Business | Banking
Al Khaliji bank extends reach to Europe with France's BLC Bank acquisition
Al Khaliji, a bank headquartered in Doha, Qatar, has announced it has acquired BLC Bank (France) S.A. after receiving the necessary regulatory approvals.
- Staff Report
- Published: 23:32 November 5, 2008
Doha: Al Khaliji, a bank headquartered in Doha, Qatar, has announced it has acquired BLC Bank (France) S.A. after receiving the necessary regulatory approvals.
Last year, Al Khaliji announced it was in advanced negotiations to purchase the UAE assets of BLC Bank (France) S.A., which included BLC's branches in the UAE, Abu Dhabi, Dubai, Ras Al Khaimah and Sharjah.
The transaction announced on Wednesday has been extended to include the acquisition of the entire share capital of BLC Bank (France) S.A, adding BLC's business in Paris to Al Khaliji's network. The transaction was closed on Monday.
This new acquisition enables Al Khaliji to launch its full range of products and services through an established branch network in the UAE. In addition, BLC's Paris operation means Al Khaliji has an EU-wide banking licence to support its growth ambitions. As a first step, the Paris branch will be used to offer Premium services to GCC customers as well as finance and advisory support for the rapidly growing trade and investment flows between France and the GCC.
"The changes occurring as a result of the global financial crisis offer a swift, new bank like Al Khaliji tremendous opportunities. Within two years of being established, we have a branch network in Qatar, the UAE and a branch in Paris and are moving into 2009 with great momentum," said David Proctor, chief executive officer of Al Khaliji.
"We have an excellent working relationship with our colleagues at BLC and we're looking forward to working together to integrate the two banks for the benefit of our customers and investors," Proctor added.
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
