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Article: ALUBAF Arab International improves performance. (ALUBAF Arab International Bank EC)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- March 5, 1993
CopyrightCOPYRIGHT 1993 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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Bahrain-based ALUBAF Arab International Bank, which is controlled by the Libyan Arab Foreign Bank (LAFB), shrugged off anti-Libya sanctions applied by the US to record a $512,000 net profit in 1992. Its assets at the end of 1992 rose to $407.6 million, 38 per cent higher than a year earlier.
The figures are the first released since the finalisation of a new capital structure for the bank. This involved LAFB increasing its stake to 94.2 per cent (MEED 20:3:92). The recapitalisation involved writing off ALUBAF's entire previous capital and available reserves to deal with accumulated losses.
Features of the year include:
* A sharp rise in deposits placed ...