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GROWTH in Every Layer >ABC Group Annual Report 2007 GROWTH in eveRy layeR >ABC Group Annual Report 2007 RegisteRed addRess Arab Banking Corporation Group ABC Tower, Diplomatic Area PO Box 5698, Manama Kingdom of Bahrain (Commercial Registration Number 10299) www.arabbanking.com Arab Banking Corporation (ABC) is among the leading banking groups in the Middle East and North Africa. Headquartered in Manama, Kingdom of Bahrain, ABC operates as a wholesale bank, and is listed on the Bahrain stock exchange. ABC offers a wide range of banking products including trade finance and forfaiting, project and structured finance, syndications, corporate and institutional banking, treasury services, investment banking, Islamic banking and retail banking in the Arab world. ABC’s strategy of diversified growth led to the development of its widespread network of branches, representative offices and subsidiaries in Arab world countries and international financial centres, including London, Paris, Milan, Frankfurt, Madrid, Stockholm, New York, Grand Cayman, Sao Paulo, Singapore, Istanbul, Tehran, Bahrain, Abu Dhabi, Baghdad, Amman, Beirut, Cairo, Tripoli, Tunis and Algiers. CONTENTS Our Vision and Mission 1 Board of Directors 2 Organisation Chart 4 Head Office Management 6 Directors’ Report 8 Global Network 11 Financial Highlights 12 Review of Operations 14 Corporate Governance 32 Group Financial Review 38 Independent Auditor’s Report 45 Consolidated Balance Sheet 46 Consolidated Statement of Income 47 Consolidated Statement of Cash Flows 48 Consolidated Statement of changes in Equity 49 Notes to the Consolidated Financial Statements 50 Head Office Directory 85 International Directory 86 Growth is the leitmotif of the Group’s activities. The Bank is multifaceted in its products, offering diversity and growth in every layer. ABC Group Annual Report 2007 ArAb Banking CorporAtion Annual Report 2007 Arab Banking Corporation's success comes from a clear vision and sense of mission. Vision Arab Banking Corporation, known as ABC, aims to be the premier and most innovative international Arab financial group. Mission To consistently generate increasing value for its shareholders, specialise in Arab-related activities across the world, invest in international financial institutions that diversify revenues, offer innovative and high quality services to its customers and attract and retain high quality employees by providing rewarding careers. 1 boArD of Directors Mohammed Hussain Layas Hilal Mishari Al-Mutairi Hareb Masood Al-Darmaki Abdallah Saud Al Humaidhi Dr. Anwar Ali Al-Mudhaf Eissa Mohammed Al Suwaidi Hassan Ali Juma Mr. Mohammed Hussain Layas EC* rC* Arab Banking Corporation (B.S.C.) since 2001 and has over 20 years’ Chairman – Libyan experience in the banking and investment sectors. B.A. Accounting and Business Management, University of Benghazi, Dr. Anwar Ali Al-Mudhaf AC rC Libya; Diploma of the Institute of Economic Development, Director – kuwaiti Washington, U.S.A. M.B.A. and Ph.D. in Finance, Peter F. Drucker Graduate School of Chief Executive Officer of Libyan Investment Authority; former Management, Claremont Graduate University, California, U.S.A. Executive Chairman and General Manager of Libyan Foreign Bank; Chairman & CEO of Al-Razzi Holding Company; the General Manager former Deputy Chairman of British Arab Commercial Bank, London, of Kuwait Health Insurance Company; a Director of the Board of U.K.; Banque Intercontinentale Arabe, Paris, France and Arab Credit One Company Kuwait; a Director of the Board of Governors International Bank, Cairo, Egypt. Mr. Layas joined the Board of Arab in the Oxford Institute for Energy Studies and Chairman of Banco Banking Corporation (B.S.C.) in 2001 with over 35 years’ experience ABC Brasil. He is also a lecturer in corporate finance, investment in international banking. management and financial institutions at Kuwait University. Dr. Mr. Hilal Mishari Al-Mutairi EC† Al-Mudhaf has formerly served as an advisor to the Finance and Deputy Chairman – kuwaiti Economic Affairs Committee in Kuwait’s Parliament and Director of Al- B.Sc. in Economics, Alexandria University, Egypt. Ahli Bank of Kuwait. Dr. Al-Mudhaf joined Arab Banking Corporation First Vice Chairman, Kuwait Chamber of Commerce & Industry. (B.S.C.)’s Board in December 1999 and has over 15 years’ experience Director of Kuwait Investment Authority. Past offices include in banking and finance. Minister of Trade and Industry of Kuwait; General Manager of Mr. Eissa Mohammed Al suwaidi AC* gC Kuwait Investment Company and of Kuwait Clearing Company. Director – U.A.E. Citizen Mr. Al-Mutairi is also a Director of ABC International Bank plc, U.K. B.Sc. in Economics, Northeastern University of Boston, U.S.A. He has been a Director of Arab Banking Corporation (B.S.C.) since Executive Director of Abu Dhabi Investment Council and Director 2001 and has more than 35 years of commercial and financial of Abu Dhabi National Oil Company For Distribution (ADNOC-FOD), industry experience. International Petroleum Investment Company, Abu Dhabi Fund for Mr. Hareb Masood