LONDON, Jan. 10, 2018 (GLOBE NEWSWIRE) -- For its exceptional work, Arab African International Bank (AAIB) has been awarded the accolades of Best Banking Group and Most Sustainable Bank in Egypt, 2017, by World Finance magazine.
When AAIB was established in 1964, it became Egypt’s first Arab multinational bank. Today, it’s the country’s fastest growing bank in terms of both size and profitability.
In addition to its size, AAIB has impressed industry insiders with its commitment to sustainable banking, which it sees as paramount to long-lasting business success. For instance, the bank has promoted Egypt’s role in cutting carbon emissions by calculating its own carbon footprint and then modifying its practices to reduce it.
Hassan Abdalla, CEO of AAIB commented: “AAIB’s sustainability journey went through three major phases. The first phase started in 2003 by establishing the We Owe it to Egypt Foundation for social development. It’s the first foundation to be established by a bank in the region. This set a trend that paved the way for other financial institutions.”
Abdalla added: “The second phase witnessed further maturity of AAIB’s sustainability practices, as it gradually started aligning its operations to reflect sustainable finance principles, among which was broadening our risk management matrix to include social and environmental risk management. Eventually, the third phase commenced by establishing the first platform of its kind in the Middle East, Mostadam, which instills sustainable finance through capacity building and policy advocacy.”
“World Finance has recognised the significant sustainability efforts AAIB has undertaken this year – which includes scaling up lending to SMEs and expanding its sustainable energy finance portfolio – through the recent award of Most Sustainable Bank in Egypt, 2017,” said William Henry, a spokesperson for the publication.
“The bank has also opened up the country to foreign investments through integrated investment and financial services of its subsidiaries, which is why it has been recognised as Best Banking Group in Egypt, 2017,” Henry added.
AAIB features in the latest issue of World Finance magazine, which is available in print, on tablet and online now.
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