Mohammed Ben Youssef, General Director of the Libyan Foreign Bank & Board Member of Arab International Bank, said the bank selected Gamal Negm, Central bank of Egypt’s deputy governor to follow Hisham Ramez as the Chairman of the Arab International Bank.
Ben Youssef said in an exclusive statement to “Amwal Al Ghad” that the AIB board decided in its meeting to select Gamal Negm to chair the bank for a non paid period.
Ben Youssef praised the decision of countries contributing in the Arab International Bank to subject the bank to the Central Bank of Egypt’s control, adding that this decision will have a positive impact on the bank, asserting that this step will greatly help AIB to compete strongly in the Egyptian market using the Egyptian currency as well as the US Dollar, and expanding in both credit & debit retail banking products.
Subjecting AIB to CBE’s control will greatly support the bank
Bank’s policy has not been cancelled, but modified
He added that in case the bank is not subject to the control of central bank in countries where it is located was causing a lot of difficulties with its foreign network amid procedures related to the process of opening letters of credit or letters of guarantee.
He added that the bank is considering expansion plan within the Egyptian market during the coming period and to build a powerful network of branch to be able to expand in retail banking for both individuals and companies, supported by CBE’s approval of using domestic currency in business.
He revealed that all the terms of Bank’s Establishing agreement is ongoing and has not been canceled but witnessed some modification of some articles related to supervision of the Central Bank of Egypt in addition to using the Egyptian pound.
He added that the bank’ capital was increased at the end of 2009 by $ 150 million to reach $ 450 million.
He added that the structure of the States’ shares in the bank is; Egypt 38.7%, Libya 38.7%, Abu Dhabi 12%, Qatar 4.9%, Oman 2.4%, and International Capital Trading Company 2.5 %.