Arab Banking Corporation

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  Arab Banking Corporation BSC
logo
Country BahrainBahrain Bahrain
Seat Manama
legal form Bahrain Shareholding Company
ISIN JO1100911014
BIC ABCOBHBMXXX
founding 17th January 1980
Website www.bank-abc.com
Business data 2016
Total assets 30 billion US dollars
Employee 344
management
Corporate management

Saddek Omar El Kaber

The Arab Banking Corporation BSC (also called Bank ABC ) is a bank headquartered in Manama , Bahrain , which operates in the Middle East, North Africa, Europe, America and Asia. It was founded in 1980 and is listed on the Bahraini Stock Exchange. The main shareholders are the Central Bank of Libya (59.37%) and the Kuwait Investment Authority (29.69%) (as of October 2017).

Business activity

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

history

Arab Banking Corporation was established as a public company in 1980 by special resolution of the Emir of Bahrain . It received an offshore banking license from the Bahrain Monetary Agency on April 7, 1980 and began operations that same month.

By April 1981 750 million US dollars were completely out of the original three shareholders paid the Bank ABC: the Ministry of Finance of Kuwait (whose shares now to the Kuwait Investment Authority were transferred), the Libyan Ministry of Finance (whose shares later to the Central Bank of Libya were transferred ) and the Abu Dhabi Investment Authority . In June 1990, the paid-in capital was increased to USD 1 billion through an international share issue program. In June 2006 the ABC shares were split in a ratio of 1:10 , which should bring about an increase in trading volume and a comparison with the shares of other shares listed on the Bahraini stock exchange.

At an extraordinary general meeting in April 2008, ABC shareholders approved an increase in issued and paid-up capital from US $ 1 billion to US $ 2 billion in a stock offering with preferential rights to existing shareholders. Another Extraordinary General Meeting was held on January 28, 2010 to, among other things, increase issued and paid-up capital from $ 2 billion to $ 3.11 billion as part of a priority rights offering to existing shareholders.

In December 2010, the Central Bank of Libya acquired the Abu Dhabi Investment Authority's 17.72% stake in ABC and increased its stake to 59.37%.

In June 2015, the Arab Banking Corporation renewed its corporate identity and changed its brand name to Bank ABC. The launch of the new identity of the bank coincided with the 35th anniversary. The change to a unified global brand name and corporate identity was implemented on June 15, 2015 by all branches of the bank in the Middle East and North Africa ( MENA ), in Europe, America and Asia (with the exception of the subsidiary in Brazil, which has its own identity as Banco ABC Brasil is retained). The legal names of Arab Banking Corporation and its subsidiaries have not changed.

Web links

Individual evidence

  1. ↑ Entry in the BIC directory at SWIFT
  2. ↑ Annual Report 2016 Bank ABC , accessed October 26, 2017.
  3. ^ Board of Directors , accessed October 26, 2017.
  4. ^ Products and Services. Retrieved on October 26, 2017 (English): "Our network spreads across five continents, covering countries in the Middle East, North Africa, Europe, the Americas and Asia."
  5. ↑ a b Shareholder Relations. Retrieved October 25, 2017 .
  6. ↑ Wholesale Banking - Products. Retrieved on October 26, 2017 (English): "The wholesale arm of the Bank ABC Group is a market leader in trade finance, project finance, syndication and Islamic banking services."
  7. ^ History. Retrieved on October 26, 2017 (English): "Bank ABC (Arab Banking Corporation BSC) was incorporated in Bahrain pursuant to Amiri Decree Law No.2 for the year 1980 on 17th January 1980 with an authorized capital of US $ 1 billion."
  8. ^ History. Retrieved October 26, 2017 : "By April 1981, US $ 750 million had been fully paid by Bank 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. ... in June 1990, paid-up capital was raised to US $ 1,000 million through an international share offering. In June 2006, Bank 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, Bank ABC has over 1,300 institutional and individual shareholders. "
  9. ^ History. Retrieved on October 26, 2017 : “At an Extraordinary General Meeting held in April 2008 Bank ABC's approved shareholders ... 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. "
  10. ^ History. Retrieved on October 26, 2017 (English): “Another Extraordinary General Meeting was held on January 28, 2010 to approve ... 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. "
  11. ↑ Shareholders. Retrieved October 26, 2017 (English).