Arab International Bank To Start Dealing In Egypt Pound In H2

The Arab International Bank (AIB) is in the final organizational stages to start conducting transactions in Egyptian pound, said Mohamed Abdel Gawad, managing director of the bank.

The Central Bank of Egypt (CBE) is following up these procedures which will enable the bank carry out transactions in local currency step by step, he added.

AIB will start dealing with the Egyptian pound during the second half of this year as information department, banking system and branches are close to be fully restructured, Abdel Gawad revealed.

The AIB has fell under the supervision of the Egypt’s central bank in March 2012 as it is the official banking regulator in Egypt.

The Arab International Bank was established under international treaty by five Arab sovereigns in 1974 as an Egypt-based offshore banking unit with authorized and subscribed capital of US$ 600 million and paid-up capital of US$ 450 million.

The bank’s shareholders are as follows: