MANAMA, 11 January 2005 — The shareholders of Bahraini Saudi Bank (BSB) have overwhelmingly agreed at an extraordinary general meeting held here yesterday to increase the bank’s share capital through a rights issue amounting to BD30 million.
The increased capital will be used to meet the current and future needs of the bank, which will see its paid up capital go up to at least BD50 million. BSB has retained advisers to assist with the process of share valuation and the preparation and filing of various documents with the appropriate authorities.
Sheikh Fahad Mohammed AI-Athel, chairman of BSB, said: “We are grateful to our shareholders whose ‘yes’ vote now enables the rights issue to proceed. This outcome is a testament to the confidence held in BSB, which has overcome operational difficulties and is well on its way to profitability as reflected in its financial results in 2003 and 2004.”
Bahraini Saudi Bank was established in 1983 with a paid up capital base of BD20 million, equally held between Bahraini and Saudi shareholders. It offers commercial and retail banking services to its customers in Bahrain. It meets the needs of small to medium customers in the trade, retail, manufacturing, construction, services and real estate sectors through a full range of services such as overdrafts, loans, import letters of credit, trust loans and guarantees.
Bahraini Saudi Bank offers a full range of retail banking services through its six branches and its ATM network. These include accounts, remittance services, credit cards and loans as well as NRI services.
