TAIB Bank to Increase Capital

MANAMA, 3 November 2003 — Bahrain-based TAIB Bank announced yesterday it is repositioning itself to become a private bank focused on serving high-net-worth individuals, families and institutional clients. The bank, which was created 25 years ago and has been engaged primarily in real estate, private equity and syndicated loans to local investors, will see an increase in its authorized capital from $125 million to $200 million. “We are now enlarging our investment offerings and becoming a full-service private bank,” said TAIB Chief Executive Iqbal G. Mamdani. Abdulrahman Al-Jeraisy, chairman of the board of directors of TAIB described the move as “a significant milestone for the bank ... fully endorsed by its shareholders.”