BAHRAIN-based First Islamic Investment Bank (FIIB), which has already completed 35 transactions with a total value of $7.8 billion since its launch in 1998, announced yesterday that the bank had entered into a new era with the new brand name "Arcapita", writes Mehmood Rafique.
FIIB and its wholly-owned subsidiaries, Crescent Capital Investments Inc. in the US and Crescent Capital Investments (Europe) Limited in the UK are changing their names to Arcapita.
"Uniting its businesses in the Middle East, North America and Europe is a key part of the bank's strategy to evolve into a leading international financial institution, offering corporate investment, real estate investment and asset-based investment activities," FIIB Chairman Mohammed Abdulaziz Aljomaih and Chief Executive Officer Atif Abdulmalik told a Press conference yesterday.
Prof. Mark Ritson and former CNN presenter Riz Khan were also present during the launch of the re-branding of the bank.
Atif Abdulmalik said that FIIB has been proved a successful business model since its launch in the Kingdom. "We have paid back the entire initial investments of $100 million through dividends. The new branding is conceived in a careful manner so that it could only yield positive results in future," he said.
"Although we have a new name, we will continue to adhere to the same values and investment principles which have helped us to succeed. The Arcapita name will allow us to build a differentiated brand and deliver an even better service to our investors," he said.
"It took almost 18 months of constant research and commitment to finalise the re-branding process," he said.
The bank will officially change its name to Arcapita Bank BSC(c) on March 15, 2005 and a new logo and corporate identity will be gradually introduced over the coming months.
The bank generated a net income of $70.5 million for the year ended on December 31, 2004. Since commencing its operations in 1998, the bank's net income has grown at a compounded annual growth rate of more than 45 per cent and its balance sheet has grown 12-fold to more than $1.2 billion as of December 31, 2004. The bank employs over 140 people in its three offices in Bahrain, Atlanta and London.
Mohammed Abdulaziz Aljomaih, said: "We believe that a strong unified brand will allow us to build on our established relationship with our shareholders, investors and business partners and enhance our ability to deliver innovative investment opportunities that generate superior returns."
© Bahrain Tribune 2005
