Arab International Bank Plans Offering Banking Services in EGP by Q1

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The Arab International Bank (AIB) is aiming to start offering banking services in local currency (Egyptian pound) within the first quarter of 2015, but after being under full supervision of the Central Bank of Egypt, said the bank’s managing director Mohamed Barakat, who is also the chairman of the Union of Arab Banks and Banque Misr.

In statements to Amwal Al Ghad on the sidelines of Union of Arab Banks’ Conference 2014 launched today in Sharm El Sheikh entitled ‘Prudential Regulatory Procedures and Sound Practices in Risk Management’, Barakat added that the AIB’s board is targeting to expand in launching more branches in order to achieve greater geographical presence to meet with the bank’s plans for attracting deposits in Egyptian pound and to  launch new banking products as well as to grant more loans in local currency.

Moreover, he explained that boosting AIB’s revenues by the upcoming period comes at the top priorities to cover the expenses of opening up new branches, stressing that the bank has strong solvency to keep up with the required expansions in the coming period.

The Arab International Bank (AIB), founded by ‘international treaty’ to ‘enjoy certain privileges’, is an investment bank headquartered in Cairo which operates outside the jurisdiction of the Central Bank of Egypt.