Korps during the second world war. Immediately following the end of the second World War, company profits rose greatly due to petroleum shipments and the company reserved much of this income. By 1952, the company held four different reserves accounts: a statutory reserve of 430 million francs, a special reserve of 7 billion francs, a contingency fund of 1.72 billion francs, and a pension fund of 7.81 billion francs. After Jacques Georges-Picot's arrival to the company in the 1940s, the board started to hire investment advisors, and by the late 1940s, the company had investments in Air France, Air Liquide, colonial sugar refineries, coal mining companies, railroad companies, electric companies, the African forest and agriculture Society, and the Lyonnaise de Madagascar. King Farouk of the Muhammad Ali line was overthrown in a military coup in 1952 and Colonel Gamal Abdel Nasser eventually emerged as the leader of Egypt. By the mid-1950s, canal traffic reached 122 million tons annually, over half of which was oil shipments. In response to the World Bank denying a loan to build a dam across the Nile at Aswan, Nasser declared on 26 July 1956 that Egypt was nationalizing the canal. In response, Britain, France, and Israel attacked Egypt and destroyed large portions of Port Said. The canal was returned to Egypt after the United States disapproved of the action. For the following ten years, the canal was operated by Egypt who paid an amount to the Suez Canal Company for its use. In 1967, another war with Israel arose and the canal was made impassable with scuttled ships. The canal would not reopen until 1975 after the Camp David Accord. Traffic through the canal began to fall in the early 1980s after petroleum pipelines eroded ship traffic business. After the company became defunct in the late 1990s, the canal was generating $2 billion a year in revenue for Egypt. Development after 1956 Following the Suez crisis, the Suez Company reinvented itself as a diversified investment firm. In 1959, it established a banking subsidiary, the , renamed in 1966 following Suez's combination with financier 's conglomerate, . That bank merged in 1975 with the Banque de l'Indochine to form Banque Indosuez, which the Suez Company eventually sold to Crédit Agricole in 1996. Meanwhile, in 1972 the Suez Company acquired control of another bank, Crédit Industriel et Commercial, which it relinquished in the 1980s. Following its nationalization