MANAMA, 5 July 2007 — TAIB Bank B.S.C.(c) has announced that its brokerage subsidiary, TAIB Securities W.L.L., has acquired an 80 percent controlling stake in Dubai-based Redha Al-Ansari Shares & Bonds L.L.C. The transaction, which has been authorized by the Central Bank of Bahrain and the Securities and Commodities Authority in the UAE, will result in a new entity named TAIB Securities L.L.C.
“This strategic acquisition brings us closer to establishing a significant footprint in the GCC,” commented Iqbal G. Mamdani, TAIB Bank’s vice chairman and CEO, and TAIB Securities W.L.L.’s chairman.
He added, “Expanding our brokerage business in the UAE is a good step which holds much promise. We’re very pleased to have this new opportunity to bring world-class trading access to a new, local investor audience.”
Ali Al-Bastaki, who as director of global brokerage has been leading the expansion efforts for over a year, added “This taps us in to the Dubai Financial and Abu Dhabi Securities markets, and ultimately provides investors with more resources and better trading access all around. I especially look forward to introducing our global reach approach to investing, which provides access to global investment opportunities without the burden of having to manage and reconcile multiple investment holdings.
