Hassan Abdalla of Arab African International Bank (AAIB) has won International Banker’s CEO of the Year Award for the Middle East.
London, UK -- (SBWIRE) -- 05/28/2014 -- Abdalla’s leadership of AAIB led it towards a decade (2002-2012) of unprecedented growth, a key reason that allowed it to weather the turbulence of Egypt’s uncertain future and to maintain its position as one of the country’s trendsetting financial institutions. His efforts resulted in AAIB’s acquisition of Misr America International Bank (MAIB) in 2005 and the establishment of four subsidiaries in 2008 that led to the transformation of AAIB into a fully-fledged financial group that includes Arab African Investment Holding, Arab African Investment Management, Arab African International Securities and Arab African International Mortgage Finance. AAIB recorded an accumulated net profit of $1.1bn over 12 years, which contributed to a rise in ROE from 6% in 2002 to reach 25% in FY2013.
Such restructuring has been undertaken as part of a greater vision for the organization as a whole, unifying the entire workforce towards shared goals with a commitment to strengthen the bank’s foundations, to the extent that it faced the economic downturn of the Arab Spring and emerged on top. It is easy to understand then why International Banker has recognized Hassan Abdalla’s outstanding leadership through a time when the bank has been tested like never before.
He has overseen an organic yet aggressive approach to innovation in products and services offered by understanding gaps in the market and fulfilling customers’ needs. He has also reduced turnaround time for effecting deals and increased the strength of full-fledged corporate and investment banking services. Under his guidance, the bank has both undertaken the first and most successful private sector bank merger and activity case in Egypt, and pioneered expansion in its Middle East geographical footprint.
A spokesperson for the International Banker commented that “On AAIB's 50th year anniversary, Abdalla is truly a worthy recipient of this recognition. As CEO, he has shown an exceptional strategic mind in strengthening the bank’s position during extremely difficult circumstances. Not only has AAIB pursued a policy of product innovation domestically, they have also successfully sought to increase their presence in the region. At the same time, AAIB has shown great commitment to CSR and sustainable finance with initiatives such as Egypt and the region’s first ever independent foundation for social development ‘We Owe It To Egypt’ which it remained committed to enhance and expand, especially during the turbulence in the country during the past few years, all of which led AAIB to win a number of local, regional and international accolades such as the prestigious CSR Arabia Award in 2012 and Best Practice Financial Institution 2012/2013 by the United Nations Global Compact (UNGC).”
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