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Best Bank in Egypt 2007 by Euromoney

Arab African International Bank (AAIB) was awarded the Euromoney awards for excellence as “Best Bank in Egypt” for the year 2007.

The award ceremony was held at the Emirates capital Abou Dhabi, where a number of regional and multinational banks were awarded for their outstanding performance throughout the past year.

The Euromoney award comes to AAIB as another testimonial of its growth oriented strategy that has materialized impeccably in the consistent growth and profitability rates that outperformed market norms and positioned the bank as a forerunner in the banking industry, over the past four years a compounded average growth rate (CAGR) reached 64% in net profit and 76% in net loans. Beyond organic growth, AAIB took another stride to expedite the implementation of its growth strategy through acquiring Misr America International Bank marking the first successful merger and acquisition in the private banking sector in Egypt, a move which helped the bank continue its rapid growth in size and profitability while extending its products and services.

Hassan Abdalla, Vice Chairman and Managing Director of AAIB expressed his pride with the award and commented: “AAIB has always focused on adding vigor, professionalism, and sophistication to the banking services provided to our clients... in the process AAIB was entitled the award.” He added “AAIB is currently positioned to expand its regional role through acting as a gateway for international investments to the regional market.”

AAIB’s distinguished innovative and pioneering spirit and its ability to foresee potential in a highly dynamic market environment have enabled it to become an influential trend-setter and a leader in introducing a number of products and services to the Egyptian market.

As an investment and commercial bank, AAIB lines of business reflect core competencies in investment and corporate banking along its breakthrough strides in retail activities and expanding product range and geographic presence on the local and regional levels. AAIB has carved a solid niche in the areas of corporate finance and investment banking services that helped position the bank as high-end service provider of innovative and customized solutions to leading local and regional corporates. AAIB has emerged as a major contributor to the Egyptian debt capital market with a pronounced role in structuring, managing, book-running and successfully closing syndicated loans.

Being a member of the Egyptian society and a sturdy thread in its social weave, AAIB is considered one of the most active supporters of community service. It interacts with various members of the society by supporting various social activities in an effort to fulfill its duty to Egypt. In 2007, the bank launches “We Owe it to Egypt” Foundation. This initiative is considered a pioneering one in that it offers a comprehensive vision for developing the role of institutions in supporting the fields of health and education in Egypt. In the field of health, the bank has continued its role in developing and renovating Cairo University’s Specialized Pediatrics Hospital (Abou El Reesh) working closely with its management in the areas of infrastructure development and personnel training.

Euromoney’s award for excellence 2007 is considered AAIB’s third prize this year, as it won the Banker award for Bank of the year in Egypt 2006, also the Visa Innovation award for its creativity and innovative products. Its worth mentioning that AAIB’s rating has moved from “A” positive outlook to “A+” stable outlook by the Meris-Moody international association.