Tuesday, Feb 26, 2008
BEIRUT (Zawya Dow Jones)--Bahrain's Albaraka Banking Group plans to set up new headquarters in Bahrain and abroad at a total cost of $170 million and plans to open 50 new branches, Manama-based al Waqt daily reported Tuesday.
The bank will set up a new headquarters in Bahrain at a total cost of $70 million, the paper said citing Adnan Youssef the bank's chief executive.
The bank is also setting up main offices in Algeria, Egypt, Lebanon, Turkey, and South Africa at a combined cost of $100 million and these will be opened in 2008, Youssef said, according to the paper.
Albaraka also plans to open 50 new branches in 2008. Three of them will be in Bahrain and 15 in Turkey, where the bank already has 85 branches, Youssef said.
Newspaper Web site: http://www.alwaqt.com/
-By Beirut bureau, Zawya Dow Jones, 961 1 985757, beirut@zawya.com
Copyright (c) 2008 ABQ Zawya Ltd.
(END) Dow Jones Newswires
26-02-08 0558GMT
