CAIRO: The Arab African International Bank (AAIB) has been recognized by New York-based Global Finance magazine as the best investment bank and best foreign exchange bank in Egypt for 2011, the bank announced on Sunday.
Egypt-based AAIB was awarded after Global Finance made extensive consultations and discussions with bankers, global analysts, and financial executives from around the world.
“Global Finance magazine recognition for AAIB as the Best Investment Bank & the Best Foreign Exchange Bank in Egypt for this year emphasizes AAIB’s leadership & commitment towards outstanding customer service and operational and technical excellence in the Egyptian market since 1964,” said Hassan Abdullah, CEO of Arab African International Bank in a released statement.
The award is based on the bank’s management and overall financial performance in the Egyptian market over the course of 2010.
“The Arab African Bank remains keen on developing and adopting the highest standards of performance in the banking industry, as well as providing distinguished customer-centric banking solutions that answers current and future needs of the Egyptian market; where AAIB continues to follow an expansion strategy that aims ultimately at fulfilling this market’s investment challenges” Abdullah added.
Global Finance uses various criteria for choosing the winners in this yearly award. These criteria include feedback from industry experts and analysts, technology experts, and corporate executives.
The magazine also monitors the banks’ financial performance, services, key capabilities, earnings, return on equity and market share, as well as deal structuring capabilities.
“The investment banking industry has changed as a result of the financial crisis; the best institutions are those that have a business model focused on customer needs," said Global Finance publisher Joseph D. Giarraputo in the released statement.
“Sovereign debt problems in Europe, China’s monetary tightening and the Federal Reserve’s quantitative easing are causing volatility in the foreign exchange markets. Corporations around the world need to select a strong, knowledgeable FX bank to help them cope with the turbulence in the markets," Giarraputo noted.
The criterion for the awards also includes the bank’s market share, scope of global coverage, innovative financing and new product introduction, and after-market performance of underwritten securities.
Global Finance, one of the world’s largest financial information publications, mainly focuses on helping corporation leaders, investors, and bankers to develop in the path of global finance and trade.
AAIB was established in 1964 in Egypt as the first Arab multinational bank. The bank was established on a special law as a joint venture between Egypt’s Central Bank and Kuwait Investment Authority.