ABC targets $2 billion loans by year-end
(MEBG) – Ghazi M. Abdul Jawad, the president and CEO of Bahrain’s Arab Banking Corporation (ABC), has outlined the organization’s plans to expand its operation throughout the Gulf region and other international markets.
Speaking on July 11 to the to the Bahrain Tribune, Jawad said that ABC has already extended loans valued at $1.5 billion to a number of institutions, and it hopes to raise that amount to $2 billion by the end of the current year.
The recent opening of an offshore branch in Tunisia is among the first steps of ABC’s expansion plan. It seeks to make additional investments in the oil, gas and petrochemical sectors
ABC’s focus deliberately changed from conventional banking to the loan syndication market, which to date has proven successful.
Jawad predicted that the financial markets in the fourth quarter of the current year will be very active, depicting a positive trend, primarily due to stable oil prices and investors’ overall confidence in the market.
Among the bank’s new products is the introduction of the Islamic Credit Card, which is expected to be launched immediately upon the Bahrain Monetary Agency’s approval and the completion of legal formalities.
ABC is also assisting the government in developing the much-anticipated Bai-al-Salam Bonds, which will be launched shortly.