National Investment Bank (NIB) agreed to increase the capital of Arab Investment Bank (aiBANK) by EGP 800 million, Hala el Said, Egypt’s planning minister and chairman of NIB, announced in a statement.
The authorized capital of aiBANK will become EGP 2 billion following the increase, while its paid-up capital will stand at EGP 1.84 billion.
aiBANK is a subsidiary of NIB, which will have a share of EGP 731.4 million from the capital hike process.
El Said noted that an updated strategic plan has been approved for aiBANK for the period from 2019 until 2022. The plan includes offering new banking products, as well as improving the internal work environment.