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
  • Gulf News

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.

  • Rate this article
  • Average reader rating (1 votes) 0 Stars
Tools

Emailing an article to friend is a simple way to share a news item. Your friend will receive an email with your name and email address as well any personal message you choose to send.

The information you provide on this page will not be used to send unsolicited emails.

This service is not intended to encourage spam, and action may be taken against individuals who maliciously enter personal details of another individual.

Share this article

More from Banking

  1. HSBC underlying profits up sharply

  2. Laws are drawn from best practices

  3. DIFC committed to high standards

  4. Abu Dhabi Finance extends loan facility in RAK

All articles in Banking

More from Business

Gulf News
Popular in Business
Way to go this DSF
XPRESS

Way to go this DSF

A fun-filled route to guide you to all the happening dos in town

Business Editor's choice