aiBANK Launches a Daily Saving Account with Interest Rates of up to 20%
تاريخ النشر: 5th, June 2024 GMT
aiBANK، a leading provider of integrated retail and corporate solutions in Egypt، announced today the launch of its ‘Super Daily Plus’ Saving Account. This unique account provides customers with an integrated saving account with various benefits and special perks، including insurance provided in partnership with Kaf Insurance، an EFG Finance company.
Customers who opt for the new saving account can earn a daily interest rate of up to 20%. Benefits also include a 50% discount on personal loan administrative fees، the option to receive a free credit card for the first year، issuance of checkbooks، and quarterly prizes for customers.
Kaf Insurance partnered with aiBANK to include free life insurance coverage in the account on an average balance of up to EGP 1 million، based on the individual’s average account balance over six months. This partnership with Kaf coverage comes shortly after aiBANK partnered with Valu، MENA’s leading universal financial technology powerhouse، to release their co-branded credit card and is in line with aiBANK’s strategy to leverage synergies within the EFG Holding brands universe.
Sherif Nada، Chief of Retail، Branches Network at aiBANK، commented، “The introduction of our latest daily saving account marks a significant milestone in aiBANK's approach towards enriching the Egyptian banking landscape. Complementing our expansive strategy، this account represents our dedication to providing holistic banking solutions and pioneering innovative products. It is a testament to our pursuit of financial inclusion، enabling every segment of society to access tailored financial offerings that cater to their varied requirements. Through this initiative، we aim to foster safe investment avenues، empower individuals with flexible saving management، and ensure optimal returns on investments، with potential yields up to an impressive 20%.”
Mohamed Abdel Monsef، Head of Retail Products Development at aiBANK، expressed excitement for the new ‘Super Daily Plus’ Saving Account، stating، “We are proud to introduce this new account as part of our ongoing commitment to innovation and consumer-centric banking. At aiBANK، we prioritize staying ahead of market trends and understanding the evolving needs of our customer base. Our aim is to redefine the banking experience with a blend of competitive interest rates، comprehensive benefits، and financial flexibility.”
Moheb Selwanes، Chief Distribution Officer at Kaf Insurance، commented: “We are thrilled to introduce the collaboration between Kaf and aiBANK، offering a unique proposition for saving account owners. "This innovative concept combines life insurance with saving account in a way that is unprecedented in the market. The insurance amounts are dynamically linked to customers' deposits، allowing their insurance coverage to grow as they save more with aiBANK." Selwanes added، “The synergies between EFG Holding’s group of companies have enabled us to introduce disruptive concepts to the market، setting us apart in the financial services industry.” This saving account offering bridges the gap for insurance coverage، aligning with the nationwide initiatives set forth by the CBE and the FRA. We are excited to offer a solution that strikes a perfect balance between financial security and saving growth، benefiting our customers in a truly unique way."
As part of aiBANK’s plan to provide diverse banking services meeting the needs of individuals and corporate clients، the bank introduced the “Salem w Estelem” time deposit offering in late 2023، offering a return of up to 21%، paid in advance with a minimum deposit of EGP 500،000، without a maximum limit. This allows customers to benefit from interest upfront and mitigate the negative impacts of rate changes amid the current local and global economic challenges. The deposit offers terms of up to six months with the option for redemption at any time، as per the terms and conditions.
aiBANK is committed to serving its customers through an extensive network of 34 [HN1] branches nationwide، including three Islamic branches offering Sharia-compliant products and services. In line with the financial inclusion strategy، the bank recently opened a branch in Mansoura that is equipped to serve customers with special needs. Furthermore، aiBANK plans to expand its ATM network by 30% by the end of 2023، covering the most vital areas to facilitate customer access to banking services anytime and anywhere.
المصدر: بوابة الفجر
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EFG Hermes Successfully Completes Advisory on USD 500 Million IPO of Specialized Medical Company on the Saudi Exchange
EFG Hermes، an EFG Holding company and the leading investment bank in the Middle East and North Africa (MENA)،announced today that its investment banking division successfully completed its advisory on the USD 500 million initial public offering (IPO) of Specialized Medical Company(SMC)، one of the leading healthcare providers in the Kingdom of Saudi Arabia، on the Main Market of the Saudi Exchange(Tadawul). This marks EFG Hermes’ third IPO in the healthcare space in the past 12 months، further reinforcing its position as a trusted advisor across the region’s most dynamic sectors.
The company began trading today under the ticker 4019.
Specialized Medical Company offered a total of 30% of its total issued share capital through the sale of 75 million ordinary shares at SAR 25 per share، implying a market capitalization of SAR 6،250 million (USD 1،667 million). The orders recorded during the institutional book-building exceeded SAR 121.3 billion، representing a coverage of 64.7x.
Karim Meleka، Co-Head of Investment Banking at EFG Hermes، said، “We are proud to have advised on the IPO of Specialized Medical Company. Despite heightened geopolitical tensions in the region، the offering attracted overwhelming interest from a diverse base of local، regional، and international investors — a clear vote of confidence not only in SMC’s fundamentals but also in the resilience of Saudi Arabia’s capital markets and the strength of its macroeconomic outlook.”
SMC was founded in 1999 and is one of Riyadh’s leading multi-specialty private healthcare providers، with a 25-year track record of delivering high-quality، patient-centric medical care.The Company operates two state-of-the-art hospitals in Riyadhwith a combined capacity of 578 inpatient beds and 266 outpatient clinics. SMC is strategically expanding into Northern Riyadh، where rapid urban development is creating strong demand for healthcare services. With three additional hospitals، it is expected to capture over 25% of private hospital capacity in the area، establishing a leading position in an underpenetrated region with limited existing healthcare infrastructure – one that is set to become Riyadh’s new urban hub. Once operational، the new facilities are expected to more than double the Company’s current capacity to approximately 1،276 beds and 770 outpatient clinics.
EFG Hermes acted as a Joint Financial Advisor، Joint Bookrunner، and Joint Underwriter on the transaction.
EFG Hermes has advised on six IPOs across the region year to date، including landmark transactions on Tadawul، the Abu Dhabi Securities Exchange، the Muscat Stock Exchange، and the Egyptian Exchange، underscoring its regional leadership in equity capital markets.
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About EFG Holding
EFG Holding (EGX: HRHO.CA – LSE: EFGD) is a financial institution that boasts a remarkable 40-year legacy of success in seven countries spanning two continents. Operating within three distinct verticals — the Investment Bank (EFG Hermes)، Non-Bank Financial Institutions (NBFI) (EFG Finance)، and Commercial Bank (Bank NXT) — the company provides a comprehensive range of groundbreaking financial products and services tailored to meet the needs of a diverse clientele، including individual clients and businesses of all sizes.
EFG Hermes، the leading investment bank in the Middle East and North Africa (MENA)، offers extensive financial services، encompassing advisory، asset management، securities brokerage، research، and private equity. In its domestic market، EFG Holding serves as a universal bank، with EFG Finance emerging as the fastest-growing NBFI platform، comprising Tanmeyah، a provider of innovative and integrated financial solutions for small business owners and entrepreneurs، EFG Corp-Solutions، which provides leasing and factoring services، Valu، a universal financial technology powerhouse، Bedaya for mortgage finance، Kaf for insurance، and EFG Finance SMEs، which provides financial services for small and medium enterprises. Furthermore، the company delivers commercial banking solutions through Bank NXT، an integrated retail and corporate banking product provider in Egypt.
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