Bank of Alexandria

About Bank of Alexandria

The Bank of Egypt, founded in 1820 by French interests, was the first bank in Egypt and one of the first in Africa. It financed the cotton trade, which was Egypts main export. Egyptian banking developed under European influence, with British, French, and German banks dominating. The National Bank of Egypt, founded in 1898, served as the central bank and currency issuer. After the 1952 revolution, Gamal Abdel Nasser nationalized Egyptian banks. The banking sector was liberalized in the 1970s under Anwar Sadat. Egyptian banking remains dominated by state owned banks, with the National Bank of Egypt and Banque Misr controlling most deposits.