Best Bank: Arab African International Bank
The competition between two banks, Commercial International Bank and Arab African International Bank was closer than ever, with AAIB winning the best bank award by the narrowest of margins. CIB continues to deliver first-class products and services, achieving record profits while increasing its share of key markets such as the industrial sector.
However, the performance of AAIB has been outstanding as it reaps the rewards of its growth-oriented strategy. It is the fastest-growing bank in Egypt in terms of size and profitability, and has also introduced new products and services – particularly in the use of technology in the credit card and point of sale markets.
The bank has also started to profit from its acquisition of Misr America International Bank, a former subsidiary of Bank of America.
Its results were impressive. Net profits rose by 40% and assets by 48%. Deposits grew by 43%, loans were up by 86% and the return on average equity grew to 32% compared with 28% in 2005.