Egypt’s oldest and largest bank, the National Bank of Egypt was founded in 1898. It is one of the biggest banking companies in Africa and the Middle East.
On the founding of its Khartoum branch in 1901, the bank became the official bank of the Egyptian government and its semi-official central bank. NBE gained official Central Bank of Egypt status in 1951, confirmed by the Banking Act in 1957.
National Bank of Egypt has offices in New York, Shanghai, Dubai and Johannesburg, South Africa. A United Kingdom subsidiary was established in 1982, with a further subsidiary taking over the first’s operations five years later. The UK office is in London and is the only Egyptian-owned bank in the UK.
National Bank of Egypt Products and Services
National Bank of Egypt’s products are geared particularly towards Egyptian customers living in the UK, but the bank also works with non-Egyptian customers across the public and private sectors. Initially, the bank only worked with customers in the UK and Egypt but has diversified in recent years.
National Bank of Egypt has the following primary operational strands:
Commercial / syndicated lending
NBE lends mostly to banks and corporations, for the financing of capital expenditure and trade development. The bank is also a prolific arranger of syndicated loans for financial institutions and corporations.
From a trade finance perspective, NBE offers a range of products including letters of credit and guarantees and documentary credit services. NBE has been recognised for its contribution to global trade finance over the last decade; the bank has played a significant role in the syndicated lending market in that time.
The bank is considering offering products in the Egyptian Pound in the future.
National Bank of Egypt Security
In the UK National Bank of Egypt is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and by the Prudential Regulation Authority. Deposits of up to £85,000 are covered by the Financial Services Compensation Scheme (FSCS).