Al Watany Bank of Egypt

Al Watany Bank of Egypt
Industry Banking
Founded 1 May 1980
Headquarters Cairo, Egypt
Key people
 Chairman: Shaikha Khaled El Bahr
Managing Director:
Yasser Hassan[1]
Products Financial Services
Website AWB Official Website

The Al Watany Bank of Egypt is an Egyptian bank, and a subsidiary of the National Bank of Kuwait.[2]

The Al Watany Bank of Egypt was founded in May 1980 by several Egyptian businessmen as a joint Stock Company under the provisions of Law 43/1974 with two branches in Cairo.[3] It grew in a promising economy and gradually established a reputation as the leading bank for small and medium-size businesses within the Egyptian market.[3]

In August 2007, the National Bank of Kuwait (NBK) acquired a 51% stake in Al Watany for US $516 million.[4][5] The offer was extended to other shareholders and by October 2007, the National Bank of Kuwait had acquired a total of 93.77% stake in the bank for a cost of over US $900 million by October 2007.[5] The purchase marked the entry of the National Bank of Kuwait into the Egyptian market for the first time and represented a significant stage in the bank's strategy of expansion in the region.[6] The bank intended to triple the number of branches in five years and turn Al Watany into Egypt's third largest retail bank.[7]

The Al Watany Bank of Egypt made a net profit of 243.6 million Egyptian pounds (US $44.5 million) in 2007, a 157% increase compared to 2006.[8][9] It posted a profit of 290.6 million Egyptian pounds for the first nine months of 2008, a 29.2 percent growth compared to the same period in the previous year.[10] Its assets were valued at 14.6025 billion Egyptian pounds at the end of the third quarter of 2008.[10]

The bank's authorized and paid capital was 1 billion Egyptian Pounds distributed on 100 million shares with a par value of 10 Egyptian Pounds each. It has 41 branches located across Egypt from Cairo and Alexandria to Giza, Mansoura and Sohag.

See also

References

  1. ↑ "Officers and Directors For Al Watany Bank of Egypt". Reuters. Retrieved 3 March 2009.
  2. ↑ "WATA Profile & Executives - El Watany Bank of Egypt". Bloomberg. Retrieved 28 November 2012.
  3. ↑ 3.0 3.1 Sherman, William (4 February 2003). "Staying The Course". The America's Intelligence Wire. Retrieved 3 March 2009.(registration required)
  4. ↑ "NBK wins bid for Egypt's Al-Watany Bank" (Press release). NBK Press Office. 15 August 2007. Archived from the original on 23 August 2007. Retrieved 3 March 2009.
  5. ↑ 5.0 5.1 "Kuwait's NBK acquires 93.77 % of Egypt's AlWatany Bank". Middle East Times (News World Communications Inc.). 29 October 2007. Archived from the original on 14 February 2008. Retrieved 3 March 2009.
  6. ↑ Bowman, Joel (2 April 2008). "NBK buys Al Watany Bank of Egypt". Arabian Business (ITP DIGITAL). Retrieved 3 March 2009.
  7. ↑ "National Bank enters Cairo: Al-Watany acquisition will pave the way for expansion in retail sector". Middle East Economic Digest. 7 August 2007. Retrieved 3 March 2009.(registration required)
  8. ↑ "Egypt's Al Watany Bank 2007 net profit rises 157 pct". Reuters. 11 March 2008. Retrieved 3 March 2009.
  9. ↑ Hadfield, Will (11 March 2008). "Al-Watany Bank’s profits jump 157 per cent". Middle East Business Intelligence (Emap). Retrieved 3 March 2009.
  10. ↑ 10.0 10.1 "Watany Bank of Egypt posted 290.6 mln in profit up to Q3 of 2008". ArabFinance. 9 November 2008. Retrieved 3 March 2009.

External links