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Arab Banking Corporation Distributes US$155.5 Million To Shareholders, Appoints 2 New Directors

Manama, Bahrain: The shareholders of the Arab Banking Corporation (ABC) approved during the Ordinary General Meeting (OGM) today a cash dividend distribution of 5% of the issued share capital (US$0.05 per share), amounting to US$155,500,000.

ABC announced earlier that its consolidated Group net profit for the year ended 2014 was US$256 million, a 7% increase when compared to US$239 million for 2013.

The AGM also approved the appointment of two new members to ABC’s Board of Directors: Dr. Farouk El Okdah and Dr. Tarik Yousef.

Dr. El Okdah is the former Governor and Chairman of the Central Bank of Egypt. He holds a PhD in Business and applied Economics from Wharton School, University of Pennsylvania. Dr. El Okdah has more than 35 years of banking experience.

Dr. Yousef is a member of the Board of Directors of the Central Bank of Libya and the CEO of Silatech, an innovative regional organization that promotes economic empowerment of Arab youth through employment. He holds a Ph.D. in economics from Harvard University with specialisation in development economics.

Dr. Khaled Kawan, Group Chief Executive Officer, said in a press conference held at ABC’s head office in Manama: “We are delighted to see ABC distribute dividends to shareholders as a result of its strong performance in 2014. This dividend payment follows a similar payment to shareholders last year.”

“ABC will continue its drive to develop new initiatives that will enhance earning capabilities and ensure sustainable growth in the coming years, while at the same time continue to strengthen compliance and risk management frameworks,” added Dr. Kawan.

ABC is a leading international bank in the MENA region and provides innovative wholesale financial products and services that include corporate banking, trade finance, project and structured finance, syndications, treasury products and Islamic banking. It also provides retail banking services through its network of retail banks in the region.


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