ARAB AFRICAN INTERNATIONAL BANK
As well as acquiring Misr American International Bank in May 2005, the first acquisition among Egypt’s private banks, Arab African International Bank (AAIB) produced a list of outstanding results that outperformed the market.
It produced an 89% rise in net profits, grew total assets by 88% and its RoE rose to 25.7% in 2005 from 16.7% the previous year, making it the fastest growing bank in the country in terms of assets and profitability.
AAIB has emerged as a major contributor to the Egyptian debt capital market with a powerful role in structuring, managing, book-running and successfully closing syndicated loans. In retail, great strides were made with 128% growth in ATMs, the introduction of chip technology across the merchants network and new secure online payment processes.
The bank’s vice-chairman, Hassan Abdalla, notes: “I am proud to be receiving this prestigious award which, above all, is a testament to the passion and dedication of our employees, outcome of hard work and proficiency, materialising experience and talent. The outstanding momentum and magnitude of change that prevailed across different lines of activities, whether corporate or retail, are mirrored in growth rates that have challenged market norms and set new standards over a limited time span. In 2005, AAIB witnessed 88% growth in total assets, around 77% increase in customers’ deposits, and 72% growth in customer loans. It also experienced growth in its client base by 200% and in its service branches and ATMs by 108% and 128% respectively.”
