Arab Bank has recently launched the e-payment acceptance service through Point-of-Sale (POS) machines in collaboration with Geidea, a leading fintech and payment solutions company. This joint effort reinforces the commitment to achieving Egypt's 2030 vision for digital transformation and aligns with the Central Bank of Egypt's vision for sustainable economic development through financial inclusion. The service facilitates access to financial services for consumers and corporates, aligning with the bank's electronic payment initiatives across various digital payment channels.

The launch of these new services come as part of Arab Bank’s strategy to develop is e-payment ecosystem and streamline payment processes by providing innovative digital banking solutions that cater to the evolving needs of its corporate and retail customers.

The POS payment acceptance service enables corporates to collect payments from customers around the clock with utmost ease, speed, and security using some of the most advanced devices in Egypt. The service also offers the ability to generate detailed transactions reports, in addition to discounts and competitive prices. The POS devices feature contactless technology and various payment methods acceptance, including prepaid cards, debit cards and credit cards.

Commenting on the launch, Mr. Mohamed Shafiq, Head of Planning and Branch Network Support at Arab Bank- Egypt, said: "The launch of this new service in collaboration with Geidea reflects Arab Bank’s commitment in employing the latest digital advancements in the banking industry. This collaboration allows us to expand our POS geographical footprint to include new customer segments across the country based on consumer needs studies and is supported by the bank’s robust infrastructure, which we continuously seek to develop and upgrade.” He added: “The new service allows our customers to pay digitally using multiple and flexible payment methods, providing them with an integrated banking experience that meets their needs and enables them to conduct their e-payments seamlessly and securely.”

For his part, Mr. Ahmed Magdy, Commercial Senior Director at Geidea Egypt, said: "We are pleased to announce our collaboration with Arab Bank in Egypt, which will provide customers with an easier and more seamless payment experience using advanced technologies. We have been committed to delivering the best since our inception as a digital provider with integrated solutions. Our vision and values constantly drive us towards continued innovation, enabling us to provide digital solutions that empower businesses to respond to competitive challenges and make optimal decisions. Additionally, these solutions contribute to the ambitious digital transformation efforts within the broader national development plans." He added, "At Geidea, we are committed to providing comprehensive financial solutions that facilitate customer operations and develop all possible technological solutions that align with the daily lives of customers and support Egypt's digital transformation efforts."

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It is worth mentioning that Arab Bank is one of the leading banking institutions that support the corporate sector, locally and regionally. In addition to the wide range of advanced services and solutions offered, the bank provides this vital sector with a host of services through its branch network across Egypt with an aim of supporting their businesses and accelerating growth. Arab Bank has received several awards from globally recognized entities, most notably the “Best Bank in the Middle East 2024” award by New York-based Global Finance for the ninth consecutive year. The bank was also named “Best Bank in the Middle East 2023” by The Banker Magazine, owned by the Financial Times and based in London.

The Union of Arab Banks has named Ms. Randa Sadik, Arab Bank’s Chief Executive Officer, the Arab Banker of the Year 2024.

The honoring took place during the opening of the International Arab Banking Summit, which was organized by the Union of Arab Banks in Istanbul on May 23rd and 24th.

Ms. Randa Sadik was honored in recognition of her substantial contributions to the development of the Arab banking sector, fostering banking relations among Arab and global markets. As CEO of Arab Bank, one of the most prestigious banks in the region that has one of the largest global Arab banking networks, Ms. Sadik has played a pivotal role in driving economic and social development within the region.

Ms. Sadik assumed the position of Chief Executive Officer at Arab Bank in 2022, after serving as Deputy CEO since 2010. Her banking career spans 38 years, commencing in 1986 at National Bank of Kuwait. During her 24-year tenure there, she held various leadership roles, the last of which was the General Manager of the International Banking Group in London and Kuwait. 

It is worth noting that Ms. Sadik was ranked sixth on Forbes Middle East’s list of the 100 most powerful businesswomen in the Middle East for 2024.   

Ms. Sadik holds an MBA degree from the American University of Beirut.

Arab Bank has recently received the “Best Bank in the Middle East 2024” award by New York-based international publication “Global Finance”, for the ninth consecutive year.

This global recognition was made by the editors of Global Finance after extensive consultations with corporate financial executives, banking consultants, and analysts throughout the world.

Global Finance considered several factors when selecting top banks, including asset growth, profitability, geographical coverage, strategic alliances, product innovation, and market expansion endeavors. The evaluation criteria also included the opinions of equity analysts, credit rating analysts, banking consultants, and industry participants.

