AUB profits up 54%.
The bank, in keeping with its strategy, continued to expand both through organic growth and mergers and acquisitions. During 2005 it acquired a 27% voting stake in the Bank of Kuwait and the Middle East (BKME) and entered the Iraqi market through its acquisition of a 49% stake in Commercial Bank of Iraq, one of the largest private banks in the country.
"Through the acquisitions in Kuwait and Iraq, AUB demonstrated its continuing commitment to solidify new growth opportunities, in an effort to offer a comprehensive range of services to a wider customer base in the Gulf region and beyond," said Fahad Al Rajaan, chairman of AUB.
Meanwhile, Arab Banking Corporation announced a profit of $129m for 2005 and recommended a cash dividend of 7%.
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|Title Annotation:||Ahli United Bank|
|Publication:||The Middle East|
|Article Type:||Brief article|
|Date:||Apr 1, 2006|
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