CAIRO: Adding to its long list of achievements this year, the Arab African International Bank (AAIB) received the Euromoney award for excellence as the “Best Bank in Egypt 2006 in Abu Dhabi.
AAIB was also recognized for the expansion strides it has taken in the Middle East.
According to AME Info, Vice Chairman and Managing Director of AAIB Hassan Abdalla said proudly, “AAIB has always focused on adding vigor, professionalism, and sophistication to the banking services provided to our clients…in the process, AAIB was entitled [to win] the award.
Abdalla said that the bank will “expand its regional role through acting as a gateway for international investments to the regional market.
AAIB has been focusing on reviving its business in the Gulf, with operating branches in Dubai and Abu Dhabi active in all aspects of corporate, commercial and investment banking. In line with these efforts, the bank recently began providing professional management in its UAE operations.
Hemant Jethwani, regional general manager, told AME Info, “The global environment, particularly the Gulf region, is witnessing unprecedented economic growth and development. It is our endeavor to leverage our strength from the home base in Egypt to catapult the Gulf business. [The bank will] use Dubai as its hub to establish new footprints into neighboring counties, where we wish to strengthen our services to existing and potential clients.
AAIB’s strategy throughout the past four years has contributed to its growth. Positioning itself amongst the top banks in the industry, AAIB’s compounded average growth rate has reached 64 percent in net profit and 76 percent in net loans.
In the fields of investment banking and corporate finance, AAIB provides high-end services in local and regional markets.
The acquisition of Misr America International Bank expedited AAIB’s growth and increased the number of products and services offered.
One of these services is the Visa Mini credit card, launched in Egypt in association with Visa International. Not only is this card half the size of the standard card, it is the latest in payment securing transactions.
AAIB has accompanied its profit-making policies with an ethical mission. The bank contributes to health and educational development locally through the “We Owe it to Egypt foundation.
One of the foundation’s esteemed projects was dedicated to renovating the infrastructure of Abu El Reesh Hospital, which included improving the catering services, establishing recreational services for children and employing a high standard of hygiene.
Commenting on the coveted award, Jethwani said, “We are delighted to receive this accolade.it comes on the heels of a similar award received by the bank late last year. Obviously there is consistency of delivery to our customers and we are committed to building on this strength.
This past December, AAIB was named “Bank of the Year 2006 in Egypt by the Banker magazine, an affiliate of the Financial Times. The award was given to AAIB as a result of its remarkable achievements on three fronts: its commanding growth rates, its soaring profitability – which as surpassed markets norms – and its innovative edge, manifested in its distinguished range of products and services, according to the bank’s website.