EIIB receives approval to open representative office in Bahrain

EIIB is currently undertaking an IPO that is expected to raise up to £200 million and will comprise an offering to existing shareholders and a placing in Europe and internationally. Following the IPO, EIIB will have regulatory capital of in excess of £300 million. Admission to AIM is expected to occur in mid-May 2006.

BNP Paribas is acting as financial adviser to EIIB and global coordinator and joint bookrunner to the IPO. Evolution Securities Ltd is also joint bookrunner to the IPO and is acting as Nominated Adviser and broker to EIIB.

EIIB, headquartered in London, was established in January 2005 and is the first independent, Sharia'a compliant Islamic investment bank to be authorised and regulated by the Financial Services Authority ("FSA"). It opened for business on 3 April 2006.

EIIB's business activities will include:

- Treasury and Capital Markets
- Asset Management, including Private Banking
- Trade Finance and Correspondent Banking
- Advisory and Corporate Finance

EIIB's clients will include Islamic institutions and high net worth investors, investors in conventional financial markets and international institutions wishing to transact business in the Islamic financial markets.

John Weguelin, Managing Director of EIIB, said:

"We are delighted to have received approval from the Bahrain Monetary Agency to open a representative office in Bahrain."