Dubai, April 03, 2010, SPA -- Bahrain-based Arab Banking Corporation's (ABC) said it had recently successfully completed a planned $1.1 billion capital hike.
The offer period ran from March 10 to March 24, the bank said in a statement on the bourse quoted by Reuters.
ABC said in December it would increase its capital by $1.11 billion to finance its Middle Eastern growth strategy and make acquisitions and that the injection from its existing shareholders would bring its capital to $3.11 billion.
ABC was one of the banks in the Gulf Arab region that invested in US subprime papers and cleaned its books last year. It had to shore up its capital by a $1 billion rights issue in June 2008 after steep losses during the first two quarters of that year. It returned to profit in 2009.
© Saudi Press Agency 2010
