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aiBANK Rebrands as Bank NXT: Focused on Empowering Their Clients' Financial Future

This strategic move aims to usher in a new era of growth, digital innovation, and customer-centric solutions tailored to meet the evolving needs of individuals, SMEs, and corporate clients.

Cairo, September 30, 2024

In a strategic move to redefine its position in Egypt’s commercial banking sector, aiBANK proudly announced a comprehensive rebranding, unveiling its new brand name and identity as Bank NXT. Motivated by a commitment to continuously adapt to meet the evolving needs of its diverse clientele, Bank NXT is embarking on a transformative journey to provide timely and accessible financial solutions. The Bank aspires to continue investing in its human capital and digital infrastructure to cater to its clients’ needs and fulfill its shareholders’ ambitions, in addition to boosting its competitive edge by providing optimized, quick, and distinctive services. Through the strategic rebrand, the Bank is committed to streamlining a customized client experience.  

H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, as well as Chairperson of the National Investment Bank and the Sovereign Fund of Egypt (TSFE), emphasized the significance of recent developments at the Arab Investment Bank (aiBANK). She remarked, "The progress we are witnessing today underscores the effectiveness of government investments, bolstered by the contributions of both the National Investment Bank and the Sovereign Fund of Egypt. This initiative is a key part of our vision to create opportunities for the private sector while maximizing the value and returns from state-owned assets. Ultimately, this approach supports the goals outlined in the State Ownership Policy Document, which aims to enhance economic growth across the nation."

Tarek Kabil, Chairman of Bank NXT, expressed his enthusiasm for the rebranding, stating, “At Bank NXT, we take immense pride in our comprehensive and progressive restructuring strategy, which is designed to align our services with the evolving needs of our customers. The rebranding exercise goes beyond changing our name and brand identity; it also symbolizes the quality of our offerings, which we tend to launch soon to target new customer segments. Such offerings reflect our innate vision to position ourselves among the top ten banks in Egypt in terms of return on equity and return on assets in the next five years. Kabil also highlighted that the rebranding marks the start of a new chapter for the bank. Over the past three years, we have grown thanks to the support and trust of our shareholders in our new strategy, which has driven growth and increased profitability. The bank is committed to maintaining high governance standards and solid banking practices while addressing all current challenges proactively and improving our digital infrastructure. This helps us secure an improved market share and stay up-to-date with the latest digital solutions in the banking sector.”

Tamer Seif, CEO and Managing Director of Bank NXT, said, “In today's fast-paced world, our commitment to long-term goals remains steadfast. Our successful implementation of a robust growth strategy—marked by an expansion of our geographical footprint and a commitment to digital transformation—demonstrates our adaptability. The evolution of our new corporate identity, a result of a meticulous two-year collaboration with leading branding experts, not only reflects our dedication to our clients but also embodies our future aspirations. We are committed to being an institution that aligns with the needs of our existing and new customers and embodies their trust in us. This transformation is also a comprehensive overhaul of our services, ensuring speed and precision while translating our vision into reality. As we move forward, we are committed to executing our strategic plans and adapting our business model to thrive amidst local and global economic shifts.”

“Bank NXT is set to bring about changes in the banking industry with a fresh vision and commitment to improvement. The bank’s rebranding is more than just a new name; it's a complete update of its strategy and values. This change is designed to support growth, digital innovation, and customer-focused solutions that address the needs of individuals, small businesses, and corporate clients, while also encouraging positive economic developments”, said Seif.

Karim Awad, Group CEO of EFG Holding, commented, “Today marks a pivotal moment in our journey as we unveil Bank NXT, a true reflection of our aspirations for a new phase of growth for our commercial banking arm. This transformation is underpinned by our steadfast commitment to flexibility, speed, ease, and operational excellence. Since the significant changes in its shareholder structure in 2021 and the infusion of new capital, Bank NXT has demonstrated its ability to adapt to the evolving landscape of the Egyptian banking sector. By proactively understanding and responding to our customers' needs, we are not just meeting expectations—we are pioneering tailored solutions that align with their aspirations.”

This decision reflects the bank's strong commitment to creating a meaningful impact and fostering growth that aligns with the evolving economy of the future. By embracing this vision, the bank aims to play a pivotal role in supporting its clients and communities as they navigate the changing financial landscape.