Al-Darmaki EC† rC Development and National Bank of Abu Dhabi, Vice Chairman of Arab Deputy Chairman – U.A.E. Citizen Banking Corporation - Egypt (S.A.E.) and also serves as the Chairman B.Sc. in Economics and Politics, Bristol University, England and Master of Al Hilal Bank. He has been a Director of Arab Banking Corporation of Arts in International Studies, School of Advanced International (B.S.C.) since 1995, with over 21 years in investment banking. Studies of John Hopkins University, U.S.A. *Mr. Hassan Ali Juma AC rC Executive Director of Abu Dhabi Investment Authority for European Director – bahraini Equities. Mr. Al-Darmaki is also the incumbent Chairman of Gulf Capital Fellow of the Chartered Institute of Management Accountants and Director of Qatar Telecom (Qtel) (amongst other companies). He (FCIMA), U.K. joined the Board of Arab Banking Corporation (B.S.C.) in March 2007 Managing Director of National Bank of Bahrain; former Chairman with over 30 years’ experience in international finance. of Bahrain Telecommunications Company. Also Director of ABC Mr. Abdallah saud Al Humaidhi EC gC nC* International Bank plc, U.K. Mr. Juma has been a Director of Arab Director – kuwaiti Banking Corporation (B.S.C.) since 1994. He has more than 25 years’ M.S. American University of Beirut. experience as a commercial banker. Chairman and Managing Director, Commercial Facilities Company, *Mr. Juma was appointed President and Chief Executive of Arab Kuwait and Member of the Board and the Executive Committee of Banking Corporation from April 1, 2008. Kuwait Investment Authority. Mr. Al Humaidhi is also a Member of the Board of Kuwait Chamber of Commerce & Industry and Director of Arab Banking Corporation – Egypt (S.A.E.). He has been a Director of 2 ABC Group Annual Report 2007 Dr. Saleh Helwan Al Humaidan Yousef Abdelmaula Mohamed Abdel Salam Shokri Dr. Mohammed A. Abusneina Saeed Al-Hajeri Dr. Khaled S. Kawan Dr. saleh Helwan Al Humaidan nC & Commerce of Garyounis University. He joined the Board of Arab Director – saudi Banking Corporation (B.S.C.) in February 2007 and has more than 20 Ph.D. in Agricultural Economics, Oklahoma State University, U.S.A. years’ experience in international economics and banking. General Manager, Arab Investment Company, Riyadh; Member of EC nC the Boards of Saudi International Petrochemical Company, Jubail and Mr. saeed Al-Hajeri Saudi Investment Fund, London, U.K.; Chairman, Financial Investment Director – U.A.E. Citizen Bank, Sudan. Dr. Humaidan is also the Deputy Chairman of Arab BBA from Lewis and Clark College, U.S.A., Chartered Financial Analyst Banking Corporation (Jordan). He has over 25 years of experience in (CFA) and attended the Executive Education Programme of Harvard the economic and investment fields gained through his work at the Business School, U.S.A. Saudi Arabian Ministry of Planning, the Saudi Development Fund, and Member of the Board of Abu Dhabi Investment Authority and its the Arab Investment Company. Dr. Humaidan joined Arab Banking Executive Director for Emerging Markets Department; Chairman of Corporation (B.S.C.) as a Director in 2001. Abu Dhabi Commercial Bank. In addition, Mr. Al-Hajeri is Director of Emirates Telecommunications Corporation (ETISALAT); Higher Mr. Yousef Abdelmaula EC gC* Corporation for Specialised Economics Zones (HCSEZ); Dubai Cable Director – Libyan Company (DUCAB); Sorouh Real Estate; Emirates Institute for Banking M.B.A. Hartford University, U.S.A. and Financial Studies (EIBFS); Mastercard International; Infrastructure Mr. Abdelmaula is the Vice Chairman of Corinthia Group of Companies, Leasing and Financial Services Limited (IL&FS) and the Tourism former Executive Director of the Libyan Foreign Investment Board. Development & Investment Company-PSC. He was distinguished He serves also as Director on the boards of Libyan Foreign Bank and and elected by World Economic Forum in 2007 as one of the top Arab Banking Corporation (Jordan). Mr Abdelmaula has more than 20 250 Young Global Leaders for his contribution to the Public and years of banking experience. Financial sectors in U.A.E. He joined the Board of Arab Banking Mr. Mohamed Abdel salam shokri EC AC Corporation (B.S.C.) in March 2007 with over 15 years’ experience in Director – Libyan international finance. Masters Degree in Accounting Science, Oklahoma City Dr. khaled s. kawan University, U.S.A. secretary to the board & Legal Counsel – Libyan Deputy Governor, Central Bank of Libya. Past offices include Deputy Ph.D. (Doctorat D’Etat) in Banking Laws, University of Paris Chief Executive, General Manager of British Arab Commercial Bank, (Sorbonne), France. London, UK.; Chairman and General Manager of Gumhouria Bank, Secretary to Arab Banking Corporation (B.S.C.)’s Board of Directors Libya; Deputy General Manager and Director of Libyan Arab Tunisian since July 1992, Dr. Kawan joined ABC in June 1991, having previously Bank; Chairman of the Libyan Banks Association and Director of a spent some time with a prime French Law firm in Paris. He was number of other banks and financial institutions across the region.
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