Effective January 1, Grindlays Bahrain Bank is operating under its new name, Commercial Bank of Bahrain. The ANZ Banking Group, which held a 40 per cent stake in the bank, has sold its shares to existing local shareholders for over 4.5 million dinars. When Standard Chartered Bank bought the group's holdings in the subcontinent and Middle East, it also acquired the 40 per cent stake in the Bahraini bank.
A StanChart spokesman yesterday said, while it technically owned 40 per cent in the Grindlays arm for a short period, it had sold its stake to Bahraini shareholders in November. "We acquired the stake with the expectation of selling it," he said.
Chairman Mohammed Al Zamil and General Manager Peter Tomkins said the present management team will stay, with ANZ continuing to provide technical support, especially in the EDP/computer area, for a few years.
"Local shareholders will support the bank with new capital," Al Zamil said. "While maintaining its strong base in retail banking, the new bank will also seek to expand operations to cover the corporate sector in the island." He said correspondent bank relationships overseas will remain as at present, with the overseas partners having committed their support to the new bank.
Grindlays Bahrain changes name to Commercial Bank of Bahrain
Effective January 1, Grindlays Bahrain Bank is operating under its new name, Commercial Bank of Bahrain. The ANZ Banking Group, which held a 40 per cent stake in the bank, has sold its shares to existing local shareholders for over 4.5 million dinars.
