The Ministry of Finance announced in an official statement the names of the top five banks that trade treasury bills and treasury bonds during the first quarter of the fiscal year 2013-2014.
The ministerial results included the banks that topped the primary market, where the ministry sells the bonds and bills to 15 authorised banks, and the secondary market, and the banks re-sell the bonds and bills to financial institutions, insurance companies and the public.
The Ministry of Finance stated that the National Bank of Egypt (NBE) topped the list of primary market in the trade of treasury bills, followed by the Commercial International Bank (CIB). The Arab African International Bank (AAIB) came in third and Banque Misr ranked fourth. The final contender was Barclays Egypt, which was ranked fifth.
In the secondary market, Credit Agricole Egypt (CAE) ranked first, with a sales market share reaching 30.43%. The NBE placed second with a sales market share of 16.17% and the National Societe Generale Bank (NSGB), with a market share 8.4%, ranked third. The AAIB ranked fourth with a market share of 7.96%, followed closely by Barclays Egypt with a 7.92% sales market share.
In the primary market of the treasury bonds, CIB came in first and was followed by NBE. Banque Misr ranked fourth, followed by NSGB. In fifth position was Banque de Caire.
Once again, CAE ranked first in the secondary market of treasury bonds with a sales market share of 36.74%. The CIB ranked second with a 20.31% sales market share and NBE’s market share was 14.4%, placing it in the third position. Banque Misr ranked fourth with a market share of 12.48%, followed by Arab Bank.
Minister of Finance Ahmed Galal said that these listings aim to encourage competitiveness amongst Egyptian banks, adding that foreign banks also use them to evaluate and assess the banks’ management.
Last month, using the data provided by Forbes’s Middle East Power 100 list, Egypt’s business directory released an official report listing the top five banks in Egypt out of a total of 39. CIB topped the list, registering $1.5bn in revenues while its profits stood at $319.4m.
The report compared the banks using four main categories: market value, revenues, profits and the value of assets owned by each.
NSGB ranked second, while CAE was placed third, followed by Faisal Islamic bank of Egypt and the Union National Bank.
The Ministry of Finance added that these ratings will be provided on a quarterly basis.