Egypt’s AAIB bank to set up presence in Rwanda, Kenya in 2020

Egypt’s Arab African International Bank (AAIB) is planning to set up an African presence after 2020, senior sources in the bank told Amwal Al Ghad on Tuesday.

The bank has chosen Rwanda and Kenya to make its African presence, the sources said.

AAIB’s three-year (2018-2020) strategy would focus on boosting its market share in the local market and playing a pivotal role in the Gulf region to attract foreign investment to Egypt, the sources added.

Arab African International, which has assets of about $13 billion, was set up in 1964 as a joint venture between the Central Bank of Egypt and sovereign wealth fund Kuwait Investment Authority, with each party holding a 49.37 percent stake in the lender.