National Bank of Egypt
The National Bank of Egypt was established in 1898 and is headquartered in Cairo, Egypt. With central bank's duties since the 1950s, after the nationalization in the 1960s it also acted as a commercial bank besides maintaining the functions of the central bank. Since the mid-1960s, it has been in charge of issuing and managing investment certificates on behalf of the government. The bank maintains international presence in several countries and has a global correspondent bank network. During the assessed period, the reported number of employees was 26 768 and total assets corresponding to USD 261.8 billion were reported.
Leading practices
The stewardship policy covers client and other stakeholder engagement as well as advocacy and partnerships. The financial institution provides at least one example of how its products, services and capital supports the climate adaptation and resilience of society. The financial institution discloses the amount and/or share (in monetary terms) products, services and capital provided to small-and medium-sized enterprises.
Risks and opportunities
The institution has a publicly available policy statement committing to respect specific workers’ rights and has the opportunity to reference all ILO fundamental rights at work. It can disclose how it determines a living wage for its operational regions and include anti-bribery and anti-corruption clauses in its contracts. While it identifies material sustainability impacts, further detail on the process and criteria for prioritisation across its value chain is needed. It is recommended that performance criteria for senior executive remuneration be linked to specific sustainability targets.
The institution discloses its scope 1-2 emissions but could provide more detail on scope 2 emissions, distinguishing between market-based and location-based. Monitoring of other scope 3 categories is also recommended. The methodology for carbon footprint calculation is partially detailed, but it should cover all aspects, including emissions coverage, data types, sources, and applied standards. It is suggested that emissions across scopes 1-3 align with interim targets.
A breakdown of clients by income group is recommended, along with relevant data per country. The institution should disclose processes to avoid divestment from low-income countries due to sustainability strategies and include risks associated with ILO fundamental rights in its risk assessment. Additionally, it should identify social risks related to the net zero transition and provide examples of actions taken on salient human rights issues from the last three years.
Disclaimer
This scorecard refers to information in English which was publicly available by July 15 2024. AuM and Total assets are stated in USD for comparability and have been calculated based on reported local currency values multiplied by applicable IMF currency converter values.
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More about the company
- Headquarters
- Egypt, Arab Rep.
- Ownership structure
- Government
- Results 2024
- Total assets: USD 261.8 billion;
- Number of employees
- 26768
- Website
- https://www.nbe.com.eg
