Investegate |EFG-Hermes Holdings Announcements | EFG-Hermes Holdings: IFA Report on AiBank acquisition

 
1. 
Brief about the Bank
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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%)
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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.
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Headcount:
was 956 employees as at the valuation date.
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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 is currently located in downtown Cairo. However, it is planned to move to the new administrative capital after its construction completion which is currently in progress.

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