Egypt

The sixth year of ABK-Egypt Bank’s existence is proving to be its most transformative, thanks to a digitalization push that is turning heads.

It’s almost as if Egypt’s leading private sector bank saw 2020 coming. Commercial International Bank’s expansive network of retail customers, high net worth individuals, enterprises and institutions touch all facets of the nation’s economy, and pretty much every sector – commercial, corporate, retail, SMEs and wealth.

Egypt’s first investment bank, with roots dating back to 1984, is an easy call for this award once again.

When the European Investment Bank wanted to provide SMEs based in Egypt with a nearly $500 million credit line earlier this year, it knew precisely who to call: Banque Misr.

This will surprise few readers: EFG Hermes is a constant candidate – sometimes the only surefire one – for any prize involving Egypt’s best corporate and investment bank. It was its usual busy self last year, handling deals both in Egypt and across the region including in Saudi Arabia, Oman, Kuwait and the United Arab Emirates.

Banque Misr’s SME division generated E£594 million ($37.5 million) in pre-tax profit in the year to the end of June 2019. It was on track to show even better results in the next 12 months, having generated E£443 million in profits in the second half of 2019.

Sometimes candidates for these awards can be so well-matched it is hard to decide between them. On other occasions, a winner just leaps off the page. So it is this year with Commercial International Bank.

Sometimes candidates for these awards can be so well-matched it is hard to decide between them. On other occasions, a winner just leaps off the page. So it is this year with Commercial International Bank.

When lenders target the Chinese market, usually their first port of call is either Beijing or Shanghai. Not so Banque Misr, whose chairman Mohamed El-Etreby joined in 2011 after nearly 30 years in the commercial banking sector.