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Euromoney names AAIB 'Best Bank in Egypt'

DUBAI — Arab African International Bank (AAIB) was awarded the Euromoney awards for excellence as 'Best Bank in Egypt' for the year 2007.

The award ceremony was held at the Emirates capital Abu Dhabi, where a number of regional and multinational banks were awarded for their outstanding performance throughout the past year.

AAIB's growth oriented strategy has materialised impeccably in the consistent growth and profitability rates that outperformed market norms and positioned the bank as a forerunner in the banking industry, over the past four years a compounded average growth rate (CAGR) reached 64 per cent in net profit and 76 per cent in net loans. Beyond organic growth, AAIB took another stride to expedite the implementation of its growth strategy through acquiring Misr America International Bank marking the first successful merger and acquisition in the private banking sector in Egypt, a move which helped the bank continue its rapid growth in size and profitability while extending its products and services.