07 June 2008
Khaleeji Commercial Bank ("KHCB"), one of Bahrain's leading Islamic banks, announced that its shares will be listed on the Bahrain Stock Exchange (BSE) and would commence trading on Thursday, 12th June, 2008. The Bank is currently under conversion from a closed shareholding company to a public joint stock company.
KHCB, established in November 2004, operates under a retail banking license (Islamic principles) granted by the CBB, with a paid up capital of BD 100 Million divided into 1,000,000,000 ordinary shares. Originally, KHCB was a fully owned subsidiary of Gulf Finance House with a paid up capital of BD 30 Million. The Bank increased its capital in 2007 when several large and reputable regional institutions including Al Imtiaz Investment Company, Kuwait, Emirates Islamic Bank, Qatar Islamic Bank, Bahrain Islamic Bank, Awqaf & Minor Affiars, Dubai and MENA Real Estate Company, Kuwait became strategic shareholders.
Dr. Fuad Abdulla Al-Omar, Chairman of Khaleeji Commercial Bank said, "Transition from closed to public listed company is a turning point in the history of the Bank. The listing will enable the Bank to diversify its shareholder base while providing liquidity to its exiting shareholders."
Mr Ebrahim H Ebrahim, CEO and Board Member of KHCB commented, "In the last three years since establishment of the Bank, we have performed very well on all fronts. Supported by strong financial performance, listing of the shares on the BSE is a natural step in the evolution of the Bank as a leading player in the local and regional banking sector. We also believe that the listing will enhance its position among the investors in the regional capital markets. We will continue to build a sustainable business and enhance shareholder returns in the future."
KHCB recently reported strong results for the first quarter ended March 31, 2008. Net income for the quarter increased by 213% to BD12.6 million compared to BD 4 million for the corresponding period in 2007. Total assets grew by 187% to BD308.5 million and customer deposits increased by 130% as of March 2008. On an annualised basis, Return on average assets was 17.4%, and return on average equity was 39.9%. The Bank also distributed a cash dividend of 15% for the year 2007.
- Ends -
About Khaleeji Commercial Bank:
Khaleeji Commercial Bank (KHCB) is a Bahrain based Islamic private bank, owned by a group of regional strategic investors (60%) and its founding shareholder, Gulf Finance House (40%). It offers a comprehensive range of innovative commercial and corporate banking services, wealth management, structured investment products and project financing facilities. KHCB aims to maximize the return to its shareholders and investors through sourcing new investment and financing opportunities.
In 2007, KHCB earned a net income of BD21 million, an increase of 164% over the previous year, in addition to increasing its assets by 180% to BD269 million. The return on average equity was 23.4% for 2007, following an increase in paid up capital from BD30 million to BD100 million.
Securities and Investment Company B.S.C(C) is the Listing Advisor on the KHCB Primary Listing. Hatim S. Zu'bi & Partners is the Legal Advisor. KPMG Fakhro is the Auditor.
Khaleeji Commercial Bank ("KHCB"), one of Bahrain's leading Islamic banks, announced that its shares will be listed on the Bahrain Stock Exchange (BSE) and would commence trading on Thursday, 12th June, 2008. The Bank is currently under conversion from a closed shareholding company to a public joint stock company.
KHCB, established in November 2004, operates under a retail banking license (Islamic principles) granted by the CBB, with a paid up capital of BD 100 Million divided into 1,000,000,000 ordinary shares. Originally, KHCB was a fully owned subsidiary of Gulf Finance House with a paid up capital of BD 30 Million. The Bank increased its capital in 2007 when several large and reputable regional institutions including Al Imtiaz Investment Company, Kuwait, Emirates Islamic Bank, Qatar Islamic Bank, Bahrain Islamic Bank, Awqaf & Minor Affiars, Dubai and MENA Real Estate Company, Kuwait became strategic shareholders.
Dr. Fuad Abdulla Al-Omar, Chairman of Khaleeji Commercial Bank said, "Transition from closed to public listed company is a turning point in the history of the Bank. The listing will enable the Bank to diversify its shareholder base while providing liquidity to its exiting shareholders."
Mr Ebrahim H Ebrahim, CEO and Board Member of KHCB commented, "In the last three years since establishment of the Bank, we have performed very well on all fronts. Supported by strong financial performance, listing of the shares on the BSE is a natural step in the evolution of the Bank as a leading player in the local and regional banking sector. We also believe that the listing will enhance its position among the investors in the regional capital markets. We will continue to build a sustainable business and enhance shareholder returns in the future."
KHCB recently reported strong results for the first quarter ended March 31, 2008. Net income for the quarter increased by 213% to BD12.6 million compared to BD 4 million for the corresponding period in 2007. Total assets grew by 187% to BD308.5 million and customer deposits increased by 130% as of March 2008. On an annualised basis, Return on average assets was 17.4%, and return on average equity was 39.9%. The Bank also distributed a cash dividend of 15% for the year 2007.
- Ends -
About Khaleeji Commercial Bank:
Khaleeji Commercial Bank (KHCB) is a Bahrain based Islamic private bank, owned by a group of regional strategic investors (60%) and its founding shareholder, Gulf Finance House (40%). It offers a comprehensive range of innovative commercial and corporate banking services, wealth management, structured investment products and project financing facilities. KHCB aims to maximize the return to its shareholders and investors through sourcing new investment and financing opportunities.
In 2007, KHCB earned a net income of BD21 million, an increase of 164% over the previous year, in addition to increasing its assets by 180% to BD269 million. The return on average equity was 23.4% for 2007, following an increase in paid up capital from BD30 million to BD100 million.
Securities and Investment Company B.S.C(C) is the Listing Advisor on the KHCB Primary Listing. Hatim S. Zu'bi & Partners is the Legal Advisor. KPMG Fakhro is the Auditor.
© Press Release 2008
