Bank of Khartoum
Encyclopedia
Bank of Khartoum with 17 branches in the capital and 33 branches nationwide, is the largest Bank in Sudan
. It is also the commercial bank with the oldest continuous history in the country.
Sudan
Sudan , officially the Republic of the Sudan , is a country in North Africa, sometimes considered part of the Middle East politically. It is bordered by Egypt to the north, the Red Sea to the northeast, Eritrea and Ethiopia to the east, South Sudan to the south, the Central African Republic to the...
. It is also the commercial bank with the oldest continuous history in the country.
History
- 1913 The Anglo-Egyptian BankAnglo-Egyptian BankThe Anglo-Egyptian Bank was a British overseas bank established in 1864. The founding banks were Agra and Masterman's Bank and the General Credit and Finance Co., and the bank incorporated Pastré Frères et Compagnie and Giovanni Sinadino and Co., which was the only one of the four to have its seat...
established a branch in KhartoumKhartoumKhartoum is the capital and largest city of Sudan and of Khartoum State. It is located at the confluence of the White Nile flowing north from Lake Victoria, and the Blue Nile flowing west from Ethiopia. The location where the two Niles meet is known as "al-Mogran"...
. In 1925, Barclays Bank merged Anglo-Egyptian with two other banks to form Barclays (Dominion, Colonial & Overseas). - 1948 The Ottoman BankOttoman BankThe Ottoman Bank was founded in 1856 in the Galata business section of İstanbul, the capital of the Ottoman Empire, as a joint venture between British interests, the Banque de Paris et des Pays-Bas of France, and the Ottoman government.The opening capital of the Bank consisted of 135,000 shares,...
established a branch in Khartoum. - 1953 Egypt's Bank Misr established a branch in Khartoum.
- 1956 Jordan's Arab BankArab BankArab Bank is one of the largest financial institutions in the Middle East. Established in Jerusalem in Palestine in 1930 as a small bank, it has evolved into a group with the largest worldwide Arab network with over 500 branches in 30 countries on five continents, participating in financial markets...
established a branch in Khartoum. - 1958 State Bank of Ethiopia (later Commercial Bank of EthiopiaCommercial Bank of EthiopiaThe Commercial Bank of Ethiopia is the largest commercial bank in Ethiopia and had about Birr 73.7 billion , in assets at the end of June 2010. At the time, the bank held approximately 63.5% of deposits and about 38% of all bank loans in the country...
), established a branch in Khartoum. - 1969 National and Grindlays BankGrindlays BankThe Grindlays Bank was a major British overseas bank established in 1828.It operated mainly in British colonies, especially British India. After decolonization, it was a major foreign bank in India, Pakistan and other West Asian countries. As ANZ Grindlays Bank, it was for a while the largest...
acquired the Ottoman Bank. - 1970 The Sudanese government nationalized all the banks in the Sudan, changed the names of several, and put them under the Bank of Sudan. Barclays Bank, which had an extensive network of 24 branches, became the State Bank of Foreign Trade, and then Bank of Khartoum. The six branches of Egypt's Bank Misr became People's Cooperative Bank. Arab BankArab BankArab Bank is one of the largest financial institutions in the Middle East. Established in Jerusalem in Palestine in 1930 as a small bank, it has evolved into a group with the largest worldwide Arab network with over 500 branches in 30 countries on five continents, participating in financial markets...
's four branches became Red Sea Bank or Red Sea Commercial Bank (accounts differ). Commercial Bank of EthiopiaCommercial Bank of EthiopiaThe Commercial Bank of Ethiopia is the largest commercial bank in Ethiopia and had about Birr 73.7 billion , in assets at the end of June 2010. At the time, the bank held approximately 63.5% of deposits and about 38% of all bank loans in the country...
's one branch became Juba Commercial Bank. National and Grindlays BankGrindlays BankThe Grindlays Bank was a major British overseas bank established in 1828.It operated mainly in British colonies, especially British India. After decolonization, it was a major foreign bank in India, Pakistan and other West Asian countries. As ANZ Grindlays Bank, it was for a while the largest...
's four branches that Ottoman Bank had established became Omdurman Bank. - 1973 Red Sea Bank and People's Cooperative Bank were merged into Omdurman Bank.
- 1984 Omdurman Bank merged with the Juba Commercial Bank to form Unity Bank.
- 1993 The government grouped Unity Bank, National Export Import Bank, and Bank of Khartoum into the Khartoum Bank Group.
- 2002 The government prepared Bank of Khartoum for privatization, selling a 60 per cent share to Dubai Islamic BankDubai Islamic BankThe Dubai Islamic Bank is an Islamic bank in Dubai, established in 1975.-Financial Information:Dubai Islamic Bank , established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices and is the largest Islamic bank in the UAE. DIB is a public joint...
in 2005. - 2006 Islamic Development Bank, Dubai Islamic Bank, Sharjah Islamic Bank and Abu Dhabi Islamic Bank founded Emirates and Sudan Bank in Khartoum as a fully Islamic bank.
- 2007 Bank of Khartoum announced a forthcoming merger with a smaller rival, Emirates and Sudan Bank. Dubai Islamic's ownership will drop to 28 percent of the merged bank. The Sudanese government will own 10 percent of the bank, while Abu Dhabi Islamic Bank and Sharjah Islamic Bank would also own stakes. Bank of Khartoum also plans to raise 1.1 billion dirhams (US$299.6 million) in a private placement to fund the expansion.
Sources
- Kaikati, Jack G. 1980. The Economy of Sudan: A Potential Breadbasket of the Arab World? International Journal of Middle East Studies 11, 99-123.