Canada’s Scotiabank has sold its credit portfolio in Egypt to local lender Arab African International Bank (AAIB).
Under the deal, Scotiabank has sold its loan and deposit portfolios, its portfolio of letters of credit and guarantees and documentary collections to AAIB.
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AAIB will now be responsible for delivering banking services for Scotiabank’s clients in Egypt through the Scotiabank’s office or AAIB’s nationwide branches.
The deal is projected to help AAIB in developing strong relations with new markets including Canada.
