Four Egyptian banks among top 1k banks worldwide: Study

CAIRO – 21 August 2017: Four Egyptian banks have been ranked among the largest 1,000 banks globally, Secretary-General of the Union of Arab Banks Wessam Aboul Fotouh announced on Monday.

The four banks are: state-owned National Bank of Egypt (NBE), Banque Misr, Egypt’s largest private-sector bank the Commercial International Bank (CIB), and the Arab African International Bank, Aboul Fotouh said in a statement.

The total capital of the four banks is valued at $7.4 billion, while the assets they manage amounted to $152.7 billion, according to the Union’s study.

A number of 87 new Arab banks have entered the aforementioned list in 2016 for the first time, compared to 85 banks in 2015, with a total capital of $298.8 billion.

The United Arab Emirates’ banks in the list occupied the largest share with 21 banks, followed by Saudi Arabia with 12 banks, then Kuwait with seven banks.

The largest Arab bank on the list is the Qatar National Bank (QNB), which ranked 82 worldwide by the end of 2016, exceeding Saudi Arabia’s AlAhli National Commercial Bank (NCB), which ranked the biggest Arab bank in 2015.