MANAMA, 27 June 2007 — Global Banking Corporation (GBCORP), a new entity licensed by the Central Bank of Bahrain as a wholesale Islamic investment bank — with a paid-up capital of $250 million and authorized capital of $500 million — opened its doors for business yesterday with a pledge to tap the opportunities in the $500 billion global Islamic banking industry.
GBCORP is set to offer an extensive portfolio of personal and corporate Islamic investment products backed by a dedicated team of experienced investment banking professionals led by a leading Saudi-based businessmen Saleh Al-Ali Rashed, who said that the bank would conclude at least three major deals in its first year. In a press conference yesterday, he said the bank’s business focus will remain on Saudi, GCC and other markets.
Rashed, who is the founding chairman of the GBCORP board, said the bank is poised to bridge the gap by offering specialized expertise in private equity, infrastructure development, venture capital and real estate sectors. He said the bank is also negotiating with the global institutions for forging strategic.
GBCORP will also be offering Islamic financial products for GCC real estate and infrastructure development projects.
The chairman said “GBCORP’s strategy is aimed at capturing a significant share of the $500 billion global Islamic banking market. The bank will use the booming GCC economies as a springboard for expansion into Asia, North Africa and Europe with an innovative product portfolio designed to reach across geographic boundaries and target markets including governments, private and public sector enterprises, wealthy family groups and high net worth individuals.”