So what do corporate banks actually do, whether in Egypt, the US, UK, Australia or even in Timbuktu? That’s a really good question, and one which you’re dying to have answered. Patience then, dear friend. By the way, you’ll be pleased to know at the last count there were five banks in Timbuktu. But, apparently, it’s better to bring all the money you’re likely to need with you when you visit the town. Says a lot not only about the town itself, but also about the country-wide banking system in Mali, too!
Typically, clients who use corporate banking include big businesses and institutions and also governments. If a government is looking to finance a major construction project, for example, the corporate bank will not only set up the details of the necessary finance package required, it’ll also help tie in both public and private money investors, too. It’s a big part of what corporate banks do and a real money spinner for them to boot. Far greater profits are to be made in the corporate sphere compared to the retail banking sector.
So what’s in the way of corporate banking in Egypt? Heck, does Egypt have any banks at all, at least any worthy of note? You bet, is the answer. Good banks, too. 21st century banks. Yet Egypt is a predominantly cash society. Cash is most definitely king – or should that be pharaoh? However, times are surely changing if the number of ATMs springing up all over Cairo, Alexandria and other major cities and towns in this populous country are anything to go by.
So here’s five under-the-radar corporate banks helping to boost growth in Egypt:
1: The Cairo-based Commercial International Bank, better known as CIB, is one of the big players in the corporate banking field. The bank enjoys a strong brand equity and has received numerous awards and accolades, including Global Finance magazine’s ‘Best Bank in Egypt’ award for the last 10 years. What’s the secret? Superior management, high operating standards, and premier training programs, says the bank, helping make it the most profitable commercial bank in Egypt.
2: The National Bank of Egypt, or NBE, is the oldest commercial bank in Egypt. It was established in 1898 with a capital of £1 million. Throughout its long history, NBE’s functions and roles have changed to reflect the different economic and political realities of the day. During the 1950s, NBE assumed the central bank’s functions. After its nationalization in the 1960s, it acted as a pure commercial bank.
3: HSBC Egypt: No list would be complete without including HSBC Egypt. The multinational bank deals with businesses of all shapes and sizes and in all sectors of the economy. The range of services offered is extensive – everything from business banking, international trade and finance solutions, loans, cash management, making and receiving payments, treasury services and a whole lot more. The bank employs an extensive team of product specialists and dedicated relationship managers to help businesses achieve their goals.
4: Arab African International Bank (AAIB) is regarded as one of the most distinguished commercial and investment banks in Egypt. It is also one of the country’s fastest growing in terms of size and profitability.
5: Ahli United Bank (Egypt) is one of the Middle East’s premier financial institutions. The bank is a part of AUB Group, a fully fledged commercial and investment banking group providing wealth management, retail, corporate, treasury, offshore and private banking services.