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Article: Libyans lead ALUBAF restructuring. (Libyan Arab Foreign Bank)(LUBAF Arab International Bank EC)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- March 20, 1992
CopyrightCOPYRIGHT 1992 MEED Middle East Economic Digest. All Rights Reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The shareholders of the Bahrain-based offshore ALUBAF Arab International Bank have appointed a new board of directors. This is to take into account the bank's recapitalisation. Libyan Arab Foreign Bank (LAFB) now owns 94.2 per cent of the restructured bank. The shareholders also ratified ALUBAF's 1991 results, in which the bank recorded a net loss of $27.2 million.
The other shareholders are the Central Bank of Egypt with 2.86 per cent, the Bank of Jordan with 1.12 per cent, the Yemen Bank for Reconstruction & Development with 1.12 per cent and the National Bank of Yemen with 0.69 per cent.
The restructuring represents a fundamental change in the bank's ...