Banking in Egypt is regulated by the Central Bank of Egypt. Egypt’s banking sector has undergone major reforms since the 1990s, resulting in a liberalized and modernized system aligned with international standards. Financial inclusion has expanded, with 74.8% of Egyptians aged 15 and above using financial accounts, reaching 52 million users by 2024. Usage spans banks, Egypt Post, mobile wallets like Vodafone Cash and MobiCash, and prepaid cards like Meeza. Women’s financial inclusion grew 295% since 2016 thanks to policies and initiatives aimed at empowering women financially, reaching 68.8%, while youth participation rose 65% from 2020 to 2024, hitting 53.1%.
History
Following the 1952 Revolution, Egypt nationalized its banking sector. Large foreign and private banks were merged into the "Big Four" state-owned banks: National Bank of Egypt (NBE), Banque Misr, Banque du Caire, and Bank of Alexandria. For decades, these entities held a near-monopoly on the financial system.
In 2003, the first measures to begin floating the price of the Egyptian pound were implemented.
The most critical period for Merging and Acquisitions in Egypt began in 2004 under a Central Bank of Egypt reform plan. The goal was to reduce the number of banks (from about 57 down to 39) by raising the minimum capital requirement from EGP 100 million to EGP 500 million. Smaller banks that couldn't meet this were forced to merge or be acquired.
In 2006, a major cleanup operation, the CBE merged three struggling banks—The Nile Bank, Egyptian United Bank, and the Islamic International Bank for Investment & Development; into a single entity, The United Bank, owned 99.9% by the CBE.
In 2006, Italy’s Sanpaolo IMI (now Intesa Sanpaolo) bought 80% of the state-owned Bank of Alexandria, marking a major milestone in privatization.
2011 Egyptian Revolution During the 2011 Revolution, the country’s financial system had to abruptly pivot from a period of robust post-reform growth to emergency crisis management. Despite severe macroeconomic shocks, the banking sector demonstrated remarkable resilience, banks across Egypt closed their doors for roughly a week (and faced intermittent closures throughout February) as street protests paralyzed the economy. When banks finally reopened on February 6, 2011, the CBE imposed strict daily withdrawal limits to prevent a run on banks. Individuals were capped at pulling out EGP 50,000 and $10,000 in foreign currency per day. Despite closures, an estimated $1.5 billion of foreign investment left Egyptian Treasury bills in the earliest wave of the crisis, as international investors and local wealthy individuals sought to de-risk. Following the Egyptian Revolution, HSBC was accused of helping to enrich high-ranking Egyptian political and economic officials, who are now at the center of corruption investigations.
Recent History In October 2023, Commercial International Bank and Arab International Bank have suspended foreign currency purchases and withdrawals using debit cards from abroad; Arab African Internatıonal Bank, start setting new limits on cash withdrawals abroad ranging from EGP 11,000 (USD 355) to EGP 33,000 (USD 1,067) per month. Banque Misr, National Bank of Egypt and HSBC set withdrawal and purchase limits abroad, ranging from EGP 3,092 (USD 100) to EGP 30,944 (USD 1000).
In January 2024, Standard Chartered launched operation in Egypt.
On March 6, 2024, the Central Bank of Egypt decided to reduce the exchange rate of the Egyptian pound against the US dollar for the first time in more than 14 months, following an exceptional meeting that raised interest rates by about 600 basis points. The Central Bank confirmed in a statement that, within the framework of targeting inflation rates, it would work to allow the exchange rate to be determined according to market mechanisms.
In September 2024, the government announced its intention to sell its stakes in 32 companies, including the Banque du Caire, the Arab African Internatıonal Bank, and Alexbank, through the Egyptian Exchange.
List of operational banks Rank Bank name CountryTotal assets(US$ Millions)Branches1 National Bank of Egypt156 891National Bank of Egypt6792 Banque Misr78 0008203 Commercial International Bank23 406Investors Relations, Financial Highlights2144 Arab African Internatıonal Bank18 200Anual Report AAIB 202499 5 QNB Egypt17 913Consolidated Financial Statements Together With Auditors’ Report For The Year Ended December 31, 20252396 Banque du Caire10 272Banque du Caire, Anual Report FY 20252457 Fabmisr9 18074 8Abu Dhabi Islamic Bank7 300Abu Dhabi Islamic Bank-Egypt (ADIB-Egypt)729Suez Canal Bank5 700Suez Canal Bank5510 HSBC Bank Egypt5 463HSBC Bank Egypt S.A.E Annual Report and Accounts 20245311Faisal Islamic Bank of Egypt5 400Faisal Islamic Bank of Egypt4312Housing and Development Bank5 10010013Emirates NBD4 9786914Arab Bank Egypt4 9004415Arab International Bank4 6262316Alexbank4 512Interim Financial Statements For The Period Ended 202521017Export Development Bank4 4004518Agricultural Bank of Egypt4 360121019National Bank of Kuwait (Egypt)4 2605320ADCB Egypt3 3384621Saib Bank3 2504622Crédit Agricole Egypt3 100Crédit Agricole Egypt (CAE)8723Kuwait Finance House3 0444424Attijariwafa Bank Egypt2 9726425Al Baraka Group2 7684326Al Ahli Bank of Kuwait Egypt2 73245272 60043282 5296029Bank ABC2 20052302 10068311 8803332Mashreq Bank1 25813331 1372634Citibank Egypt1 09233555117
Ceased operation in Egypt Bank name Start End Fate Egyptian American Bank19762006Merged to Crédit Agricole start operation Calyon Bank2004 Alexandria Commercial Bank19812006Acquired by Union National Bank. Al Watany Bank19802007Acquired by National Bank of Kuwait. National Development Bank2007Acquired by Abu Dhabi Islamic Bank. National Société Générale Bank19782013Acquired by QNB Group. BNP Paribas19772013Acquired by Emirates NBD. Citibank (Retail banking only)19552015Acquired by Commercial International Bank. Scotiabank19762015Acquired by Arab African Internatıonal Bank. Piraeus Bank20052015Acquired by Al Ahli Bank Of Kuwait. Barclays18642016Acquired by Attijariwafa Bank. National Bank of Oman2019Liquidated. Union National Bank20062020Acquired by ADCB. National Bank of Greece19752021Liquidated. Bank Audi20052021Acquired by Fabmisr. BLOM Bank19772021Acquired by Bank ABC. See also List of largest banks in Africa
References