Three Banks plan to enter the top 5 Banks Club in the Egyptian banking sector

The Egyptian banking sector has witnessed many notable changes over the past 18 months as a result of the continuous development of fintech and changing customer needs, This rapid change has led to the reconfiguration of power centers between banks as competition became more intense, particularly as new banks entered the market with ambitious expansion plans aimed at joining the top banks' ranks, which will contribute to the redrawing of the banking sector.

These transformations are expected to continue shaping the future of the Egyptian banking sector, as banks tend to strengthen their strategies to keep pace with rapid changes in the market. In light of this, First Bank monitors the most significant changes in the list of top Five Banks.

The monitoring showed that the National Bank of Egypt still has the top of the largest banks operating in the Egyptian banking sector in the asset market despite a slight decline in market share, reaching 35.17% by the end of June 2024, compared to 38.34% by the end of 2022

Banque Misr also retained the second position with a market share of 17.97% of the total assets of the banking sector by the end of June 2024, compared to 19.49% by the end of 2022

CIB continued to maintain its position as the third largest bank operating in the Egyptian banking sector in the asset market, with a market share of 5.44% by the end of June 2024, compared to 5.56% by the end of 2022

It rose to fourth place with the Arab African International Bank, having successfully increased its market share to 3.93% of total Egyptian banking assets by the end of June 2024, compared to 2.86% by the end of 2022.

QNB dropped to fifth place, registering a share of 3.83% of total banking assets by the end of June 2024, compared to 4.18% by the end of 2022.

And the question that imposes itself so strongly here... Which are the banks nominated to enter the largest 5 Banks Club?

In fact, three banks are strongly nominated to enter the top 5 banks operating in the Egyptian banking sector.Banque Du Caire, highlighted as one of the departing members of the List over the past two years, However, as the executive leadership changes and Hussein Abaza takes over, it is expected that there will, be new plans that will drive the bank towards outstanding performance. It is currently in sixth place with a market share of 2.33% of the total assets of the Egyptian banking sector by the end of June 2024.

First Abu Dhabi Bank is also one of the strongest candidates since completing its merger deal with Bank Audi Egypt in 2022, it has achieved record growth rates with the support of the parent group, enabling it to increase its market share to 2.22% of total banking assets by the end of June 2024, compared to 1.81% by the end of 2022.

It also managed to reduce the gap between First Abu Dhabi Bank and Banque Du Caire in terms of asset volume to EGP 19.7 billion, its lowest level ever.

The Agricultural Bank of Bank is also one of the candidates, especially since over the past period it has witnessed a strong rise in its financial indicators with the open support of the bank from CBE and playing a strategic role in supporting the peasant and agricultural sector