{"id":584681,"date":"2023-04-04T00:00:00","date_gmt":"2023-04-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/04\/kuwait-investment-authority-to-become-aaibs-largest-shareholder\/"},"modified":"2023-04-04T00:00:00","modified_gmt":"2023-04-04T00:00:00","slug":"kuwait-investment-authority-to-become-aaibs-largest-shareholder","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/04\/kuwait-investment-authority-to-become-aaibs-largest-shareholder\/","title":{"rendered":"Kuwait Investment Authority to become AAIB\u2019s largest shareholder?"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Does Kuwait\u2019s sovereign fund <\/span><span style=\"font-weight:700\">want to up its stake in AAIB<\/span><span style=\"font-weight:700\">? <\/span><span style=\"\">The Kuwait<\/span><span>Investment Authority (KIA) has appointed advisors to look into upping its stake in Arab African International Bank (AAIB) to become the lender\u2019s biggest shareholder<\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.alborsaanews.com\/2023\/04\/02\/1652126\" style=\"\">Al Borsa<\/a><\/span><span> reports, citing sources it says are in the know. The lender is part of the government\u2019s list of <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/09\/rebooted-privatization-program-to-see-stakes-in-32-companies-sold-to-strategics-public-investors-96067\/\" style=\"\">32 state-owned companies<\/a><\/span><span style=\"font-weight:400;\"> geared for privatization. The newspaper does not specify who the advisors are.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Who owns AAIB? <\/span><span style=\"\">The Central Bank of Egypt (CBE) and the KIA each own a 49.4% stake <\/span><span>in AAIB, with the remaining 1.2% owned by unnamed \u201cothers,\u201d according to the lender\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/4\/AAIB_annual-report-2021_102.pdf\" style=\"\">2021 annual report (pdf)<\/a><\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What makes AAIB attractive to investors? <\/span><span style=\"font-weight:700\">Growing earnings, a \u201csizable share of the loan market<\/span><span style=\"font-weight:700\">\u201d (about 4.5% in 9M 2022) and robust capital <\/span><span>amid volatility in the global banking sector, <\/span><span>Amany Shaaban, equity analyst at Prime Securitie<\/span><span>s, told Enterprise yesterday. The bank captured almost 4.5% of total market lending in 9M 2022, Shaaban said. Its capital adequacy ratio rests comfortably at 20% \u2014 far above the CBE\u2019s minimum threshold of 12.5%, she notes. AAIB\u2019s bottomline grew 54% y-o-y to <\/span><span>USD 58.7 mn<\/span><span> in 3Q 2022, according to the company\u2019s quarterly <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/4\/AAIB-financial-statement-3Q-2022_103.pdf\" style=\"\">financial statement (pdf)<\/a><\/span><span>. <\/span><span>The bank has 96 branches and units, of which 93 are in Egypt, with two offices in the UAE and one in Lebanon. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">There's room for improvement: <\/span><span style=\"\">The bank needs to continue to reduce its percentage <\/span><span style=\"font-weight:400;\">of non-performing loans, which stood at 8% in 9M 2022, down from 13% in 2020, Shaaban notes. The average in the banking sector was about 3.2% in 9M 2022, leaving plenty of room for AAIB to tackle legacy issues in its portfolio by tackling NPLs.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">That\u2019s where strategics come in: <\/span><span style=\"\">The government wants strategic investors to help strengthen <\/span><span>state-owned bank\u2019s fundamentals ahead of potential public share sales. Stakes in AAIB, Banque du Caire (BdC) and United Bank \u201care better placed with a strategic partner to lay down a clear vision and a clear reading on growth and then go to market afterwards,\u201d Sovereign Fund of Egypt CEO Ayman Soliman told Bloomberg <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/66f8d117-cb48-4c9b-9a8a-8e297bbcf2f4\" style=\"\">last month<\/a><\/span><span>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The CBE could soon sell its shares in AAIB<\/p>\n","protected":false},"author":1,"featured_media":584682,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7321],"tags":[430,204,72,7128,81],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-584681","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-arab-african-international-bank","tag-banking","tag-enterpriseam","tag-ma-watch","tag-privatization-watch","wpautop","entry"],"acf":{"mongo_id":"6b4aa154-a0b0-4adc-9374-33ff6fa6315d","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/4\/98.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Kuwait Investment Authority eyes majority stake in AAIB -report","related_issue":[584674],"teaser":"The CBE could soon sell its shares in AAIB","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/4\/.f0f31f19-acba-4484-b6ac-e21050d21937.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Kuwait Investment Authority to become AAIB\u2019s largest shareholder? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/04\/kuwait-investment-authority-to-become-aaibs-largest-shareholder\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kuwait Investment Authority to become AAIB\u2019s 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&quot;Privatization&quot;","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/490.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":584389,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/30\/saudi-investors-could-bid-for-aaibs-stake-in-palm-hills-report\/","url_meta":{"origin":584681,"position":1},"title":"Saudi investors could bid for AAIB\u2019s stake in Palm Hills -report","author":"enterpriseam admin","date":"30 March 2023","format":false,"excerpt":"This comes on the heels of news in February that AAIB was looking to sell its entire stake in PHD to Emirati investment company Al Ain Holding.","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/668.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":607146,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/27\/saudi-wealth-fund-wants-minority-stake-in-palm-hills\/","url_meta":{"origin":584681,"position":2},"title":"Saudi wealth fund wants minority stake in Palm Hills","author":"enterpriseam admin","date":"27 September 2023","format":false,"excerpt":"The Public Investment Fund is reportedly in talks with the Arab African International Bank to acquire its 13% stake in Palm Hills","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1597.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572923,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/14\/aaib-takes-12-25-stake-in-palm-hills-developments-appearing-to-buy-out-the-emirates-union-properties\/","url_meta":{"origin":584681,"position":3},"title":"AAIB takes 12.25% stake in Palm Hills Developments, appearing to buy out the Emirates\u2019 Union Properties","author":"enterpriseam admin","date":"14 July 2020","format":false,"excerpt":"M&A WATCH- AAIB takes 12.25% stake in Palm Hills Developments, appearing to buy out the Emirates\u2019 Union Properties. Arab African International Bank (AAIB) has purchased a 12.25% stake in Palm Hills Developments (PHD) for EGP 544.2 mn, according to a disclosure (pdf) to the EGX. Although the filing doesn\u2019t specify\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":609785,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/09\/this-evening-cbe-kia-to-offload-stakes-in-aaib-plus-no-cyberattack-at-fawry\/","url_meta":{"origin":584681,"position":4},"title":"THIS EVENING: CBE + KIA to offload stakes in AAIB. Plus: No cyberattack at Fawry","author":"enterpriseam admin","date":"9 November 2023","format":false,"excerpt":"Good afternoon friends and Happy Thursday. The week has ended with privatization updates entering our news cycle alongside the conflict dominating our region and headlines. THE BIG STORIES TODAY Fawry denies it faced a cyberattack: E-payments giant Fawry did not experience a cyberattack earlier today, the company said in a\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/277.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581073,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/06\/aaib-could-exit-palm-hills-in-stake-sale-to-emirati-investor\/","url_meta":{"origin":584681,"position":5},"title":"AAIB could exit Palm Hills in stake sale to Emirati investor","author":"enterpriseam admin","date":"6 February 2023","format":false,"excerpt":"Emirati investment company Al Ain Holding could snag AAIB\u2019s stake in EGX-listed Palm Hills Developments.","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/143.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/584681","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=584681"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/584681\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/584674"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/584682"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=584681"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=584681"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=584681"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=584681"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=584681"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}