Suez Canal Bank () is an

Egyptian ''Egyptian'' describes something of, from, or related to Egypt. Egyptian or Egyptians may refer to: Nations and ethnic groups * Egyptians, a national group in North Africa ** Egyptian culture, a complex and stable culture with thousands of year ...

bank A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...

headquartered in Cairo. The bank provides

financial services Financial services are service (economics), economic services tied to finance provided by financial institutions. Financial services encompass a broad range of tertiary sector of the economy, service sector activities, especially as concerns finan ...

to individual and corporate clients in Egypt and at its branch in

Tripoli Tripoli or Tripolis (from , meaning "three cities") may refer to: Places Greece *Tripolis (region of Arcadia), a district in ancient Arcadia, Greece * Tripolis (Larisaia), an ancient Greek city in the Pelasgiotis district, Thessaly, near Larissa ...

Libya Libya, officially the State of Libya, is a country in the Maghreb region of North Africa. It borders the Mediterranean Sea to the north, Egypt to Egypt–Libya border, the east, Sudan to Libya–Sudan border, the southeast, Chad to Chad–L ...

. The bank provides its services and financial products to individual and corporate clients through over 40 branches in Egypt and Tripoli. Offerings include

investment banking Investment banking is an advisory-based financial service for institutional investors, corporations, governments, and similar clients. Traditionally associated with corporate finance, such a bank might assist in raising financial capital by und ...

trade finance Trade finance is a phrase used to describe different strategies that are employed to make international trade easier. It signifies financing for trade, and it concerns both domestic and international trade transactions. A trade transaction requir ...

, credit cards,

, and

Islamic banking Islamic banking, Islamic finance ( ''masrifiyya 'islamia''), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics. Some ...

. , The bank’s capital was £E 2 billion, and it registered a profit was £E 195 million. It is one of the oldest banks in the Egyptian private sector.

History

The Suez Canal Bank was founded in 1978 in

Ismailia Ismailia ( ', ) is a city in north-eastern Egypt. Situated on the west bank of the Suez Canal, it is the capital of the Ismailia Governorate. The city had an estimated population of about 1,434,741 according to the statistics issued by the Cen ...

, a city in eastern Egypt, with

authorized capital The authorised capital of a company sometimes referred to as the authorised share capital, registered capital or nominal capital, (particularly in the United States) is the maximum amount of share capital that the company is authorised by its c ...

of £E 10 million and

paid-in capital Paid-in capital (also paid-up capital and contributed capital) is capital that is contributed to a corporation by investors by purchase of stock from the corporation, the primary market, not by purchase of stock in the open market fro ...

of £E 2.5 million. In 1982, the company offered its

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...

on the Egyptian Exchange. The company opened an

branch in

Dokki Dokki ( , is one of nine districts that make up Giza city, which is part of Greater Cairo, in Egypt. Dokki is situated on the western bank of the Nile, directly across from Downtown Cairo. It is a vital residential and commercial district wi ...

in 1983. In 1998, the company was upgraded to £E500 million of authorized and £E100 million of paid-in capital. The first foreign branch was opened in Tripoli in 2002. In 2007, capital was raised once more, to £E2 billion authorized and £E1 billion paid-in. The bank was established as a

joint-stock company A joint-stock company (JSC) is a business entity in which shares of the company's stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their shares (certificates of ownership). Shareho ...

in 1978 according to Law No. 43 (

Infitah ''Infitah'' ( ', "openness"), or Law 43 of 1974, was Egyptian president Anwar Sadat's policy of "opening the door" to private investment in Egypt in the years after the 1973 October War (Yom Kippur War) with Israel. ''Infitah'' was accompanie ...

) in 1974.

Shareholders

* Arab International Bank (41.48%) *

Libyan Foreign Bank Libyan Foreign Bank (LFB) was established in 1972 in Tripoli, Libya as Libyan Arab Foreign Bank; it was renamed Libyan Foreign Bank in 2005. It was Libya's first offshore banking institution licensed to operate internationally. The Central Bank of ...

(27.21%) *

Suez Canal Authority Suez Canal Authority (SCA) is an Egyptian state-owned authority which owns, operates and maintains the Suez Canal. It was set up by the Egyptian government to replace the Suez Canal Company in the 1950s which resulted in the Suez Crisis. After ...

Employee Pension Fund (10.11%) * Arab Financial Investments Company (2.50%) * Open circulation on the

Egyptian Exchange The Egyptian Exchange (EGX), Egypt's stock exchange, comprises two exchanges, Cairo and Alexandria, both governed by the same board of directors and sharing the same trading, clearing and settlement systems. Presently, the chairman of the Egyptia ...

(18.20%)

References

{{reflist Egyptian brands Banks of Egypt Egyptian companies established in 1978 Companies listed on the Egyptian Exchange

History

Shareholders

See also

References