Cairo, April 14
th, 2021 : EFG Hermes S.A.E. Board of Directors convened on Tuesday 13/04/2021 at 12:00 p.m. (CLT) and : First: Approval of the transaction to acquire 76% of the shares of the Arab Investment Bank, in a consortium with The Sovereign Fund of Egypt (TSFE), through a capital increase of the Bank s issued and paid capital to EGP 5 Billion, so that the shareholding percentage of EFG Hermes Holding becomes 51% and the shareholding percentage of TSFE, through a wholly owned sub-fund, 25%, while the National Investment Bank will maintain 24% after implementation of the capital increase . The Board of Directors also approved the Fair Value Report of the capital increase shares to be issued by the Bank, in application of Article 44 of the Listing and Delisting Rules of the Egyptian Exchange. Such report has been prepared by the independent financial advisor, Pricewaterh
1. Brief about the Bank ● Establishment & Shareholders: aiBank was established in 1974 as an investment and commercial bank. aiBank was previously known as The Federal Arab Bank for Development and Investment. As at the valuation date, the bank s shareholders were National Investment Bank( NIB ) (92.2%) and Federation of Arab Republics (7.8%) ● Capital & Minimum Requirement: aiBank paid up capital amounted to EGP 1.84B as at 30 Jun 2020. A subordinated loan from National Investment Bank was approved to be transferred to capital resulting in an increase in paid up capital to EGP 1.98B. ● Headcount: was 956 employees as at the valuation date. ● Branches & Offering: The bank currently operates through 31 branches (owned and leased), with two branches offering Islamic products; one based in Cairo and the other in Alexandria. The headquarters
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Suez Canal Bank selects Temenos core package 09 March 2021
Source: Temenos Temenos (SIX: TEMN), the banking software company, today announced Suez Canal Bank has selected Temenos Infinity to transform the digital customer experience for its retail and business banking. Temenos Infinity provides a complete digital platform for Suez Canal Bank, covering the entire customer lifecycle from customer onboarding, account opening and digital servicing. With Temenos Infinity, the bank is able to bring new products to market faster, accelerate digital customer onboarding and increase front office efficiency to achieve a market-leading cost-income ratio.
Powered by Temenos Infinity, Suez Canal Bank to reimagine the digital customer experience for its retail, corporate and Islamic banking services; Temenos’ (www.Temenos.com) digital banking platform will help Suez Canal Bank drive sustainable growth and financial inclusion in country where more than 40 million are unbanked.
Temenos (SIX: TEMN), the banking software company, today announced Suez Canal Bank has selected Temenos Infinity to transform the digital customer experience for its retail and business banking. Temenos Infinity provides a complete digital platform for Suez Canal Bank, covering the entire customer lifecycle from customer onboarding, account opening and digital servicing. With Temenos Infinity, the bank is able to bring new products to market faster, accelerate digital customer onboarding and increase front office efficiency to achieve a market-leading cost-income ratio.
Temenos
Arab Investment Bank selects Temenos Infinity to offer differentiated digital customer experience and grow digital customer base
Temenos Infinity enables Arab Investment Bank to bring new products to market faster, accelerate digital customer onboarding and increase front office efficiency to achieve market-leading cost-income ratio
Supports bankâs mission to boost economic development and financial inclusion for 44 million Egyptians
Share on: January 5, 2021 Temenos – Company
GENEVA, Switzerland â JANUARY 05, 2021 â Temenos (SIX: TEMN), the banking software company today announced that Arab Investment Bank has selected Temenos to power its digital customer experience. Arab Investment Bank chose the market-leading capabilities of Temenos Infinity and Temenos Payments to improve performance, drive its digital growth strategy and provide a boost to financial inclusion for millions of Egyptians.