Arab Banking Corporation (ABC) received good news earlier this week, when the international ratings agency, Moody’s Investors Service, changed its long-term and short-term foreign currency deposit ratings from “stable” to “positive.”
In explaining the improved rating, Moody’s said ABC’s newfound focus on the more buoyant economies of the Arab world, and its reduced exposure to the troubled Asian and Latin American markets, will improve its franchise as well as its overall risk profile.
The Bahrain-based ABC operates as an offshore commercial bank with consolidated assets totaling $25.1 billion as of June 2000. Established in 1980, it was incorporated as a Bahrain joint stock pursuant to a special decree of the Emir of the Bahrain. The three original shareholders were the Abu Dhabi Investment Authority, Kuwait’s Ministry of Finance and the Libyan Secretariat of Treasury, which later was renamed the Central Bank of Libya. Each of the three shareholding groups held one-third of ABC's share capital until 1990. In 1990, ABC listed its shares on the Bahrain and Paris stock exchanges and increased its paid-up capital by a public offering in Bahrain and an international private placement.
ABC’s strategy of diversified growth led to the development of its widespread number of branches, representative offices, subsidiaries and affiliates in more than 30 countries around the world, including most principal international financial centers. ABC’s branch offices are situated in Grand Cayman, Milan, New York, Singapore and Tunis. – (Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com )