Afghanistan International Bank
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Afghanistan International Bank (AIB) is a new local Afghan bank with its head office in Kabul. In due course about 7 branch offices are planned to be opened in the major cities of the country.[citation needed]
AIB has international shareholders, 2 Afghan business groups, 1 Afghan/American business group and the Asian Development Bank. Management and technical assistance is provided by ING, the well known global financial institution from the Netherlands.
AIB operates primarily as a commercial wholesale bank and targets, among others, multilateral organizations, UN entities, NGOs, embassies, foreign military forces, Afghan governmental institutions, foreign and domestic companies, to become their clients.
AIB operates from AIB House, located at 1608, Behind Lycee Amani (or Behind Amani High School) Wazir Akbar Khan, in Kabul.
Opened in 2004, AIB is one of the first home-grown Afghan commercial banks to be set-up in the last 23 years. [1]
Afghanistan International Bank is initially capitalised at US$10 million, and managed by ING for an initial three year period. The bank aims to become a model bank in Afghanistan, established and managed in accordance with international best practice.
AIB expects to evolve into a fully operational commercial bank offering a broad range of products and services including access to ATMs and Internet banking for local and foreign customers.
The bank initially intends to provide trade finance services, payment transfers and take deposits from small and medium sized enterprises. The bank also plans to introduce lending products for both foreign corporations and local small and medium sized enterprises. After the first year of operation, the bank will develop a branch strategy for the purpose of expanding its market presence throughout Afghanistan.
