Suez Canal Bank

Suez Canal Bank (Arabic: بنك قناة السويس) is an Egyptian bank, established as a joint-stock company in 1978 according to Law No. 43 (Infitah) in 1974. It is one of the oldest banks in the Egyptian private sector. The bank provides financial services to individual and corporate clients in Egypt and at its branch in Tripoli, Libya. The bank’s capital is 2 billion Egyptian pounds, and it registered a profit of E£195 million at the end of 2015.

Shareholders[]

• (41.48%)
• Libyan Foreign Bank (27.21%)
• Suez Canal Authority Employee Pension Fund (10.11%)
• Arab Financial Investments Company (2.50%)
• Open circulation on the Egyptian Exchange (18.20%)^[2]

History[]

The Suez Canal Bank was founded in 1978 in Ismailia, a city in eastern Egypt, with authorized capital of E£10 million and paid-in capital of E£2.5 million. In 1982, the company offered its initial public offering on the Egyptian Exchange. The company opened an Islamic banking branch in Dokki in 1983. In 1998, the company was upgraded to E£500 million of authorized and E£100 million of paid-in capital. The first foreign branch was opened in Tripoli in 2002. In 2007, capital was raised once more, to E£2 billion authorized and E£1 billion paid-in.^[3]

Services[]

The bank provides its services and financial products to individual and corporate clients through 34 branches in Egypt and Tripoli. Offerings include investment banking, trade finance, credit cards, financial services, and Islamic banking.^[3]

See also[]

• List of banks in Egypt

References[]