al khaliji ACQUIRES BLC BANK (FRANCE) S.A.
· Purchases the entire share capital of BLC Bank (France) S.A.
· Transaction includes an EU wide banking license, one Paris branch and four branches in the UAE
al khaliji, the next generation bank headquartered in Doha, Qatar, has announced it has acquired BLC Bank (France) S.A. after receiving all necessary regulatory approvals.
Last year, al khaliji had announced it was in advanced negotiations to purchase the UAE assets of BLC Bank (France) S.A., which included BLC’s branches in the United Arab Emirates in Abu Dhabi, Dubai, Ras Al Khaimah and Sharjah. The transaction announced today has been extended to include the acquisition of the entire share capital of BLC Bank (France) S.A, adding BLC’s business in Paris, France to al khaliji’s network. The transaction was closed on November 3rd 2008.
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 license to support its growth ambitions. As a first step, the Paris branch will 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.
David Proctor, al khaliji Chief Executive Officer said: “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. 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.”
