Printer Friendly

S&P reaffirms ratings for Arab Banking Corporation.

Summary: Standard & PooreCOs (S&P), the international rating agency, reaffirmed the counterparty credit ratings of Arab Banking Corporation (ABC) at BBB+/Stable/A-2 on 19 June 2008.

Standard & PooreCOs (S&P), the international rating agency, reaffirmed the counterparty credit ratings of Arab Banking Corporation (ABC) at BBB+/Stable/A-2 on 19 June 2008. One reason for this acknowledgement is eC[pounds sterling]S&PeCOs belief that support from principal shareholders is highly likely in case of need.eC[yen]

This was fully demonstrated by the recent increase in ABC's capital by $1.11 billion, through a rights issue of 1.0 billion shares at $1.11 per share which was finalised on 18 June 2008. ABC's principal shareholders Kuwait Investment Authority, Central Bank of Libya and Abu Dhabi Investment Authority oversubscribed their rights in their pre-existing proportions. Ownership of ABC now stands as Kuwait Investment Authority 29.7%, Central Bank of Libya 29.5%, Abu Dhabi Investment Authority 27.6%, and other shareholders 13.2%.

Mr. Hassan Juma, President & Chief Executive of ABC, said eC[pounds sterling]The successful completion of the rights issue is a recognition of the confidence of the shareholders in ABCeCOs strategy to focus on fulfilling the long term needs of our clients and the aspirations of our shareholders, despite the ongoing challenging conditions in the financial industry. We are pleased with S&PeCOs endorsement through reaffirmation of ABCeCOs ratings.eC[yen]

A[umlaut] 2008 Mena Report (www.menareport.com)

A[umlaut] 2008 Al Bawaba (Albawaba.com)

Provided by Syndigate.info an Albawaba.com company
COPYRIGHT 2008 Al Bawaba (Middle East) Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2008 Gale, Cengage Learning. All rights reserved.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Mena Report
Date:Jun 25, 2008
Words:259
Previous Article:Mashreq closes $ 205 Million syndicated credit facility for Omantel with heavy over subscription.
Next Article:QPI , PetroChina & Shell sign LOI for refinery and petrochemical manufacturing and marketing in China.
Topics:


Related Articles
FACING UP TO GLOBAL CHALLENGES.
Arab banks profits set to soar: despite much uncertainty in the international money markets following the event of 11 September, Gulf banks, are...
Surviving the global downturn: Moin A. Siddiqi reviews the performance of the region's banking institutions. (Arab Banking Report).
Banking on future growth: Moin A Siddiqi analyses banking trends across the Middle East region.
Top 100 Arab Banks: The Middle East presents its annual review of the region's Top 100 Arab Banks and includes a special focus on Islamic banking,...
United Arab Investors Company & Arab Corp Acquire 36.3% of the Union Bank Shares Financed through BLOM Bank.
S&P reaffirms ratings for Arab Banking Corporation.
NBK opens its new branch in Dubai.
SALAMA Ties Up with National Bank of Fujairah to provide its Clients with a Bouquet of Comprehensive Takaful Solutions.
AA+ rating by S&P to BNP Paribas for SAR 1billion floating rate notes.

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters