10 Best Banks In Egypt 

The best banks in Egypt have undergone significant transformations in recent years, embracing technological advancements and adopting customer-centric approaches to meet the evolving needs of their clients. 

Among the driving forces behind this transformative journey are the top banks in Egypt. Dominating the landscape are the National Bank of Egypt (NBE), Banque Misr, and Banque du Caire – institutions that collectively command a staggering 70% of the market regarding assets and profitability. 

In the private sector, the Commercial International Bank (CIB) takes center stage. As Egypt’s premier private bank and a listed entity on the EGX, CIB embodies the pinnacle of private banking and mirrors the Egyptian economy’s dynamism. 

Whether you seek seamless banking experiences, competitive interest rates, or personalized wealth management solutions, we have meticulously researched and handpicked the best banks in Egypt. We will explore the top banks in Egypt and look into the key factors that set them apart, including their range of services, technological advancements, customer-centric approach, and commitment to financial excellence.

Top 10 Banks in Egypt, Current Assets & Product Offerings

National Bank of Egypt

Current Assets: $167,407 Million 

NBE is a state-owned bank founded in June 1898 and is considered one of Egypt’s oldest and most prestigious financial institutions. It is the country’s largest bank in terms of assets, deposits, loans, bank capital, number of total branches, and employees.

The bank offers its customers various financial services, including personal banking, corporate banking, investment banking, and international banking. It provides various types of accounts, such as current accounts, savings accounts, and fixed deposit accounts, to cater to the diverse needs of its customers.

NBE has 540 branches within the country, with current assets of £E 366.6 billion. The bank has one subsidiary outside of Egypt, located in London, United Kingdom. Additionally, NBE has branches in New York and Shanghai and representative offices in Johannesburg and Dubai.

NBE is also involved in trade finance, providing services such as letters of credit, guarantees, and export financing to facilitate international trade. It has correspondent banking relationships with numerous banks worldwide, enabling seamless cross-border transactions.

In addition to its banking services, NBE is actively involved in supporting economic development initiatives in Egypt. It provides financing for infrastructure projects, small and medium-sized enterprises (SMEs), and various sectors of the economy, contributing to the growth and development of the country.

Commercial International Bank (CIB)

Current Assets: $31,713 Million 

The Commercial International Bank (CIB) was formed as a joint venture between the NBE (National Bank of Egypt) and Chase Manhattan Bank and is one of the best private banks in Egypt. 

From its initial establishment in 1975 as the “Chase National Bank of Egypt” to its strategic evolution and renaming as the “Commercial International Bank – Egypt,” the bank has adapted to market changes. The bank has also maintained its position as Egypt’s most profitable commercial bank for over three decades. 

CIB has achieved remarkable financial success, with its net profit for the first half of 2022 reaching EGP 7.773 billion. This represents significant growth compared to the previous year. The bank’s profits before tax also substantially increased, reaching EGP 11.415 billion. These consistent achievements demonstrate CIB’s ability to navigate the complexities of the financial landscape.

As a leading financial institution, CIB offers a comprehensive range of banking products and services to individuals, institutions, and corporations. Its reputation as a top-tier bank is reinforced by accolades such as being named the “Best Trade Finance Bank in Egypt” and the “Best Investment Bank” in 2014. CIB is also recognised as one of the top 100 Companies in the Middle East.

 Notably, CIB acquired Citibank – Egypt’s shares and expanded its presence beyond Egypt’s borders.

Banque Misr

Current Assets: $118,316 Million

Banque Misr, founded in 1920, is an Egyptian bank that has played a significant role in Egypt’s economic and social development. It was established as the first fully Egyptian-owned bank and has since funded businesses in various sectors such as textiles, insurance, aviation, transportation, entertainment, and filmmaking. 

As one of the power banks in Egypt, Banque Misr currently owns shares in 157 companies across different fields, including finance, tourism, housing, agriculture and food, and communication and information technology.

Banque Misr has also established significant investment funds in Egypt, showcasing its commitment to a diversified portfolio. The bank has received numerous awards for its financial products and services, including recognition as the Best Money Provider Market Fund in Africa and the Middle East.

Regarding accessibility, Banque Misr boasts one of Egypt’s largest ATM networks, with branches located nationwide. The bank has over 20,000 employees, serving a client base of more than 13 million. It also has a presence beyond Egypt, with branches in the United Arab Emirates (UAE) and France, subsidiaries in Lebanon and Germany, and representative offices in China, Russia, South Korea, and Italy.

Banque Misr has been recognised for its achievements and has received several awards over the years, with a groundbreaking 73 awards in 2022, particularly in small and medium enterprise (SME) financing. The bank has been acknowledged as the Best Bank in the field of SMEs in Egypt and has received accolades for its digital finance products and financial inclusion initiatives.

Arab African International Bank

Current Assets: $14,267 Million

The Arab African International Bank (AAIB) is a prominent financial institution established in 1964 as a joint venture between the Central Bank of Egypt and the Kuwait Investment Authority.

 It is the first Arab multinational bank and provides a wide range of retail, corporate, and investment banking services in Egypt and internationally.

AAIB has a strong presence in Egypt, with its headquarters in Cairo. The bank is listed on the Egyptian Exchange (EGC) and is supervised by the Central Bank of Egypt. Its two main shareholders are the Central Bank of Egypt and the Kuwait Investment Authority, each holding a 49.37% stake.

AAIB has gained recognition as one of the best investment banks in Egypt. In January 2009, it became the first Egyptian bank to adopt the Equator Principles, a set of environmental and social risk management guidelines for financial institutions.

The bank offers various banking solutions tailored to different customer segments. For small and medium enterprises (SMEs), AAIB provides various banking solutions and value-added services to support their business operations and growth. It also serves corporate clients and has established valuable partnerships with other financial institutions, making it a preferred choice for corporate banking needs.

AAIB is focused on reinventing itself across three pillars: agility and innovation, customer centricity, and financial resilience. The bank has embraced digital transformation and technology integration to enhance performance and provide customers with convenient and efficient banking experiences.

AAIB offers a range of products and services to cater to diverse customer needs. This includes credit cards with outstanding benefits, digital services that leverage technology for seamless banking experiences, and various loan schemes with preferential interest rates.

To ensure a positive customer experience, AAIB provides added-value benefits to newcomers as a warm welcome to the bank. 

The bank’s mobile banking application allows customers to perform various banking transactions quickly and efficiently, such as bill payments, transfers, and account management.

Qatar National Bank (QNB)

Current Assets: $22,887 Million

Qatar National Bank (QNB), established in 1978, is a prominent financial institution and a subsidiary of Qatar National Bank (QPSC). The bank operates across various markets, including the corporate, investment, individual, and other business segments. 

It has a nationwide network with 231 locations, over 450 ATMs, and more than 17,000 point-of-sale equipment. QNB employs over 6,700 workers and serves approximately 970,000 customers.

QNB ALAHLI has established subsidiaries in specialised fields such as QNB ALAHLI Leasing, QNB ALAHLI Life Insurance, and QNB ALAHLI Factoring. These subsidiaries provide leasing, life insurance, and factoring services, respectively.

As part of its corporate social responsibility, QNB ALAHLI collaborates with community organisations to support the neediest sectors in society. The bank aims to support the Egyptian economy and promote financial inclusion.

QNB ALAHLI offers a range of dedicated products and services. It provides financial advisory services, project financing, trade financing, structured financing, cash management, and foreign exchange solutions. The bank has established a strong bond with various corporate clients, including large domestic corporations, subsidiaries of multinational companies, medium caps, and SMEs.

Over the past four years, the bank has received 58 awards from international financial institutions such as Global Banking & Finance Review, International Finance Magazine, Capital Finance International Magazine, EMEA Finance, and the European Bank for Reconstruction and Development (EBRD).

