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Company Analysis of Free Standing Company - National Bank of Egypt - Essay Example

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BANK OF EGYPT AS A FREE STANDING COMPANY Introduction: In international business arena, free standing business can be defined as a foreign investing company that has headquartered situated in one country and its businesses are spread to other countries as well…
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Company Analysis of Free Standing Company - National Bank of Egypt
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"Company Analysis of Free Standing Company - National Bank of Egypt"

Download file to see previous pages This report will analyze National Bank of Egypt as a free standing company and then the characteristics of National Bank of Egypt will be compared with the views of Mira Wilkin with respect to free standing company. Past and Present of the National Bank of Egypt (NBE) and its Acquisitions and Mergers (as a free standing company): National bank of Egypt is the oldest commercial bank of Egypt. It has been operating for the last 114 years. The bank was established in June, 1898, with the investment of one million pounds (National Bank of Egypt a). It is believed that bank of Egypt was formed by partnerships of various important people namely, Sir Ernest Cassel, Isaac Suarez and his siblings Joseph and Felix and various other members. However, since Sir Ernest was keen on not leaving the United Kingdom, therefore, branch office of National bank of Egypt was created in London (National Bank of Egypt UK Branch 2012). Since then National Bank of Egypt has opened various branches around Egypt and some other countries of the world. It has opened its branch in Khartoum in 1901, and in next year Agriculture Bank of Egypt was set active. Similarly, it has merged with various other banks and also has acquired many banks around the globe to capitalize on different opportunities regardless of the geographic region. National Bank of Egypt has a rich history of these mergers and acquisitions and some of these have been discussed below. Bank of Abyssinia came into being in 1906 and was established by National Bank of Egypt, which in many ways performed its duties for the Ethiopian government. This bank has also issued currency for Ethiopia and was the only issuer of currency for the government. Moreover, Bank of Abyssinia has also provided its services as a fiscal agent for the Ethiopian government. However, these services were later terminated in 1931 as Ethiopian government established Bank of Ethiopia as an alternative. In the year 1951, National bank of Egypt was recognized as the central bank for Egypt, but it was later confirmed in 1957 (by banking acts) and started its operation as a legal central bank of Egypt. Another important development by National Bank of Egypt was that it started operating in Sudan; all assets of the bank which were in the premises of Sudan were intentionally nationalized by the Sudan government in order to come up with the new bank for the country. This was later named as Central Bank of Sudan. Similarly, in a year (1960), Bank of Egypt was also nationalized. The main purpose for this act was to create a separate central banking entity for Egypt (Egypt News 2012). National Bank of Egypt acquired Citibank of Egypt in 1961, as this bank entered the Egyptian market 6 years before its acquisition. However, the prime reason for Citibank to leave the market was because of the nationalization process carried out in the Egypt. Furthermore, one of the important milestones of Bank of Egypt was to establish Commercial International Bank. With the help and partnership of Chase Manhattan Bank or, in simple words, the merger between National Bank of Egypt and Chase Manhattan Bank has resulted in establishing Commercial international Bank in the year 1975. Likewise in a year (1976), another important merger came into existence, as NBE along with 19 other banks from the US and Arabic countries merged together in order to establish Arab American Bank. National Bank of ...Download file to see next pagesRead More
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