Today, Banque Misr celebrates the anniversary of its foundation on this day in 1920 by economist Mohamed Talaat Harb Pasha. The bank aimed to invest national savings towards economic and social growth, ultimately becoming the Bank of Egypt.
The bank was established as a joint-stock company with all Egyptian shareholders and went on to establish 26 companies in various economic fields and two of the largest investment funds in Egypt from 1920 to 1960.
Some of the Bank of Egypt’s most important subsidiaries include Egypt Air Company, Misr Insurance Company, Misr Spinning and Weaving Company, Misr Land Transport, Misr River Transport, Misr Chemicals Manufacturing Company, Misr Tobacco and Cigarettes Company, Misr Dairy and Nutrition, Misr Chemicals, and Misr Insurance.
Establishing a national Egyptian bank had been a dream since Mohammad Ali Pasha’s time, but due to a dispute between the Egyptian National Assembly and the Khedive, it never became a reality.
However, the idea was reintroduced in 1919 by a law student named Mohammad Badawi Al-Bili, who wrote an article in the Al-Ahram newspaper. This sparked a press campaign that involved students, writers, and journalists, ultimately leading to the establishment of Banque Misr in April 1920.
