Banque Misr

Banque Misr (Arabic: بنك مصر) or in English the Bank of Egypt is an Egyptian bank co-founded by industrialist Joseph Aslan Cattaui Pasha and economist Talaat Harb Pasha in 1920. The government of the United Arab Republic nationalized the bank in 1960. The bank has branch offices in all of Egypt's governorates, and currency exchange and work permit offices for foreign workers in Egypt.
The idea of a national bank of Egypt dates to at least the days of Muhammad Ali, who ordered the establishment of a bank with 700,000 riyals shortly before he became ill and died. Amin Shumayyil wrote an article in favor of the idea in April 26, 1879 in the newspaper Al-Tijara; although a number of Egyptian dignitaries met to discuss the project, the conflict between the Khedive Isma'il Pasha and the National Assembly and subsequent ʻUrabi revolt doomed the idea this time. Revolt leader Ahmed ʻUrabi’s friend Wilfrid Scawen Blunt reports in his memoirs that Urabi had envisioned a “credit bank” for farmers.
Omar Lotfi Bey, a member of the Watani Party and Vice-President of the School of Law (now part of Cairo University) revived the idea in lectures at the Universities’ Club beginning on November 1, 1908, but his suggestions of using German and Italian assistance and credit were politically controversial.
Joseph Cattaui and Talaat Harb co-founded Banque Misr in 1920. Talaat had published books in 1907 and 1911 calling for the founding of a national bank with Egyptian financing. (The National Bank of Egypt was British-owned, and all the other banks in Egypt were owned by foreigners.) Harb modeled Bank Misr's operations on those of Deutsche Orientbank with which he was familiar due to his friendship with the owner of a Sephardi Jewish bank, Banque Suarès. Harb established Banque Misr and its companies on the basis of certain concepts: all its dealings were in Arabic, Egyptians operated the bank, and the bank restricted share ownership to Egyptian citizens. Misr's Board of Directors included a number of Sephardic Jews and a Coptic Christian.
In 1926-1927 Banque Misr established its first foreign subsidiary, Banque Misr-France, to serve Egyptian tourists to France. Its Paris office was on 101-103 rue des Petits-Champs, now 33-35 rue Danielle Casanova, with registered address across the block on 24 Place Vendôme. Four years later, Bank Misr joined with Banque Essadine, in Lebanon, to form the joint-venture Banque Misr-Syrie-Liban. This bank then absorbed Banque Ezzeddine & Adib (Izz al-Din) in Tripoli.
Banque Misr failed in 1939, but was then reorganized.
In 1960 Gamal Nasser nationalised all banks in Egypt, foreign and domestic, including the four largest domestic banks — National Bank of Egypt, Banque Misr, Bank of Alexandria and Banque du Caire. The next year, Syria nationalized all banks operating in the country, including Banque Misr's operations there.
The General Investment Funds Administration was founded in 1994 to expand the bank’s offerings with an eye toward flexibility and low costs. Banque Misr manages individual, corporate, and institutional investments both on the long and short terms. Eight investments funds are offered, each with their own investment strategy, earning a regional prize two years in a row.
Banque Misr provides telephone banking over the number 19888, with complete confidentiality using a passcode and a serial number for each account; supplying these yields the balance and the last five transactions.
In March 2017, Banque Misr launched its online banking services for electronic payment over a mobile phone. The Wallet can be used to deposit and withdraw money in accounts, transfer from one enabled account to another, pay utility bills, charge companies’ balance, donate, pay fines, receive wire transfers, and pay for purchases from approved merchants.
Vitalis, Robert (1995). When Capitalists Collide: Business Conflict and the End of Empire in Egypt. University of California Press. ISBN 9780520085947.
Tignor, Robert L. (1984). State, Private Enterprise and Economic Change in Egypt, 1918-1952. Princton. ISBN 9780691054162.
Davis, Eric (1983). Challenging Colonialism: Bank Misr and Egyptian Industrialization, 1920-194. Princeton University Press. ISBN 9781400853748.