Faisal Islamic Bank of Egypt (FIBE)

Tier 1 Capital: 914 Million 

Faisal Islamic Bank of Egypt (FIBE) is the first Egyptian Islamic and commercial bank. It officially began operations on July 5, 1979, but the idea and planning for the bank started more than five years prior. The bank’s founders, led by His Royal Highness Prince Mohammed Al-Faisal Aal-Saoud, presented the idea to Egyptian figures and officials, which received widespread acceptance and support. FIBE was incorporated under Law No. 48 of 1977 and licensed as an economic and social institution operating in compliance with Islamic Sharia principles.

The bank experienced high demand for its shares, resulting in successive increases in its capital. By the end of 2019, FIBE had an authorised capital of $1 billion and an issued and fully paid-up capital of $506.2 million. The bank manages over 1.7 million accounts for its customers, and its total assets reached the equivalent of EGP 107.8 billion by the end of 2020. His Royal Highness Prince Amr Mohammed Al-Faisal Aal-Saoud currently serves as the Chairman of the Board of Directors.

FIBE provides a wide range of retail and corporate banking services and investment activities in Egypt and abroad. It operates through 38 branches and its head office in Cairo, located at 3, 26th July Street. Regarding tier 1 capital, FIBE had approximately $914 million in 2021.

The bank also offers interest-free loans (Al qard Al-Hassan) to individuals in need or facing unexpected circumstances without any extra fees or charges. FIBE organises an annual Holy Quran competition, offering valuable awards to the best participants and their instructors. Additionally, through the Zakat Fund, the bank established an orphanage in Cairo with investments totalling EGP 5.3 million. 

HSBC Bank Egypt (Hong Kong and Shanghai Banking Corporation)

Tier 1 Capital: 724 Million 

HSBC Bank Egypt SAE is one of the best international banks in Egypt that offers a diverse array of banking and related financial services. Its network consists of 100 branches and 20 mini bank units across key locations like Cairo, Alexandria, Sharm El Sheikh, Hurghada, Borg El Arab, and October 6 City.

HSBC is recognised as one of the world’s largest and most influential banking and financial services organisations, serving approximately 39 million customers through its global divisions: Wealth and Personal Banking, Commercial Banking, and Global Banking and markets. 

HSBC Bank Egypt occupies a significant position among multinational banks in Egypt, offering an all-encompassing range of banking and financial services. The bank actively collaborates with prominent charitable organisations to back community projects, particularly emphasising education and environmental conservation initiatives. 

While the country’s online banking penetration remained relatively modest at 11.65 per cent in 2023, banks like HSBC are likely contributing to the advancement of digital banking experiences to meet the evolving needs of their customers.

Bank of Alexandria

Tier 1 Capital: 698 Million 

The Bank of Alexandria is a top financial institution in Egypt, known for its extensive range of banking services and its commitment to serving various types of customers. Established in 1957, the bank has grown to become one of the largest banks in Egypt, with a strong presence across the country.

As a wholly owned subsidiary of Intesa Sanpaolo SPA, the Bank of Alexandria benefits from the support and expertise of its parent company. With over 100 branches spread across Egypt, Its extensive branch network and a dedicated workforce of more than 4,200 workers, the bank caters to a diverse clientele, including clients in the public sector, retail establishments, local corporations, and microfinance customers.

The Bank of Alexandria prides itself on its corporate banking services, offering tailored financial solutions to businesses of all sizes. From large corporations to the smallest business owners, the bank strives to meet the unique needs of its customers. Additionally, the bank provides a wide range of domestic banking products, ensuring that individuals and businesses can access the required financial services. With a market share of almost 7% and assets totalling 698 million dollars as of 2021, the Bank of Alexandria has established itself as a key player in the Egyptian banking sector. 

Housing and Development Bank

Tier 1 Capital: 576 Million 

Housing and Development Bank (HDB) was established 1979 as an Egyptian joint-stock company. Over the past four decades, it has become a distinguished and pioneering specialised bank in housing and urban development. 

HDB has continuously evolved throughout its history to keep pace with the changing landscape of banking services and financial technology. The bank has modernised its offerings to cater to individuals and companies, reflecting its commitment to delivering modern and efficient financial solutions.

HDB’s commitment to its social responsibilities is evident in its approach. Beyond merely pursuing economic returns, the bank’s core objective has been to address social and housing challenges by providing affordable housing solutions for various segments of society. 

