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.