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Peter Tarazi, Chief Executive Officer of AB Capital, said:
"We are pleased to have received this license and look forward to starting AB Capital's operation in the Kingdom. Expanding into Saudi Arabia is a testament to our commitment to the region and an important step towards achieving our goal of providing regional investment banking services to our client base."
Since its inception, AB Capital has developed into a regionally focused franchise advising corporate clients on equity and debt raising as well as mergers and acquisitions in line with Arab Bank's strategy seeking to provide the broadest financial services offering. Towards that end, AB Capital has launched a Private Equity arm focused on direct equity investments in regional industries.
AB Capital Saudi Arabia is a subsidiary of AB Capital, based in the Dubai International Financial Centre ("DIFC") and regulated by the Dubai Financial Services Authority ("DFSA").
AB Capital is a subsidiary of Arab Bank Group.
Arab Bank Group is one of the largest financial organizations in the Middle East and North Africa region.
Over around 79 years of operation, it has set a foothold in financial centres all over the globe, offering its services and products though around 500 branches in more than 30 countries across five continents.
Despite the economic downturn globally, the group's 2008 financial statements show it achieved a quality leap in profits, hitting the $1bn mark to reach $1.061bn, compared with $964m posted at the end of 2007, with $97m increase and a growth rate of 10%.
The group's results also indicate there was a rise in assets at the end of last year to $45.6bn, compared with $38.3bn at the end of 2007, with a 19% growth. Shareholders equity, meanwhile, increased last year to $7.5bn from $6.8bn in December 2007, with a growth rate of 9.5%.
Posted by Nadeen El Ajou
