Temenos extends leading presence in Egypt with signing of AIBK
Arab Investment Bank – Egypt (AIBK) chooses T24 to achieve expansion plans and becomes 7th bank in Egypt to run on Temenos systems
GENEVA, Switzerland – 12 November 2013 – Temenos (SIX: TEMN), the market-leading provider of mission-critical solutions to the financial services industry, today announces that it will be providing AIBK Egypt with a suite of products, as the bank looks to achieve its ambitious expansion plans.
AIBK joins six other Egypt-based banks already using T24, the world’s leading core banking application, which is also the most widely used core banking system in Egypt. As well as signing for T24, AIBK has signed for Insight, Temenos’ business intelligence product, and Treasury Trader, Temenos’ trading platform, along with Islamic Banking and advanced accounting and compliance products.
AIBK Egypt’s purchase of Temenos’ products is part of its ambitious expansion plans in Egypt, which include increasing the number of branches from 13 to 18 over the next year, and increasing its market share within deposits, loans, finance companies, as well as developing and financing SMEs and providing retail banking and Islamic products. Temenos’ software will also allow AIBK Egypt to achieve IFRS and FATCA compliance.
Amrik Tak, Regional Director MEA, Temenos, said:
We are delighted to have been chosen by AIBK Egypt as its core banking system provider which joins six other Egyptian banks running on T24 and further extends our presence in the region. Our products will position the bank at the edge of modern banking technology, providing it with the opportunity to supply both conventional and Islamic banking products to its customers.
Hany Seif El-Nasr, AIBK Chairman, said:
We chose Temenos due to its excellent reputation in core banking and leading presence in the region. The implementation of Temenos’ products will be very supportive of our aim to be an example of excellence in customer services and compliance in Egypt.