CAIRO: The Arab Banking Corporation (ABC) Egypt has approved an optional delisting of its securities form the Egypt’s stock exchange, according to a statement.
ABC’s annual general ordinary and extraordinary assemblies met on May 2 and approved the decision, but did not give a reason in the statement.
It also said its expansion plans have not been affected by recent events in Egypt, and will continue with its development strategy as planned.
“The 2011 strategy has been set to develop and expand in terms of retail and corporate banking services, reflecting customer preferences [after] the Egyptian revolution,” the statement read.
An 18-day popular uprising that began on January 25 ousted Egyptian president Hosni Mubarak from 30 years in power.
Akram Tinawi, managing director and CEO of ABC Bank, said its development strategy is based on “reforming the bank’s various sectors to adapt with the unprecedented changes that took place in the country and across the region.”
Tinawi said the bank, which has an authorized capital of LE 1 billion, is expanding its retail services with products tailored to different market segments. The bank offers retail, corporate and correspondent banking as well as treasury services.
“ABC Bank succeeded in attracting liabilities worth LE 76 million through the bank’s new newly launched ABC Daily Plus Account within one month from the product’s launch,” the statement read.
“The Egyptian market is promising and investors are still attracted by the regions vast opportunities for economic growth,” he said.
“The upcoming phase will be dedicated [to] the reconstruction and development of the bank’s various sectors aiming at expanding its financial services by next year. The bank will maximize performance … and consolidate its strengths to improve the customer value proposition,” he added.
The bank will focus sectors including food and beverage, pharmaceutical as well as oil and gas, “which spur economic growth and benefit the Egyptian community as a whole.”
In 1999, ABC bought a 93 percent stake in what was then the Egypt Arab African Bank, which had been set up in 1982. Following the acquisition, the bank was renamed Arab Banking Corporation – Egypt.
Arab Banking Corporation BSC owns a majority 93 percent stake.