Banks/Banking in Egypt
Egypt accommodates the northeastern Africa and despite enjoying the economic growth in the past decade, the current economic downturn slowed down the economy and there is an increase in unemployment. Speaking of Banks in Egypt, the Central Bank is the main bank.
There is a remarkable contribution of banks in Egypt in the financial sector of this country. Their efficient operations as well as skilled techniques have assisted in acquiring immense popularity.
The government has taken up indirect control over monetary aggregates rather than direct intervention. This is done through bond issues. Large financial institutions are in charge of investment and commercial banking, insurance, mutual funds and securities.
The major commercial top banks in Egypt are Cairo Amman Bank, Banque Misr, Bank of Alexandria, National Bank of Egypt and Banque du Caire. These are well-known commercial public sector banks.
The non-commercial banks that are private include Arab African International Bank, National Societe Generale Bank, Islamic International Bank for investment and development and Export Development. These banks have remarkable contribution and with efficient operation have gained immense popularity.
Foreign and private banks
The foreign banks in Egypt are Barclays, BNP Paribas, Egyptian American Bank, Commercial International Bank and Agricole Indosuez.
The private banks are Misr International, Faisal Islamic Bank, the Nile Bank, Egyptian American Bank, Egyptian commercial Bank and Al Watany Bank of Egypt. Among these banks, Faisal Islamic Bank is the foremost Islamic and commercial Bank, besides being the most significant financial institute.
The system of banking in Egypt comprises of fifty-seven commercial banks that are stated-owned, including 26 investment banks, 28 commercial banks and three specialized banks. Among the number of investment banks, the joint-ventured banks are 11 and 15 are foreign banks branches.
The banking in Egypt is growing, although joint venture banks as well as private banks remain small having few branches. However, the banking system here has undergone severe transformations that they are highly modern and liberalized and is regulated and supervised based on the international standards.
The system of banking offers online access and the clients can maintain their profiles. Right now, it is tough for foreigners to mortgage their property in Egypt, but is expected to open up offering plentiful opportunities.