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Article: New mideast energy bank.(IN BRIEF)
- Article from:
- International Petroleum Finance
- Article date:
- October 1, 2008
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Investors from the Mideast Gulf and Libya have set up First Energy Bank (FEB), a regional investment bank focused on the energy business.
FEB, which is based in Bahrain and received its operating license in September, has initial paid-up capital of $1 billion.
"The bank will focus on downstream, upstream, power generation and also oil and gas shipping and oil services, mainly as an investor or financial adviser," said FEB Deputy Chief Executive Mohammed Ghanem.
The Shariah-compliant bank will be able to lend money through its Islamic finance division, but will mainly seek to acquire stakes in companies, Ghanem said.
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