National Bank of Egypt

History

19th century

20th century

• 1901 NBE opened a branch in Khartoum. It obtained a privileged position as banker to and for the government and acted as the semi-official central bank. Over time, it added further agencies and branches in the Sudan.
• 1902 NBE established the Agricultural Bank of Egypt.
• 1906 NBE established the Bank of Abyssinia in Addis Ababa. The bank received a 50-year monopoly and was the Ethiopian government's fiscal agent as well as the sole issuer of currency.
• 1925 Lloyds Bank transferred to NBE the branches in Cairo and Alexandria that it acquired with its purchase of Cox & Co. in 1923 and from the Bank of British West Africa.
• 1931 The Bank of Abyssinia was liquidated and the Ethiopian government established Bank of Ethiopia to replace it.
• 1936 Agricultural Bank of Egypt was liquidated.
• 1940 All the staff and the Board of the bank were largely Egyptian.
• 1951 A decree gave NBE the status of the Central Bank for Egypt.
• 1957 The Banking Act confirmed the status of NBE as Egypt's Central Bank.
• 1959 The government of the Sudan nationalized NBE's assets in the Sudan, using them as the basis for the new central bank, the Bank of Sudan
• 1960 The Egyptian government nationalized NBE and created a separate central bank.
• 1961 Citibank sold to NBE its Egyptian assets and liabilities. Citibank had entered in 1955 but was forced to leave by the nationalization decree.
• 1975 Chase Manhattan Bank and National Bank of Egypt established Commercial International Bank.
• 1976 NBE, together with 19 other Arab and four US banks, established Arab American Bank as a wholesale bank operating in New York.
• 1982 NBE established a subsidiary in the UK.
• 1987 Chase sold its shares in CIB to NBE and CIB changed its name to Commercial International Bank, SAE. Partial privatization in 1993 and a GDR issue in 1996 reduced NBE's share to 34%. NBE established a rep office in South Africa and a banking subsidiary in London, which took over the assets and operations of NBE's previous subsidiary and its by then two branches there.

  21st century

• 2000 NBE established a NY branch to take over the business of Arab American Bank.
• 2005 NBE acquired Mohandes Bank, which had been established in 1979 as a commercial bank. It also acquired Bank of Commerce and Development, known as "Al Tigaryoon".
• 2006 NBE opened a representative office in Dubai.
• 2008 NBE upgraded its representative office in Shanghai into a branch.

  Overseas operations

Awards

• Best Banking Performer, Egypt in 2016 by Global Brands Magazine Award.