The Arab International Bank (AIB) is in the final organizational stages to start conducting transactions in Egyptian pound, said Mohamed Abdel Gawad, managing director of the bank. The Central Bank of Egypt (CBE) is following up these procedures which will enable the bank carry out transactions in local currency step by step, he added. AIB will start dealing with the Egyptian pound during the second half of this year as information department, banking system and branches are close to be fully restructured, Abdel Gawad revealed. The AIB has fell under the supervision of the Egypt's central bank in March 2012 as it is the official banking regulator in Egypt. The Arab International Bank was established under international treaty by five Arab sovereigns in 1974 as an Egypt-based offshore banking unit with authorized and subscribed capital of US$ 600 million and paid-up capital of US$ 450 million. The bank's shareholders are as follows: Shareholders No. of Shares % Per Cent Central Bank Of Egypt Representing the Government of Egypt
11628
38.760 Libyan Foreign Bank Representing the Government of Libya
11628
38.760 Abu Dhabi Investment Authority 3751 12.503 Qatar Holding Company 1495 4.984 The Sultanate of Oman 747 2.490 International Capital Trading Co. (L.L.C.) 751 2.503
