AIB To Conduct Egyptian-Currency Transactions By Jan. 2013

The Arab International Bank (AIB) targets to conduct Egyptian currency transactions by the beginning of the next year for the first times after conducting U.S.-dollar currency transactions solely from 1974 to last March, said Mohamed Abdel Gawad, managing director of AIB.

The bank’s strategy is based on restructuring its departments of information, banking systems, branches and banking products offered by the bank in order to consistent with the Egyptian currency transactions, Abdel Gawad told Amwal Al Ghad.

Such move will definitely add competitive advantage to the bank as the volume of its savings and loans will increase, and accordingly the value of its profit will surge, Abdel Gawad affirmed.

As being the banking regulator, the Central Bank of Egypt (CBE) has begun supervising and monitoring AIB since March 2012.

AIB was established in 1974 by virtue of an international treaty. The value of the bank’s authorized and subscribed capital is US$ 600 million and paid-up capital is US$ 450 million.

The subscribed share capital is as follows: