1. Commercial International Bank (CIB)
CEO and Managing Director: Hussein Abaza Sector: Banking and financial services Market Value: $4.5 billion Sales: $2.7 billion Profits: $713 million Assets: $26.8 billion
CIB was established in 1975 as a joint venture between the National Bank of Egypt and the Chase Manhattan Bank. Today, it employs 7,307 people and serves more than 1.6 million customers across 213 branches. CIB has several subsidiaries under its umbrella, including CVentures and the Mayfair CIB Bank in Kenya. In April 2022, Alpha Oryx Limited—a subsidiary of the U.A.E’s ADQ—acquired an 18.6% stake in CIB for $987.5 million. Hussein Abaza became CEO in 2017.
2. QNB ALAHLI
CEO: Mohamed Mahmoud Bedeir • Sector: Banking and financial services Market Value: $2 billion Sales: $1.9 billion Profits: $410 million Assets: $19.3 billion
In 2013, Qatari QNB Group acquired the majority stake of Egypt’s NSGB Bank and changed its name to QNB ALAHLI. It provides services for more than 1.3 million clients and employs over 6,991 people across a network of 231 branches. In March 2022, the bank launched an instant payment service in collaboration with Instapay allowing its clients to transfer money between their accounts and other accounts in participating banks.
3. Telecom Egypt
CEO and Managing Director: Adel Hamed • Sector: Telecommunications Market Value: $1.5 billion Sales: $2 billion Profits: $453 million Assets: $4.9 billion
This story is from the June 2022 edition of Forbes Middle East - English.
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This story is from the June 2022 edition of Forbes Middle East - English.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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