Arab Banking Corporation

Arab Banking Corporation B.S.C.
Bahraini Shareholding Company
Traded as BSH: ABC
Industry Banking
Founded 1980
Headquarters Manama, Bahrain
Key people
 Dr. Khaled Kawan, (CEO)
Products International Wholesale
Commercial Banking
Universal Banking
Retail Banking
Corporate Finance
Islamic Banking
Treasury
Revenue Increase US$ 857.0 Million (2013)
Increase US$ 239.0 Million (2013)
Total assets Increase US$ 26.5 Billion (2013)
Website www.arabbanking.com

Arab Banking Corporation (ABC) (BSH: ABC) was incorporated as a Bahrain joint stock company on 17 January 1980 through a special decree by the Amir of Bahrain. It obtained an offshore banking unit licence from the Bahrain Monetary Agency on 7 April 1980, and began operations in the same month. It is headquartered in the Diplomatic Area of Bahrain.

By April 1981, US$750 million had been fully paid by ABC’s original three shareholders: the Ministry of Finance of Kuwait (whose shares have since been transferred to the Kuwait Investment Authority), the Libyan Secretariat of Treasury (whose shares were later transferred to the Central Bank of Libya) and the Abu Dhabi Investment Authority. At the end of 1989, ABC’s authorised share capital was increased to US$1,500 million and in June 1990, paid-up capital was raised to US$1,000 million through an international share offering. In June 2006, ABC’s shares were split $10 to $1 in order to boost trading activities by placing them in the same range as other shares quoted on the Bahrain Bourse.

Currently, ABC has over 1,300 institutional and individual shareholders.

At an Extraordinary General Meeting held in April 2008 ABC’s shareholders approved an increase in the authorized capital of the bank from US$1.5 billion to US$2.5 billion and an increase in issued and paid up capital from US$1.0 billion to US$2.0 billion by way of a priority rights share offering to existing shareholders. Another Extraordinary General Meeting was held on January 28, 2010 to approve an increase in the authorized capital from US$2.5 billion to US$3.5 billion and an increase in issued and paid up capital from US$2.0 billion to US$3.11 billion by way of a priority rights share offering to existing shareholders.

In December 2010 the Central Bank of Libya acquired the 17.72% shareholding of Abu Dhabi Investment Authority in ABC, increasing its stake to 59.37%.

Operations

Arab Banking Corporation, popularly known as ABC, is an international universal bank headquartered in Manama, Kingdom of Bahrain. Its network spreads across 18 countries in the Middle East and North Africa, Europe, the Americas and Asia.

Founded in 1980, the bank is listed on the Bahrain Bourse and its major shareholders are the Central Bank of Libya and Kuwait Investment Authority.

ABC is a leading provider of trade finance, treasury, project and structured finance, syndications, corporate and institutional banking as well as Islamic banking services. They are also expanding their retail banking network in the MENA region.

See also

References

    https://www.arabbanking.com/En/AboutABC/Pages/FactSheet.aspx

    External links