Bank of Khartoum - History

History

• 1913 The Anglo-Egyptian Bank established a branch in Khartoum. In 1925, Barclays Bank merged Anglo-Egyptian with two other banks to form Barclays (Dominion, Colonial & Overseas).
• 1948 The Ottoman Bank established a branch in Khartoum.
• 1953 Egypt's Bank Misr established a branch in Khartoum.
• 1956 Jordan's Arab Bank established a branch in Khartoum.
• 1958 State Bank of Ethiopia (later Commercial Bank of Ethiopia), established a branch in Khartoum.
• 1969 National and Grindlays Bank 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 Bank's four branches became Red Sea Bank or Red Sea Commercial Bank (accounts differ). Commercial Bank of Ethiopia's one branch became Juba Commercial Bank. National and Grindlays Bank'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 Bank 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.