One of the bank’s noteworthy achievements has been the consistent increase in its capital over the years. From its inception, HDB has sought to achieve financial growth and positively impact society by providing accessible housing solutions.

In recognition of the vital role played by its workforce, HDB has nurtured a highly qualified professional cadre. This workforce embodies the bank’s values and adheres to the rules of professional conduct. 

National Bank Kuwait, Egypt

Tier 1 Capital: 564 Million  

NBK Egypt, a subsidiary of the National Bank of Kuwait (NBK), has made significant strides since it acquired Al Watany Bank of Egypt (AWB) in 2007. This strategic move allowed NBK to expand its operations into Egypt and tap into its growing economy.

Before the acquisition, AWB had already established itself as a leading bank in Egypt, particularly in providing banking services to small and medium-sized enterprises (SMEs). After the acquisition, AWB retained its name but added “a subsidiary of NBK Group” to its slogan. In 2014, the bank was finally rebranded as National Bank of Kuwait-Egypt.

Since the acquisition, NBK Egypt has undergone a period of expansion. The bank increased its capital to one billion Egyptian Pounds in 2008 and increased it to five billion Egyptian Pounds in 2021. This capital increase has allowed NBK Egypt to strengthen its position in the Egyptian market and support its growing operations.

NBK Egypt has also focused on expanding its branch network across the country. From 24 branches at the time of the acquisition, the bank now operates 53 branches in strategic locations, including Cairo, Giza, Alexandria, Mansoura, Damietta, Port Said, Assiut, and Sohag. This extensive branch network ensures that NBK Egypt can cater to the diverse needs of individuals and businesses throughout Egypt.

The bank’s financial performance has been impressive, with a net profit of USD 1.7 billion in 2022. NBK Egypt has also successfully secured loans for a wide range of investors and institutional clients, contributing to its growing performing loan portfolio.

Conclusion 

Egypt offers a diverse range of banking options, each with its unique features and benefits. After careful analysis, it is evident that the best banks in Egypt prioritise customer satisfaction, provide innovative digital banking solutions, offer competitive interest rates, and maintain a strong financial standing.

While each individual’s banking needs may vary, the top contenders for the best banks in Egypt include the National Bank of Egypt, CIB, HSBC and Banque Misr. These banks have consistently demonstrated their commitment to excellence and have earned customers’ trust through their reliable services. 

Frequently Asked Questions

What are the best banks in Egypt?

The best banks in Egypt include the National Bank of Egypt (NBE), Commercial International Bank (CIB), Banque Misr, Qatar National Bank (QNB), Faisal Islamic Bank of Egypt (FIBE), HSBC Bank Egypt, Arab African International Bank (AAIB), Bank of Alexandria, Housing and Development Bank (HDB), and National Bank Kuwait, Egypt (NBK Egypt).

What is the most popular bank in Egypt?

The most popular banks in Egypt include the National Bank of Egypt (NBE), Commercial International Bank (CIB), and Banque Misr.

Which is the biggest bank in Egypt?

The National Bank of Egypt (NBE) is the biggest bank in Egypt in terms of assets, deposits, loans, bank capital, number of total branches, and employees.

What is the best bank in Egypt for foreigners?

HSBC Bank Egypt is often considered a favourable choice for foreigners due to its international presence, diverse range of financial services, and extensive branch network.

Are there any American banks in Egypt?

Yes, American banks have established a presence in Egypt, as part of President Anwar el‐Sadat’s “open door” economic policy. Notable American banks in Egypt include First National City Bank, American Express Company, and Bank of America.

Does Egypt have online banking?

Absolutely, Egypt offers online banking services that provide convenience for various financial transactions.

What is the best bank to open an account in Egypt?

The best bank to open an account in Egypt depends on your specific needs and preferences. Banks like the National Bank of Egypt, Commercial International Bank, and HSBC Bank Egypt offer comprehensive banking services that cater to various customer requirements.

What is the richest bank in Egypt?

The National Bank of Egypt (NBE) is considered one of the richest banks in Egypt based on its substantial assets, capital, and overall financial standing.