Cairo-Mubasher: Societe Arabe Internationale de Banque (SAIBANK) said shareholders gave the go-ahead for the conclusion of a compensation contract with Arab International Bank (AIB) for a subordinated loan worth $50 million.
The loan has a life span of five years, the bank said in bourse statement.
The interest rate determined on the basis of margin between lending and initial deposit rate at AIB reaches around 2.5% annually.
The bank operates with around $150 million in capital, divided into 15 million shares at a par value of $10 each.
