Bank of Alexandria

For the historic building of the same name in Alexandria, Virginia, U.S., see Bank of Alexandria (Alexandria, Virginia).

Bank of Alexandria

New Borg El Arab city Branch
Company type	Private
Industry	Financial services
Founded	1957
Headquarters	Alexandria, Egypt
Key people	Ziad Bahaa-Eldin (Chairman)
Products	Asset management Banking Commodities Credit cards Equities trading Insurance Investment management Mortgage loans Private equity Wealth management
Website	www.alexbank.com

The Bank of Alexandria is an Egyptian bank. It is considered one of the largest banks in Egypt, with 210 branches across the country. ^[1] Founded in 1957, It has a market share of almost 7% and had assets of 5.2 billion euros (US$6.5 billion) as of June 30, 2006. Intesa Sanpaolo is the major shareholder in the bank.

The bank holds 70.25% of the bank shares, IFC holds 9.75% and the Egyptian Government holds 20%. Mahmoud Abdel Salam Omar, who is a former head of the Egyptian Banks Federation, is a former chairman of the bank. ^[2]

History

• In 1857 local Greek merchants established a Bank of Alexandria to cater to the needs of the Greek merchant community. This bank was liquidated in 1877.
• 1864 The English overseas bank, Anglo-Egyptian Bank was founded.
• 1924 Anglo Egyptian Bank merged with The Colonial Bank (est. 1836) and the National Bank of South Africa (est. 1891) to form Barclays Bank (Dominion, Colonial and Overseas). ^[3] Barclays had inherited the ownership of The Colonial Bank when it acquired the London Provincial and South Western Bank ^[4] in 1918.
• 1957 The Egyptian government founded Bank of Alexandria to take over the Egyptian operations of Barclays Bank DCO, which the Egyptian government had nationalized in 1956 after British and French troops attacked Egypt and occupied the Suez Canal during the Suez Crisis.
• 1964 Bank of Alexandria acquired Banque du Nile and Import-Export Bank of Egypt.
• October 17, 2006 The Egyptian government privatized Bank of Alexandria. Sanpaolo IMI, the Italian bank which itself was acquired by Banca Intesa, agreed to pay $1.6 billion for 80% of Bank of Alexandria. This was the first privatization in Egypt of a fully government-owned bank.

See also

• Banks portal

• Entrepreneurship Policies in Egypt
• List of banks in Egypt

References

1. "Company Profile for Bank of Alexandria SAE". in reuters.com. Archived from the original on 18 January 2016. Retrieved 6 September 2012.
2. "Mahmoud Abdel Salam Omar". The San Francisco Chronicle. Retrieved 2020-06-26.^{[ dead link ]}
3. Anthony, Michael (2001). Historical Dictionary of Trinidad and Tobago. Scarecrow Press, Inc. Lanham, Md., and London. ISBN   0-8108-3173-2.
4. "London, Provincial and South Western Bank Ltd". Barclays Bank PLC. Archived from the original on 18 January 2016. Retrieved 29 August 2015.

External links

• Bank of Alexandria website
• Zawya Middle East Business Information. Listing of Bank of Alexandria