CAIRO: Arab African International Bank was awarded the Euromoney awards for excellence as "Best Bank in Egypt for the year 2008, in an award ceremony held in Dubai last week. Achieving this award two years in a row comes as an accreditation of the bank's notable growth rate that has made it one of the most important banks in the Egyptian financial sector. Throughout the past years, the bank's strategy has focused on three domains: sustaining growth rates, increasing profits and constantly offering new and innovative services, the bank said in a press release. "This award is the fruit of the hard work and effort exerted by bank employees throughout the past years to offer the best banking services available to all individual and corporate clients, Vice Chairman and Managing Director of AAIB said upon receiving the award. Over the past four years, AAIB has achieved a compounded average growth rate (CAGR) that reached 64 percent in net profit and 76 percent in net loans. AAIB has carved a solid niche in the areas of corporate finance and investment banking services that helped position the bank as high-end service provider of innovative and customized solutions to leading local and regional corporations. AAIB has emerged as a major contributor to the Egyptian debt capital market with a pronounced role in structuring, managing, book-running and successfully closing syndicated loans, the bank said. Under the umbrella of community service the bank launched in 2007 "We Owe it to Egypt Foundation, an initiative offering a comprehensive vision for developing the role of institutions in supporting the fields of health and education in Egypt. In addition to Euromoney's latest award, AAIB has previously achieved Bank of the Year in Egypt award in 2006 by The Banker magazine - an affiliate of the world renowned Financial Times, the Visa Innovation Award for the year 2006 and the Quality Recognition Award for the year 2007 from J.P Morgan Chase International Bank. "By affirming AAIB's status in the Egyptian market, we are ready to assert our presence on the regional level to become a bridge of international investments directed at the region, Abdallah said. AAIB's rating has moved from "A to "A+ by Moody's International Association, an accreditation international body, due to high performance rates.
