|
|
Article: Bahrain: Bahrain s Al Baraka sees Syrian affiliate IPO in Oct.
- Article from:
- TendersInfo
- Article date:
- August 28, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. 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)
|
Byline: babalu03
Bahrain's Al Baraka Banking Group BARKA.BH will open the initial public offering of its Syrian affiliate in October and expects full-year profit to be similar to 2008, bank executives said.
Speaking to Reuters late on Wednesday at its annual general meeting in Jeddah, chief executive Adnan Ahmed Yousif said Bahrain's largest Islamic bank by market value said net profit would be close to "what we have already disclosed in 2008".
The bank said profit in the second quarter fell 16.6 percent year on year to $49 million, citing the challenging economic environment. It posted a $113.7 million profit in 2008, according to Reuters data. ...