Global Finance Awards cover more than 150 countries, territories and districts across Africa, Asia-Pacific, the Caribbean, Central America, Central and Eastern Europe, Latin America, the Middle East, North America, and Western Europe. 

Commenting on this recognition, Ms. Randa Sadik, Arab Bank’s Chief Executive Officer, said: "This global recognition for the ninth consecutive year is a testament to Arab Bank’s leading position across the MENA region banking landscape, reinforced by the bank's robust business model and its ability to achieve solid results despite regional and global challenges." Ms. Sadek added: “Through our established institutional approach and ambitious strategy, we are committed to providing integrated banking services across various sectors, delivering a comprehensive banking experience for customers supported by the latest digital banking solutions, both locally and regionally. "

It is worth mentioning that The Banker Magazine, owned by the Financial Times and based in London, has also named Arab Bank as Bank of the Year in the Middle East for 2023. 

Arab Bank, headquartered in Amman - Jordan, was established in 1930 and has one of the largest global Arab banking networks with over 600 branches. Arab Bank’s extensive network covers key financial markets and centers such as London, Singapore, Shanghai, Geneva, Paris, Sydney, Dubai, and Bahrain.

Arab Bank Group reported solid results for the first quarter of 2024, with 17% increase in net income after tax reaching $252.8 million as compared to $216.3 million for the same period last year. The Group maintained its strong capital base with a total equity of $11.3 billion.

At constant currency the Group’s loans grew by 7% to reach $37.1 billion, and deposits grew by 6% to reach $49.8 billion.

Mr. Sabih Masri, Chairman of the Board of Directors, stated that Arab Bank’s first quarter 2024 performance was strong despite the challenging environment for banks globally and regionally. He also added that the results reflect the bank’s resilience and ability to deliver sustainable growth from multiple markets mainly from the GCC region. Mr. Masri expressed his confidence in the bank’s ability to continue to grow based on its sound strategy, while maintaining the strength of its balance sheet.

Ms. Randa Sadik, Chief Executive Officer, stated that Arab Bank delivered robust results during the first quarter 2024, where the bank’s net operating profit grew by 10% driven by increase in core banking income across various sectors and markets, with a clear focus on enhancing non-interest income contribution and revenue diversification.

Ms. Sadik added that the Group’s liquidity and asset quality remain solid where loan-to-deposit ratio stood at 74.5% and credit provisions held against non-performing loans continue to exceed 100%. Arab Bank Group maintains a strong capital base that is predominantly composed of common equity with a capital adequacy ratio of 17.8%.

Ms. Sadik emphasized on the bank’s commitment towards innovation and digital transformation, highlighting the bank’s ongoing investment in technology and its strategic focus on customer-centric innovations offering seamless banking experiences to customers across various sectors. 

Arab Bank was recently named “Most Innovative Bank in The Middle East” by EMEA Finance at the magazine’s 16th edition financial services awards ceremony in the Middle East for 2023. The ceremony recognized the best commercial, investment, and Islamic banks in the region, in addition to asset management and brokerage institutions.

Arab Bank was selected for this award based on a set of criteria including performance and structural factors such as market share, product innovation, growth in key service areas, and corporate strategy.

This recognition comes as a result of Arab Bank’s constant efforts to deploy the latest and most innovative digital banking services and solutions that meet the needs of its customers across the different sectors. It also reflects the bank’s commitment in staying abreast with the latest developments in the digital banking industry.

It is worth mentioning that Arab Bank was named “Bank of the Year 2023 in the Middle East” by The Banker Magazine, owned by the Financial Times and based in London. The bank was also named “Best Bank in the Middle East 2023” for the eighth consecutive year and “Best Consumer Digital Bank in Egypt 2023” by New York-based Global Finance publication.

 

Arab Bank Group achieved solid results for the year ending December 31, 2023, reporting a growth of 52% in net income after tax of $829.6 million as compared to $544.3 million in 2022.

The Group’s performance was driven by sustainable growth in the underlying business across different markets, as net profit before provisions and tax improved by 34% to reach $1.81 billion. Total Assets grew by 6% to reach $68.3 billion, loans grew by 5% to reach $37.1 billion, and deposits grew by 6% to reach $50.6 billion. While total Group equity stood at $11.4 billion.

In view of the solid results, the Board of Directors has recommended to the shareholders the distribution of 30% cash dividends for the financial year 2023.

