aiBank

In November 2021, EFG Hermes Holding concluded the acquisition of a majority stake amounting to 51% in the Arab Investment Bank (aiBank), along with The Sovereign Fund of Egypt (TSFE) – the Firm’s valued partner – which acquired the second-largest stake of 25%. EFG Hermes Holding continues to substantially expand its operational footprint, consistently adding new products and services to its roster of market offerings and providing clients with a holistic set of innovative financial solutions, with an eye to becoming a one-stop-shop for individual, retail, and corporate clients alike. As such, the acquisition of aiBank marked EFG Hermes Holding’s strategic entry into the rapidly-growing commercial banking sector in Egypt, laying the foundation for the Firm’s transformation into a full-fledged universal bank in the country. Additionally, the Firm continues to leverage the strategic partnership with TSFE, bringing together the public and private sector and playing a pivotal role in leading the drive for financial inclusion and digitization in Egypt. EFG Hermes Holding’s relentless efforts to diversify its business offerings throughout the years have bolstered the Firm’s regional presence to span over 13 countries across 4 continents, operating in some of the world’s most upsurging frontier emerging markets. With the conclusion of the acquisition of aiBank, EFG Hermes Holding now houses three verticals: the leading investment bank in Frontier Emerging Markets (FEM), a substantial Non-Banking Financial Institutions (NBFI) platform offering a wide range of financial services such as factoring, leasing, Buy-Now Pay-Later (BNPL) lifestyle enabling fintech services, mortgage finance, insurance, e-payment solutions, microfinancing, and last but not least; a commercial bank.

The Arab Investment Bank (aiBank) was founded in 1974 as an investment and commercial bank in Egypt, supervised by the Central Bank of Egypt (CBE). The Bank offers its clientele a myriad of top-notch retail banking, Islamic banking, Investment banking, and treasury products and services, in addition to funding some of the nation’s most prominent megaprojects, with an eye to bolstering economic development across the country. With 31 branches spread out across Egypt, the Bank continues to work towards expanding its regional footprint, to serve a larger number of individual clients, corporations, and SMEs.

Since EFG Hermes Holding and TSFE’s acquisition of aiBank, the bank’s net interest income recorded EGP 221 million. Additionally, the bank’s net fees and commissions’ income recorded EGP 21 million for November and December 2021.aiBank also reported a net profit of EGP 38 million, contributing 3% to EFG Hermes Holding’s total net profit after tax.