"On the heels of our record 2007 financial results, Ithmaar Bank's listing on the KSE will help diversify our shareholder base and consolidate the Bank's leading position as a global institution based in the GCC. Our dual listing on both the Kuwaiti and Bahraini stock exchanges will make it easier for investors in the wider Middle East region to participate in the Bank's rapid expansion," said Ithmaar Bank Chairman, Khalid Abdulla-Janahi.
Ithmaar Bank shares worth a total BD235.5m($624.6m) were traded on the Bahrain Stock Exchange in 2007, making it the most actively traded company by volume, representing 27.7% of the total shares traded on the market.
Earlier this month the Bank announced a record consolidated net profit of $188.3m for the year ended December 31, 2007. Shareholders' equity rose by 37% to $1.1bn, while total assets jumped 23% to $4.1bn
Ithmaar Bank's direct business covers the Middle East and North Africa (MENA) region, as well as South Asia, Asia-Pacific and Europe.
It also spearheads the Bahrain-based Ithmaar banking group, which also includes Swiss-based Faisal Private Bank, Pakistan-based Faysal Bank Limited and Bahrain-based Shamil Bank, Solidarity (a takaful company), First Leasing Bank and Ithmaar Development Company. Together their services include investment, private, retail, and commercial banking, private equity, mergers & acquisition advice, takaful, equipment leasing, and real estate development.
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Ithmaar Bank lists on the Kuwait Stock Exchange
- Bahrain: Tuesday, March 25 - 2008 at 13:35
- PRESS RELEASE
Ithmaar Bank, a Bahrain-based investment bank with global reach, will list its shares on the Kuwait Stock Exchange, one of the most buoyant in the region, effective March 31, 2008.
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About Ithmaar Bank:Ithmaar Bank B.S.C. is licensed by the Central Bank of Bahrain and listed on the Bahrain Stock Exchange ("ITHMR"). It has a paid-up capital of $543.6m, total equity of $1.3bn and is a full investment bank with its direct business covering the Middle East and North Africa (MENA) region, as well as South Asia, Asia-Pacific and Europe. Besides holding significant investments in the banking, financial services and real estate sectors in different markets, the main direct activities of the Bank include underwriting (equity and other financings), private equity (structuring, participation and portfolio management), Islamic financing and advisory services covering project financing, investments, capital markets and mergers & acquisitions.
Ithmaar Bank's flagship subsidiaries and associates include Shamil Bank of Bahrain, Solidarity (an Islamic insurance company, headquartered in Bahrain), Faisal Private Bank (Switzerland), Faysal Bank Limited (Pakistan), First Leasing Bank and Ithmaar Development Company.
For more information on Ithmaar Bank, please visit the Bank's website at www.ithmaarbank.com
About the Ithmaar banking group:
The Ithmaar banking group consists of: Ithmaar Bank, Shamil Bank, Solidarity (an Islamic insurance company, headquartered in Bahrain), Faisal Private Bank (Switzerland), Faysal Bank Limited (Pakistan), First Leasing Bank and Ithmaar Development Company. The group's services, including investment, private, retail, and commercial banking, private equity, mergers & acquisition advice, takaful, equipment leasing, and real estate development, form a 360 degrees value chain that embraces the entire spectrum of banking and financial services.
For more information please contact:
Tariq Khonji, mobile: 00973 39901721
Bassel Hanbali, mobile: 00973 39476543
Posted by Eman HassanTuesday, March 25 - 2008 at 13:35 UAE local time (GMT+4)
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