In line with the Growing Importance of Supporting the National Industry, aiBANK Launches a Campaign to Announce Financing Programs for Small and Medium-Sized Companies, with Financing Facilities reaching 10 Million Pounds
This campaign is aligned with the Egyptian Government, and Central Bank of Egypt’s directives focused on supporting small and medium-sized businesses. The campaign also builds on the Bank’s strategy and expansion plan aimed at introducing innovative solutions that aid the sustainable development of this promising sector
Cairo, October 31, 2022
aiBANK, a leading commercial bank specializing in providing a variety of banking services to individuals and businesses, as well as the financing of significant development projects, announced today the launch of a campaign titled “Financing That Moves You 100 Strides Forward” to raise awareness for 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 promptly receiving the necessary approvals in just four days.
This campaign is in line with the Egyptian Government and the Central Bank of Egypt’s directives focused on supporting SMEs and builds on the Bank’s strategy and expansion plan to introduce innovative financial solutions that aid the sustainable development of this promising sector. This campaign also aims to raise awareness of the competitive advantages offered by the Bank through this product, which aims to bridge the financing gap and attract small businesses as new customers. By financing these small businesses, the bank will support job creation and drive economic growth, allowing it to deliver on its goals of providing sustainable financing solutions.
In this regard, Iman Badr, Senior Director of Consumer and Business Banking at aiBANK, said, “I am proud to introduce this new product aimed at supporting small businesses, for this sector represents one of the most promising spaces the Bank’s activities are focused on. We have established a specialized ‘Business Banking’ department solely focused on providing banking services to small businesses whose annual sales range between one million and fifty million Egyptian pounds.”
Sherif Nada, Director of Retail, Branches Network, and Business Banking at aiBANK, also added, “It is worthy to note that product development is part and parcel of the Bank’s strategy as it continues to launch new financing programs to stay in line with the trends and developments in the Egyptian banking sector addressing the needs of multiple target business segments. This will include financing working capital requirements, capital expansions, and purchasing machinery and equipment. The Bank will also provide a variety of financial and non-financial new products aimed at supporting the sustainable growth of these businesses.”
Sherif El-Leithy, Head of Business Banking at aiBANK, commented, “The Bank has succeeded in accelerating the pace of loans and credit facilities provided to customers in this vital sector. With the percentage of facilities granted to small businesses growing to 9.1% in September 2022, which is in line with the central bank’s directives that dictate that all banks must dedicate a minimum of 10% of their net loan portfolios towards financing small businesses, based on the bank’s financial position as of December 2020.
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About aiBANK
aiBANK was established in 1974 as an investment and business bank under the supervision of the Central Bank of Egypt. Its activities started in 1978 with a capital base of USD 40 million, which was later increased to EGP 1,987 million in 2020. Moreover, as per the decisions of the general assembly held on the 10th of October in 2021, and after the completion of the Bank’s acquisition deal, the Bank received approval to increase its paid-up capital to EGP 5,000,000,003 and adjusted its ownership structure accordingly to accommodate both new and existing investors, as per the following:
EFG Hermes Holding S.A.E – (51%)
Egypt’s Financial Services and Digital Transformation Sub-Fund – (25%)
National Investment Bank – (24%)
The Bank offers the full spectrum of retail banking, investment, and treasury services. The Bank also offers Islamic banking services, overseen by a sharia-compliant body that ensures the Bank remains in line with all criteria under Islamic banking. Additionally, the Bank provides loan syndication services to companies and institutions looking 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 nation. The bank is constantly working on expanding 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 investing in its tech systems and human capital to improve the overall level of its banking services.
About EFG Hermes Holding
With a current footprint spanning 14 countries across four continents, EFG Hermes Holding (EGX: HRHO.CA – LSE: EFGD) has grown over 38 years of success to transform from a pure-play investment bank in MENA into a universal bank in Egypt with the leading investment bank franchise in Frontier Emerging Markets (FEM). Drawing on our proven track record and a diverse team of talented employees, we provide a broad spectrum of financial services that include advisory, asset management, securities brokerage, research, and private equity to the entire FEM region. In our home country, we have the fastest-growing non-bank financial institutions (NBFI) platform, with operations covering microfinance, leasing, factoring, Buy-Now Pay-Later (BNPL), digital payment solutions, mortgage finance, and insurance.
Through its three verticals, the Investment Bank, Non-Bank Financial Institutions (NBFI), and Commercial Bank, the group is perfectly positioned to consistently bring disruptive financial products and services to the market space, offering a holistic portfolio that best serves its growing base of individual clients and businesses of all sizes.
Proudly present in: Egypt | United Arab Emirates | Saudi Arabia | Kuwait | Oman | Jordan | Pakistan | UK | Kenya | USA | Bangladesh | Vietnam | Nigeria | Singapore
For further 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 instead represent only EFG Hermes Holding’s belief regarding future events, many of which, by their nature, are inherently uncertain and are beyond management’s control and include, among others, financial market volatility; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current, pending, and future legislation, regulations, and regulatory actions. Accordingly, the readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made.
