TSFE, EFG Hermes set to acquire majority shares in capital of Arab Investment Bank

EGYPT – The Sovereign Fund of Egypt (TSFE) and EFG Hermes have agreed to acquire 76% of the capital of Arab Investment Bank (AIB) and the transaction is expected to close in the third quarter of 2021. The acquisition will be structured as a capital increase that will increase the paid-in capital of the Bank to EGP 5 billion (US$319m), making it compliant with the regulatory requirements of the Egyptian Banking Law.  “The partnership with EFG Hermes in AIB aims to capture compelling growth opportunities in the Egyptian banking sector,”…

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Arab Investment Bank selects Temenos to power its digital customer experience

EGYPT – Temenos, a banking software company, has announced that Arab Investment Bank has selected Temenos to power its digital customer experience. Arab Investment Bank chose the market-leading capabilities of Temenos Infinity and Temenos Payments to improve performance, drive its digital growth strategy and provide a boost to financial inclusion for millions of Egyptians. Arab Investment Bank, which is among one of the fastest growing banks in Egypt, provides personal and business banking products as well as investment and Islamic banking services. With Temenos Infinity, the bank has embarked on…

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