Banque Misr
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Native name
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بنك مصر |
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| Industry | Banking and Financial Services |
| Founded | 13 April 1920 |
| Founder | Talaat Pasha Harb |
| Headquarters | Cairo, Egypt |
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Number of locations
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495 |
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Key people
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Mohamed Mahmoud Eletreby (CEO and Chairman) |
| Services | |
| Total assets | |
| Website | www |
Banque Misr (Arabic: بنك مصر) (Translated: The Bank of Egypt) is an Egyptian bank founded by industrialist Talaat Pasha Harb in 1920. The government of the United Arab Republic nationalized the bank in 1960. The bank has branch offices in all of Egypt's governorates, and currency exchange and work permit offices for foreign workers in Egypt.
Talaat Pasha Harb founded Banque Misr in 1920. He had published books in 1907 and 1911 calling for the founding of a national bank with Egyptian financing. (The National Bank of Egypt was British-owned, and all the other banks in Egypt were owned by foreigners.) Harb modeled Bank Misr’s operations on those of Deutsche Orientbank with which he was familiar due to his friendship with the owner of a Sephardi Jewish bank, Banque Suarès. Harb established Banque Misr and its companies on the basis of certain concepts: all its dealings were in Arabic, Egyptians operated the bank, and the bank restricted share ownership to Egyptian citizens. Misr’s Board of Directors included a number of Sephardic Jews and a Coptic Christian.
In 1926 Bank Misr established its first foreign subsidiary, Banque Misr-La France, to serve Egyptian tourists to France. Four years later, Bank Misr with Banque Essadine, in Lebanon, to form the joint-venture Banque Misr-Syrie-Liban. This bank then absorbed Banque Ezzeddine & Adib (Izz al-Din) in Tripoli.
Banque Misr failed in 1939, but was reorganized.
In 1960 Gamal Nasser nationalised all banks in Egypt, foreign and domestic, including the four largest domestic banks — National Bank of Egypt, Banque Misr, Bank of Alexandria and Banque du Caire. The next year, Syria nationalized all banks operating in the country, including Banque Misr's operations there.
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Wikipedia