Arab International Bank
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| Founded | 1974 |
|---|---|
| Headquarters | Cairo, Egypt |
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Key people
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Mohamed Barakat, Chairman & Managing Director |
| Products | Investments |
| Total assets | 4 Billion USD (December 2009) |
| Website | www.aib.com.eg |
The Arab International Bank (AIB) (Arabic: المصرف العربي الدولي), founded by 'international treaty' to 'enjoy certain privileges', is an investment bank headquartered in Cairo which operates outside the jurisdiction of the Central Bank of Egypt. Its chair is Mohamed Barakat, appointed by Hosni Mubarak shortly after being removed from his position as prime minister. It conducts business through a network of 7 branches in Cairo, Alexandria and Port Said.
By virtue of the Treaty, the Bank enjoys certain privileges in the territories of the Member States (shareholders). These include - as stated on their website:
The bank’s shareholders include the states of Egypt (~39%) and Libya (~39%) and the Abu Dhabi Investment Authority (~13%).
The Bank states its activities as follows: 'The Bank undertakes all banking, financial and commercial activities relating to economic development and foreign trade particularly in member states, Arab countries and other countries.'
It may not carry out transactions in Egyptian pounds, so it invests its liquidity with local and foreign banks. It also has a sizeable and marketable investment portfolio. The financial year of the bank, was amended in September 2007 to end on 31 December, before that it had ended on 30 June.
Egyptian law does not allow the prevention of money transfers unless by court order, and the AIB is regarded as a haven for businesses and businessmen seeking secretive accounts or to safely transfer funds. It also deals with the major institutions and individuals within the state apparatus.
Former Members of Parliament Abu El-Ezz El-Herreiry and Gamal Zahran demanded that AIB close to end its corruption. "The bank is turning into a giant octopus that is going to swallow public money... the confidentiality the chairman imposes on bank clients, accounts and the volume of transfers makes the bank a doorway for all manner of crimes." El-Harreiry said in an article entitled "A request for terminating the Arab International Bank".
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Wikipedia