of the shares, and Air Cairo and the United Bank of Egypt, in which the bank holds a minority position. [1]
The government of Egypt owns the bank, which however, it is considering privatizing.
[edit] History
- 1952 Several wealthy families 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.[2]
- Prior to 1959 BC established a branch each in Damascus, Syria, and Amman, Jordan, and later branches in Allepo and Latakia, both in Syria.
- 1960 BC’s branch in Amman, Jordan becaome 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’Unite 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%.
- In the 1970s, BC opened a branch in Bahrain and four in the UAE.
- 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%.
- 1997 Saudi Cairo Bank merged with United Saudi Commercial Bank to form United Saudi Bank. BC’s share position fell to 9.8%.
- 1998 BC established Cairo International Bank as a joint-venture bank in Uganda.
- 1999 Ownership of Banque du Caire et de Paris is BNP 76% and BC 22%. United Saudi Bank merged into Saudi American Bank. BC established representative offices in the Ukraine and 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.
