Banque du Caire History
Banque du Caire is one of the oldest and largest commercial banks in Egypt
Banque du Caire History
- BDC prides itself on its long history.
- Banque du Caire was established on 8 May 1952 by a group of investors comprised of businessmen, economists, and lawmakers. The bank was incorporated in the legal form of a joint venture as per the royal decree, which was issued on the same date and published in the supplement of the Al-Waqā’i‘a al-Maṣrīyah newspaper (Egyptian Affairs) on 15 May 1952. The newly established bank was registered at the Commercial Registry in Cairo (Registry number: 80058).
- BDC’s startup capital amounted to LE 500K, divided into 125K shares (31,250 nominal shares and 93,750 bearer shares). The value per share was LE 4.
- The first Board of Directors had 12 members and was headed by the elected Chairman H.E. Abdel Shafie Abdel Motaal Pasha, who was the first Chairman of the Board of BDC. The main branch was inaugurated on 15 May 1952 at 47 Qasr El Nil St., Cairo.
- The bank started with 3 branches in the United Arab Republic at that time. In 1954, the first external branch was opened in KSA.
- During the 1950's, two branches were opened in Lebanon and were merged in Banque Misr Liban, as per the instruction of the Egyptian Public Institution for Banking. From 1955 to 1959, BDC opened 7 branches in the Syrian Arab Republic (Damascus - Aleppo - Lattakia). Meanwhile, the nationalisation banking law was issued in Syria, and the ownership of BDC's branches was transferred to the Syrian state. In 1956, after the nationalisation of the Suez Canal, BDC participated in financing the Egyptian cotton crop after foreign banks had refused to finance it.
- When Law no. 22/1957 regarding the Egyptianisation of banks was issued on 14 January 1957, all the operating foreign banks in Egypt were put under public custody. BDC acquired 2 French banks: Credit Lyonnais, and Comptoir National d'Escompte de Paris in April 1957. The Egyptian Government assigned the process of issuing and supervising the draw on lottery tickets and disbursing prizes to BDC. The Egyptian Government increased BDC capital to LE 1.1 million on 17 January 1957.
Banque du Caire Timeline
- Mohamed Ali Alouba was appointed the Chairman of the Board of BDC from 24 April 1957 to 10 February 1966.
- On 11 June 1960, Banque du Caire Amman was established in the Hashemite Kingdom of Jordan, and the company was transformed into a joint venture named Banque du Caire Amman.
- On 21 July 1961, Law no. 117/1961 of the Banks Nationalisation was issued. Accordingly, BDC was nationalised. The bank’s shares were acquired by the Egyptian Government in 1961. The share value was reassessed at a nominal value of LE 12.90 and at a bearer value of LE 12.80 per share; this was supervised by the Economic Institution that was founded as per law no. 20/1957.
- On 8 February 1964, ministerial decree number 08/1964 was issued, merging Union Commercial Bank into BDC.
- Hassan Salah Eldin was appointed the Chairman of the Board of BDC from 22 February 1966 to 24 January 1967
- Mohamed Abdallah Marzipan was appointed the Chairman of the Board of BDC from 15 February 1967 to 27 February 1968.
- Hassan Zaki Ahmed was appointed the Chairman of the Board of BDC from 19 November 1968 to 2 October 1975.
- On 3 September 1975, Cairo Barclays International Bank was established.
- Mohamed Ezzat Fahmy was appointed the Chairman of the Board of BDC from 14 June 1976 to 19 May 1979.
- On 12 May 1977, Banque Du Caire Paris was established (later BNP Paribas).
- On 29 May 1978, Cairo Far East Bank was established.
- Mohamed Zaki El Oraby was appointed the Chairman of the Board of BDC from 18 September 1979 to 11 February 1981.
- Mahmoud Fahmy Laban was appointed the Chairman of the Board of BDC from 12 February 1981 to 13 June 1986.
- Mahmoud Hassan Abdallah was appointed the Chairman of the Board of BDC from 24 July 1986 to 6 July 1990.
- Mamdouh Saieed El Nadoury was appointed the Chairman of the Board of BDC from 18 September 1990 to 3 June 1991.
- Mohamed Aboul Fath Abdel Aziz was appointed the Chairman of the Board of BDC from 14 August 1991 to 14 May 1999.
- On 5 November 1995, Banque Du Caire International in Uganda-Kampala was established.
- Ahmed Mounir El Bardaey was appointed the Chairman of the Board of BDC from 10 February 2000 to 24 September 2005.
- On 25 March 2003, the Central Bank of Egypt – CBE’s board issued a decree to increase the issued capital of BDC to LE 1.6 billion, divided into 40 million shares (LE 4 per share), and fully owned by the state.
- Mohamed Barakat and Mohamed Kafafi was appointed the Chairman of the Board of BDC from 25 September 2005 to 24 September 2011. He was also the Vice Chairman and Chief Executive Officer.
- On 24 May 2007, Banque Misr acquired BDC’s entire shares, and the ownership of the bank’s shares were transferred to BM at the Egyptian Stock Exchange.
- On 21 May 2009, 5 shares of BDC were sold to Misr Investment Company, and another 5 shares were sold to Egypt-Abu Dhabi Real Estate Investment Company; as approved by the Finance Minister on 5 April 2009. Accordingly, BDC was subjected to CBE law no. 94, and banking and monetary law no. 88/2003 and its amendments which put into force the law of the joint stock companies and the companies limited by shares and the limited liability.
- On 29 June 2010, the shares owned by BM were transferred to Misr Capital Investment Company for LE 17.44 per share.