Mr. Sabih Masri, Chairman of Arab Bank, commented that the bank's strong underlying performance reflects the successful execution of its strategy which focuses on delivering sustainable growth and building a resilient business model capable of generating positive results, while dealing with the regional and international challenges. He also noted that the bank’s record net operating profit is a clear testament to its strong growth momentum across several markets, specially in the GCC region and international markets.

Ms. Randa Sadik, Chief Executive Officer, stated that Arab Bank delivered robust results during 2023, where the Bank’s net operating profit grew by 34% driven by increase in core banking income across various sectors and markets, with a clear focus on enhancing non-interest income contribution and revenue diversification. This was achieved while the Bank continued to invest in transformation and maintaining a resilient balance sheet, which will position us for further growth in the future.

Ms. Sadik added that the Group’s liquidity and asset quality remains solid where loan-to-deposit ratio stood at 73.2% and credit provisions held against non-performing loans continue to exceed 100%. Arab Bank Group maintains a strong capital base that is predominantly composed of common equity with a capital adequacy ratio of 17.5%.

Ms. Sadik also highlighted that as part of Arab Bank’s commitment towards Sustainability and its Environmental, Social and Governance (“ESG”) priorities, the bank successfully issued $250 million in sustainable Additional Tier 1 (AT1) Capital Securities. The issuance marks the first and largest sustainable perpetual AT1 issue in Jordan and was listed on the International Securities Market (ISM) and the Sustainable Bond Market of the London Stock Exchange.

With regard to the bank's ongoing commitment towards digital transformation and providing value for its customers, Ms. Sadik noted the establishment of "Acabes International Pvt Ltd", Arab Bank’s technology arm, as a global capability center, supporting the bank’s businesses worldwide. Arab Bank, in collaboration with "Acabes", has recently launched an updated version of “Reflect” offering more features and services to its users. This is in addition to launching "Arabi Shopix", a first of its kind service in the Kingdom which offers Arab Bank customers, including merchants, the ability to build and design an e-commerce website as part of the host of integrated digital banking solutions designed to meet the needs of SMEs through the “Arabi SMEs” program.

As part of the bank's expansion strategy, and in line with the bank's continuous efforts to expand its footprint in promising markets, Mr. Masri commented that the Bank is in the process of starting its operations in the Iraqi market during the year 2024, providing comprehensive banking solutions and services to its current and future customers. And in line with the group’s focus on expanding its wealth management & private banking business, Mr. Masri noted that during 2023, Arab Bank Switzerland acquired the majority stake in the family holding company which owns a deep-rooted Swiss bank "Gonet & Cie SA". The new banking group will be a major actor in the Swiss wealth management industry, with assets under management in excess of CHF 10 billion.

Arab Bank was named “Bank of the Year 2023 in the Middle East” by the London-based “The Banker” Magazine, owned by the Financial Times. The bank was also named “Best Bank in the Middle East 2023” for the eighth consecutive year by New York-based international publication “Global Finance”. Additionally, the bank received 18 awards in recognition of its corporate and consumer digital banking services in Jordan and the MENA region.

The bank’s 2023 financial statements are subject to the approval of the Central Bank of Jordan.

The Banker’s judging panel’s decision to honor Arab Bank with this highly coveted regional award was based on criteria assessing a number of different indicators, including the Bank’s financials, strategy and performance, in addition to other specific indicators, a process that takes over 5 months to conduct.  

The Banker Magazine, for more than 90 years, has been the world's longest-running international banking title and the leading monthly journal of record for the global banking industry.

Commenting on this recognition, Ms. Randa Sadik, Arab Bank’s Chief Executive Officer, said: Such global recognition is a testament to the leading position Arab Bank enjoys both locally and regionally. It reflects the bank’s consistent ability to deliver solid performance despite the challenging circumstances across the region and the world.”  She added, “The bank continues to provide a wide range of  banking solutions to its customers in line with its comprehensive strategy and its well-established institutional approach, with an ambitious, forward looking vision that keeps pace with the latest technological developments in the banking industry."

Arab Bank received significant recognition and awards from various reputed international and regional institutions during last year, including Best Bank in the Middle East for 2023 from New York-based Global Finance publication, for the eighth consecutive year.

Arab Bank, headquartered in Amman Jordan, was established in 1930 and currently has one of the largest global Arab banking networks with over 600 branches spanning five continents and covering key financial markets and centres.