First Gulf Bank broadens base of foreign ownership
First Gulf Bank's ordinary general assembly agreed on Wednesday to issue international bonds with a value of US$ 3.5 billion to finance medium-term projects.
In its meeting today, the assembly relaxed restrictions on foreigners' ownership of the bank shares. The amended regulations raised ownership of foreigners to 30 per cent of the bank's capital from just 3 per cent before.
Managing Director Abdulhamid Saeed said : ''The bonds issue aims at maintaining the steady growth of the bank and striking a balance between liquidity risks and financing costs.
The move, he added, would also boost the bank's strategy seeking diversification of sources of funding.
CEO of the bank Andrea Al Sayegh disclosed that the bonds would be listed on the London Stock Exchange. ''The bonds issue will take place before the end of the year through a group of banks. Source
In its meeting today, the assembly relaxed restrictions on foreigners' ownership of the bank shares. The amended regulations raised ownership of foreigners to 30 per cent of the bank's capital from just 3 per cent before.
Managing Director Abdulhamid Saeed said : ''The bonds issue aims at maintaining the steady growth of the bank and striking a balance between liquidity risks and financing costs.
The move, he added, would also boost the bank's strategy seeking diversification of sources of funding.
CEO of the bank Andrea Al Sayegh disclosed that the bonds would be listed on the London Stock Exchange. ''The bonds issue will take place before the end of the year through a group of banks. Source
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