MANAMA: Bahrain has been chosen as the headquarters of a new Islamic investment bank, it was announced yesterday. With a paid-in capital of $250 million and authorised share capital of $500m, Global Banking Corporation (GBCORP), will be one of the largest banks in the kingdom and one of the biggest Sharia-compliant finance houses in the Gulf.
It is also the 400th financial institution to receive a licence to operate in Bahrain.
The investment bank will gradually roll out its business lines over the next two years, say executives, initially focusing on real estate and infrastructure development, private equity and venture capital, and then moving into asset and wealth management, advisory services and wealth management.
GBCORP also plans to expand geographically, tapping into the estimated $500 billion worldwide market for Islamic finance.
Key targets include governments, private and public sector enterprises, wealthy family groups and high net worth individuals."
"The bank will use the booming GCC economies as a springboard for expansion into Asia, North Africa and Europe," said GBCORP chairman Saleh Al Ali Al Rashid.
There are unlikely to be many obstacles to regional expansion - more than 50 Gulf institutions have contributed to the bank's initial capital, of which $125m has been called immediately, according to the bank's vice-chairman Abdulrahman Al Jasmi.
The next step will be to look for potential partners in Asia and Europe.
"In terms of expanding our business through strategic partnerships, we plan to leverage our (the board's) respective relationships in areas such as Hong Kong and Asia, as well of course as the Gulf," the bank's chief executive Mark Hanson told the GDN.
Mr Hanson joins the bank from Saudi Hollandi Bank, where he was head of corporate finance. However, he has considerable experience of the Asian market as a former head of listings at the Hong Kong Stock Exchange prior to the British handover to China in 1997.
Mr Al Rashed is a former deputy governor of Capital Trust in Luxembourg, and sits on the boards of a wide range of Saudi industrial and services companies.
The bank's strategy will be to tailor its services to different markets, said Mr Al Jasmi. For example, its initial focus on private equity and project financing is focused on the current needs of the Gulf.
"With $2.3 billion raised in private equity funds in the GCC between 2002 and 2005, GBCORP sees family owned businesses and established private companies looking for outside investors or major capital investment as a valuable source of business " he said.
The bank plans to grow its portfolio management group as it expands into Europe and Asia, he said.
Welcoming GBCORP to Bahrain, Central Bank of Bahrain licensing director Ahmed Aziz Al Bassam said it was the 400th financial institution to have been awarded a licence to operate in the kingdom. business@gdn.com.bh
By DIGBY LIDSTONE
Nuk ka komente:
Posto një koment