Al Watany Bank of Egypt

The Al Watany Bank of Egypt is an Egyptian bank, and a subsidiary of the National Bank of Kuwait.[2]

Al Watany Bank of Egypt
IndustryBanking
Founded1 May 1980 (1980-05-01)
HeadquartersCairo, Egypt
Key people
Chairman: Shaikha Khaled El Bahr
Managing Director:
Yasser Hassan[1]
ProductsFinancial Services
WebsiteAWB Official Website

The Al Watany Bank of Egypt was founded in May 1980 by several Egyptian businessmen as a joint Stock Company under the provisions of Law 43/1974 with two branches in Cairo.[3] It grew in a promising economy and gradually established a reputation as the leading bank for small and medium-size businesses within the Egyptian market.[3]

In August 2007, the National Bank of Kuwait (NBK) acquired a 51% stake in Al Watany for US $516 million.[4][5] The offer was extended to other shareholders and by October 2007, the National Bank of Kuwait had acquired a total of 93.77% stake in the bank for a cost of over US $900 million by October 2007.[5] The purchase marked the entry of the National Bank of Kuwait into the Egyptian market for the first time and represented a significant stage in the bank's strategy of expansion in the region.[6] The bank intended to triple the number of branches in five years and turn Al Watany into Egypt's third largest retail bank.[7]

The Al Watany Bank of Egypt made a net profit of 243.6 million Egyptian pounds (US $44.5 million) in 2007, a 157% increase compared to 2006.[8][9] It posted a profit of 290.6 million Egyptian pounds for the first nine months of 2008, a 29.2 percent growth compared to the same period in the previous year.[10] Its assets were valued at 14.6025 billion Egyptian pounds at the end of the third quarter of 2008.[10]

The bank's authorized and paid capital was 1 billion Egyptian Pounds distributed on 100 million shares with a par value of 10 Egyptian Pounds each. It has 41 branches located across Egypt from Cairo and Alexandria to Giza, Mansoura and Sohag.

See also

References
  1. "Officers and Directors For Al Watany Bank of Egypt". Reuters. Retrieved 3 March 2009.
  2. "WATA Profile & Executives - El Watany Bank of Egypt". Bloomberg. Retrieved 28 November 2012.
  3. Sherman, William (4 February 2003). "Staying The Course". The America's Intelligence Wire. Retrieved 3 March 2009.(registration required)
  4. "NBK wins bid for Egypt's Al-Watany Bank" (Press release). NBK Press Office. 15 August 2007. Archived from the original on 23 August 2007. Retrieved 3 March 2009.
  5. "Kuwait's NBK acquires 93.77 % of Egypt's AlWatany Bank". Middle East Times. News World Communications Inc. 29 October 2007. Archived from the original on 14 February 2008. Retrieved 3 March 2009.
  6. Bowman, Joel (2 April 2008). "NBK buys Al Watany Bank of Egypt". Arabian Business. ITP DIGITAL. Archived from the original on 5 June 2008. Retrieved 3 March 2009.
  7. "National Bank enters Cairo: Al-Watany acquisition will pave the way for expansion in retail sector". Middle East Economic Digest. 7 August 2007. Retrieved 3 March 2009.(registration required)
  8. "Egypt's Al Watany Bank 2007 net profit rises 157 pct". Reuters. 11 March 2008. Retrieved 3 March 2009.
  9. Hadfield, Will (11 March 2008). "Al-Watany Bank's profits jump 157 per cent". Middle East Business Intelligence. Emap. Retrieved 3 March 2009.
  10. "Watany Bank of Egypt posted 290.6 mln in profit up to Q3 of 2008". ArabFinance. 9 November 2008. Retrieved 3 March 2009.
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