Egypt's AIB green-lights aiBANK's $50.65mln capital increase

aiBANK authorised capital will be increased to $126mln

  

Cairo –  The board of directors of National Investment Bank (NIB) approved a proposal to increase Arab Investment Bank’s (aiBANK) capital by EGP 800 million over two tranches.

NIB will contribute EGP 731.4 million or 91.42% to the capital increase, the bank’s chairman and minister of planning Hala El-Saeed said in a statement on Monday.

aiBANK's authorised capital will be increased to EGP 2 billion, while the paid-up capital will be raised to EGP 1.84 billion.

The bank plans to launch new banking products and improve its financial indicators to boost its competitiveness and comply with the regulatory instructions issued by the Central Bank of Egypt (CBE), El-Saeed added.

Source: Mubasher

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