Arab African Internatıonal Bank
 | |
 Branch in Cairo | |
| Type | Private bank |
|---|---|
| Industry | Financial services |
| Founded | 1964 |
| Headquarters | , |
Number of locations | 99 (2024) |
Area served | Egypt |
Key people | Osamah Othman Al-Furaih (Chairman) Tamer Wahid[1] (CEO) |
| Products | Banking services |
| Revenue | USD 301 millions (2024)[2] |
| Total assets | USD 18,2 billion (2024)[2] |
| Total equity | USD 2,6 billions (2024)[2] |
Number of employees | 3180 (2024) |
| Website | aaib |
Arab African International Bank, (AAIB) is a major Egyptian bank, that is one of the big five banks in Egypt. As well as its operations in Egypt it has branches in the United Arab Emirates and Lebanon.[3]
The bank's capital is held by two main institutional shareholders: the Central Bank of Egypt (CBE): 49.37% and the Kuwait Investment Authority (KIA): 49.37%.[4]
History
It was established in 1964 by a special law, jointly owned by the Central Bank of Egypt and the Kuwait Investment Authority.[5]
Its initial objective was to leverage the region's wealth and serve as a financial pillar for regional ambitions. The founding treaty was signed by Egyptian President Gamal Abdel Nasser and Gabr Al Ahmed Al Gabr Al Sabbah, the former Crown Prince of Kuwait.[6]
In 1970, it expanded regionally with the launch of the AAIB-UAE, becoming the first Egyptian private sector bank to extend its operations into the Gulf region.[7]
In 1982, it launched the first international trading floor in Egypt and introduced the first credit cards to the market.[8]
In May 2015, the bank acquired all of Scotiabank's assets in Egypt.[9]
In October 2023, AAIB became one of Egypt's largest banks to suspend the use of debit cards for purchases outside of Egypt and to set new limits on cash withdrawals abroad ranging from EGP 11,000 (USD 355) to EGP 33,000 (USD 1,067) per month.[10]
In September 2024, the government announced its intention to sell its stakes in 32 companies, including the Banque du Caire, the Arab African International Bank, and Alexbank, through the Egyptian Exchange.[11][12]
See also
References
- ↑ Mounir, Hossam (2025-05-19). "AAIB, MSMEDA sign EGP 150m agreement to boost Egypt's SME industrial sector - Dailynewsegypt".
- 1 2 3 "Built to envolve, 60 years of reinvention" (PDF).
- ↑ ""الاستثمار الكويتية" مهتمة بزيادة حصتها في البنك العربي الإفريقي الدولي بمصر". العربية (in Arabic). 2023-04-03.
- ↑ "The Worldfolio: Arab African International Bank". Theworldfolio.
- ↑ Nenovsky, Nikolay (1999). "Une économie en transition a-t-elle vraiment besoin d'une Banque centrale ? La Caisse d'émission en Bulgarie". Revue d'études comparatives Est-Ouest. 30 (4): 65–96. doi:10.3406/receo.1999.2996.
- ↑ "AAIB Sustainability Bond Framework Second-Party Opinion" (PDF). June 2024.
- ↑ "Arab African International Bank, IFC, EBRD, and BII Launch US$500 Million Sustainability Bond to Support Climate Finance and Boost Micro, Small, and Medium-Sized Enterprises". IFC.
- ↑ "Arab African International Bank: The Introduction of Smart Cards to the Egyptian Market". The Case Centre.
- ↑ "Bank of Nova Scotia sells loan and deposit business in Egypt as Canadian banks rejig global operations". financialpost. Archived from the original on 2025-02-21.
- ↑ Rafik, Farah (2023-10-09). "Egyptian Banks Suspend Debit Card Use in Foreign Currency, Set New Limits for Cash Withdrawals | Egyptian Streets".
- ↑ "Egypt to sell United Bank stake in IPO on local bourse". gulfbusiness.com.
- ↑ "Egypt's United Bank to list on Cairo stock exchange on Oct. 24". Reuters. 2024-10-23.