- This campaign is aligned with the guidelines of the Egyptian government and the Central Bank of Egypt focused on supporting small and medium enterprises. The campaign also builds on the Bank’s strategy and expansion plan aimed at introducing innovative solutions that contribute to the sustainable development of this promising sector.
Cairo: aiBANK, a leading commercial bank specializing in providing a variety of personal and corporate banking services, as well as financing major development projects, today announced the launch of a campaign entitled “Finance that takes you 100 steps forward” to raise awareness of its latest financing product. The Bank’s new product aims to provide SMEs with financing facilities of up to EGP 10 million, with repayment periods of up to 5 years, while quickly receiving the necessary approvals in just four days.
This campaign is in line with Egyptian government and Central Bank of Egypt guidelines focused on supporting SMEs and builds on the Bank’s strategy and expansion plan to introduce innovative financial solutions that contribute to sustainable development. of this promising sector. This campaign also aims to publicize the competitive advantages offered by the Bank through this product, which aims to fill the financing gap and attract small businesses as new customers. By financing these small businesses, the bank will support job creation and stimulate economic growth, which will enable it to achieve its objectives of providing sustainable financing solutions.
In this regard, Iman Badr, Senior Director of Personal and Commercial Banking at aiBANK, said: “I am proud to present this new product aimed at supporting small businesses, as this sector represents one of the most promising areas in which the Bank’s activities are focused. We have set up a specialized “Business Banking” department solely focused on providing banking services to small businesses with annual sales between one million and fifty million Egyptian pounds. »
Sherif Nada, Director of Retail, Branch Network and Corporate Banking at aiBANK, also added“It should be noted that product development is an integral part of the Bank’s strategy as it continues to launch new funding programs to keep pace with trends and developments in the Egyptian banking sector serving the needs of multiple target business segments. This will include financing working capital requirements, expanding fixed assets and purchasing machinery and equipment. The Bank will also provide a variety of new financial and non-financial products aimed at supporting the sustainable growth of these companies.
Sherif El-Leithy, head of corporate banking at aiBANK, said, “The Bank has been successful in accelerating the pace of loans and credit facilities provided to clients in this vital sector. The percentage of facilities granted to small businesses increasing to 9.1% in September 2022, which is in line with central bank guidelines which require all banks to devote at least 10% of their net loan portfolios to financing small businesses. businesses, based on the bank’s financial position as of December 2020.
aiBANK was established in 1974 as an investment and merchant bank under the supervision of the Central Bank of Egypt. Its activities started in 1978 with a base capital of USD 40 million, which was later increased to EGP 1,987 million in 2020. Moreover, in accordance with the decisions of the general meeting held on October 10, 2021, and after the completion of the As part of the Bank Acquisition Agreement, the Bank has received approval to increase its paid-in capital to EGP 5,000,000,003 and has adjusted its ownership structure accordingly to accommodate new investors and existing, as follows:
EFG Hermes Holding SAE – (51%)
Egyptian Financial Services and Digital Transformation Subfund – (25%)
National Investment Bank – (24%)
The Bank offers the full range of retail, investment and treasury banking services. The Bank also offers Islamic banking services, overseen by a Sharia-compliant body that ensures that the Bank remains compliant with all Islamic banking criteria. In addition, the Bank provides loan syndication services to companies and institutions seeking to finance large national projects that support the economy and the Bank. These national projects are linked to the growth of small and medium enterprises, which play a crucial role in Egypt’s overall economic and social development.
The Bank offers its services to its customers through its 30 branches across the country. The bank is constantly working to expand its geographical presence by opening new branches and ATMs to ensure that it covers all key locations. The Bank is also committed to satisfying its customers by providing unique and competitive services and by investing in its technological systems and human capital to improve the overall level of its banking services.
About EFG Hermes Holding
With a current footprint spanning 14 countries on four continents, EFG Hermes Holding (EGX: HRHO.CA – LSE: EFGD) has grown over 38 successful years from a pure-play investment bank in the MENA region to a universal bank in Egypt with the leading investment banking franchise in frontier emerging markets (FEM). With our proven track record and a diverse team of talented employees, we provide a wide range of financial services that include advisory, asset management, securities brokerage, research and private equity in the entire GEF region. In our home country, we have the fastest growing Non-Banking Financial Institutions (NBFI) platform, with operations spanning Microfinance, Leasing, Factoring, Buy-Now Pay- Later (BNPL), digital payment solutions, mortgage financing and insurance.
Through its three verticals, Investment Banking, Non-Banking Financial Institutions (NBFIs) and Commercial Banking, the group is uniquely positioned to consistently bring disruptive financial products and services to market, delivering a holistic portfolio that serves at best its growing base. individual customers and businesses of all sizes.
Proudly present in: Egypt | United Arab Emirates | Saudi Arabia | Kuwait | Omani | Jordan | pakistan | United Kingdom | Kenya | United States | Bangladesh | Vietnam | Nigeria | Singapore
For more information, please contact:
The EFG Hermes Holding Public Relations Team
May El Gammal
Group Chief Marketing & Communications Officer of EFG Hermes Holding
Note on forward-looking statements
In this press release, EFG Hermes Holding may make forward-looking statements, including, for example, statements about management’s expectations, strategic objectives, growth opportunities and business prospects. These forward-looking statements are not historical facts but represent only EFG Hermes Holding’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and beyond management’s control and include, among other things, volatility. financial markets; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current, pending and future laws, regulations and regulatory actions. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made.