ABC recorded a net profit of $125m for 2007 compared to $202m recorded in the previous year. The operating results for 2007 were adversely impacted by the US sub prime crisis.
ABC's Board of Directors at their meeting held prior to the General Assembly called for an Extraordinary General Meeting on 29 April 2008 to approve the proposed increase in the authorized capital of the bank from $1.5bn to $2bn with a proposal to increase the issued capital from $1 billion to $1.5bn by way of a pre-emptive rights offering to existing shareholders.
The Board has also resolved to issue a subordinated debt of $500m in April 2008 which will be subscribed by the three principal shareholders of ABC. The proceeds raised by way of this subordinated debt will be used subsequently for subscribing to the rights offering.
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ABC's General Assembly ratifies 2007 consolidated accounts
- Bahrain: Wednesday, March 26 - 2008 at 07:21
- PRESS RELEASE
Bahrain-headquartered Arab Banking Corporation's (ABC) 2007 consolidated accounts were ratified at the 2007 meeting of the General Assembly convened yesterday in Manama, Kingdom of Bahrain.
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About ABCArab Banking Corporation (ABC) was incorporated as a Bahrain joint stock company in 1980 by Amiri decree in the Kingdom of Bahrain. ABC's principal shareholders are the Kuwait Investment Authority, the Central Bank of Libya and the Abu Dhabi Investment Authority. ABC is listed on the Bahrain Stock Exchange.
The ABC Group is a leading bank in the Middle East and North Africa and operates as a wholesale bank. ABC provides a full range of retail and commercial banking, corporate finance, discretionary fund management, foreign exchange, derivatives, Islamic banking and financial advisory services in the markets in which it offers those services.
ABC's strategy of diversified growth led to the development of its widespread network of branches, representative offices, subsidiaries and affiliates in Arab world countries and international financial centres, including London, Paris, Milan, Frankfurt, New York, Singapore, Tripoli, Tunis, Algiers, Egypt, Bahrain, Beirut, Abu Dhabi, Tehran, Amman and Baghdad.
Posted by Anne-Birte Stensgaard, Senior News EditorWednesday, March 26 - 2008 at 07:21 UAE local time (GMT+4)
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