Arab Banking Corporation

Arab Banking Corporation B.S.C.

Type	Bahraini Shareholding Company
Traded as	BSH: ABC
Industry	Banking
Founded	(1980)
Headquarters	Manama, Bahrain
Key people	Muhammad Layas, (Chairman)
Products	International Wholesale Commercial Banking Universal Banking Retail Banking Corporate Finance Islamic Banking Treasury
Revenue	US$ 640.0 Million (2010)
Net income	US$ 143.0 Million (2010)
Total assets	US$ 28.1 Billion (2010)
Website	www.arabbanking.com

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

By April 1981, an amount of US$750 million was fully paid by ABC's original three shareholders: the Ministry of Finance of Kuwait (later 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.

Each of the three shareholding groups held one-third of ABC's share capital until 1990. At the end of 1989, ABC's authorized capital was increased to US$1,500 million. In 1990, ABC listed its shares on the Bahrain and Paris stock exchanges and increased its paid-up capital to US$1,000 million by a public offering in Bahrain and an international private placement.

In June 2008 ABC’s share capital was increased through a priority rights issue to existing shareholders of one share for every share held, i.e. 1.0 billion shares at nominal value of $1.00 each and at a premium of $0.11 per share. ABC's principal shareholders oversubscribed their rights in their pre-existing proportions. The allotment was completed on 18 June 2008, and ownership of ABC the stood as Kuwait Investment Authority 29.7%, Central Bank of Libya 29.5%, Abu Dhabi Investment Authority 27.6%, and other shareholders 13.2%.

ABC's strategy of diversified growth led to the development of its widespread network (the ABC Group) of branches, representative offices, subsidiaries and affiliates in 21 countries around the world, including most principal international financial centers. The bank has three subsidiaries: ABC International Bank plc, ABC Islamic Bank and ABC Tunisie. In addition it has partial ownership in six other subsidiaries that includes ABC Brasil.

Operations

As of 2008, the bank had a network of branches, representative offices, subsidiaries and affiliates in over twenty one countries around the World, including most principal international financial centres such as London, New York, Bahrain, São Paulo, and Singapore. Its branch networks are situated in Jordan, Algeria, Tunisia, Egypt, [[Tripoli], Paris, Grand Cayman, Milan, Frankfurt, Madrid, Stockholm, Istanbul, Beirut, Abu Dhabi, Tehran,and Baghdad.

The bank provides a range of banking services and its branches focus principally on wholesale commercial and corporate banking, project & structured finance, treasury and trade finance services, while its subsidiaries concentrate on the domestic retail and corporate banking sectors. An Investment Banking division was established in 2006 which provides additional services in corporate finance, debt, capital markets, equity placement and direct equity trading.

In March 2011, when Libyan assets were frozen by orders of the United Nations and the United States, the Arab Banking Corporation obtained an exemption that allowed them to continue to operate, so long as they did not engage in any transactions with the Libyan government.

External links

• ABC Official website (Global)
• ABC International Bank plc (ABCIB), (London)
• ABC Algeria
• ABC Jordan
• ABC Egypt
• ABC Brasil
• Islamic Banking Law