Eight Egyptian banks entered the list of the largest 100 banks in the Arab world in terms of size of assets until September 2016, according to the Union of Arab Banks (UAB).
UAB secretary general Wissam Fattouh said that the banks—according to their order in the list—include the National Bank of Egypt (NBE), Banque Misr, Commercial International Bank (CIB), Qatar National Bank (QNB), Arab African International Bank (AAIB), Banque du Caire, Faisal Islamic Bank of Egypt, and Bank of Alexandria.
Those banks’ assets account for about 7% of total assets of the top 100 Arab banks, as they manage assets estimated at $205bn, according to Fattouh.
He added that the data of the 100 largest Arab banks until the end of the third quarter of 2016 indicate that these banks manage assets estimated at $2.93tn, or about 90% of the total Arab banking sector’s assets.
According to Fattouh, the size of assets of the 59 Gulf banks listed are worth about $2tn, as they manage about 68.2% of those assets.
He pointed out that the list of the top 100 Arab banks includes 21 Islamic banks that manage assets estimated at $486bn.
The United Arab Emirates occupied first place in terms of the number of banks included in the list with 17 banks, followed by Saudi Arabia with 12 banks, then Qatar and Lebanon in third place with 10 banks, and Kuwait in fourth place with nine banks.
Egypt ranked fifth in the list with eight banks, Bahrain and Morocco ranked sixth with seven banks, Libya and Algeria ranked seventh with five banks, Oman came in eighth place with four banks, Iraq in ninth place with three banks, and Jordan in tenth place with two banks.
According to Fattouh, QNB topped the list of the top 100 Arab Banks in terms of the size of assets, as the size of its assets by the end of September 2016 amounted to $195.9bn, followed by Emirates NBD-Egypt, which ranked second with assets worth $121.5bn.
The National Commercial Bank ranked third with assets amounting to $117bn, followed by the National Bank of Abu Dhabi (NBAD) in fourth place with assets amounting to $113.1bn.