Tuesday, April 14, 2009
GIB to undergo shareholder shake-up after bailout
A wider client focus with an eventual move into retail banking to ensure more stable funding will follow the implementation of a new shareholder structure at Gulf International Bank.
Gulf International Bank is finalising a reallocation of shares in the light of a $4.8 billion bailout by its shareholders. The bank’s chief executive Yahya Alyahya tells Euromoney the new ownership structure will be announced in the next two months.
Shareholders of GIB, who are the six governments of the Gulf Co-operation Council (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE), bought $4.8 billion of international securities from the bank, including its entire CDO and ABS portfolio in late March.
“The shareholders have agreed on a reallocation of shares between...
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