Bahrain Middle East Bank records $15.6 million net loss in 2001
The Bahrain Middle East Bank (BMB) recently announced a net loss of $15.6 million for 2001. The bank’s total assets decreased by 18 percent to $513 million from $623 million in 2000 and its long-term investment portfolio experienced a profit of $2.9 million in 2001 as compared to a loss of $2.9 million in 2000.
The bank attributes the downturn to a restructuring program that cut exposure positions to trading equities and funds. The BMB, listed on the Bahrain Stock Exchange was founded in 1982, and operates primarily as an intermediary between Gulf Cooperation Council (GCC) investors and the markets of the United States, the United Kingdom and Europe.
It has around $150 million under its management at present, and 14,000 Gulf Cooperation Council (GCC) shareholders, although Al-Fawares Construction and Development has a 17.8 percent stake. — (menareport.com)
© 2002 Mena Report (www.menareport.com)