AAIB acquires Canada Scotiabank’s Credit Portfolio in Egypt

The Arab African International Bank (AAIB), an international bank based in Egypt, has recently completed its acquisition of Canadian-based Scotiabank’s credit portfolio in Egypt.

The deal was signed in the presence of Hassan Abdalla – AAIB’s CEO – and Scotiabank’s vice chairman.

The Bank of Nova Scotia, commonly known as Scotiabank, is the third largest bank in Canada by deposits and market capitalization.

As pursuant to the agreement, AAIB will provide banking services for Scotiabank’s clients in Egypt through the Canadian bank’s office or AAIB’s nationwide branches.

In addition to Scotiabank’s loan and deposit portfolios, AAIB has also seized its portfolio of letters of credit and guarantees as well as documentary collections. This move will help AAIB in establishing strong relations with new markets such as Canada.