Global Banking Corporation B.S.C. (c), the Bahrain-based Islamic investment bank incorporated in June 2007, announced today its preliminary financial results for the six months ended 31 December 2007.
GBCORP has set itself the challenging vision to be the leading investment bank in the GCC with global reach, characterised by the ability to merge international investment excellence with local expertise, and with an underlying commitment to provide shari’a-compliant investment banking services for high net worth individuals and families, corporate and governmental clients.
GBCORP pursues a dynamic business model primarily focusing on the core investment areas covering corporate finance, real estate and infrastructure development, private equity, structured finance and venture capital, fund management, asset and wealth management and investment placement, and advisory services.
GBCORP’s shareholders and board members are prominent institutions and personalities from the leading business families within the region and bring a wealth of liquidity and sectoral expertise to the organisation. A highly regarded Shari’a Supervisory Board including Sheikh Nizam Yaquby, Sheikh Dr. Mohamed Elgari and Sheikh Osama Bahar advise and guide GBCORP ensuring that shari’a compliance is at the heart of every financial product and service that GBCORP offers.
GBCORP’s strategy is aimed at capturing a significant share of the US$ 500 billion global Islamic banking market and leveraging on its regional experience and expertise to establish a strong presence at the global level, develop strategic investment bridges linking the region to global markets and actively facilitating global investment opportunities through building partnerships for mutual development.
Commenting on the strong results Saleh Al Ali Al Rashed, Chairman of GBCORP, said:
“GBCORP is on the threshold of a new era of global Islamic banking. The challenges we face transcend traditional boundaries and at the same time offer exceptional opportunities for growth. GBCORP’s vision to be the leading Islamic investment bank in the region, will be realised through a unique differentiation to other investment banks, distinguished primarily by its human capital, products and services, and geographic reach.”
Commenting on the business achievements so far, Vice Chairman and Managing Director Abdul Rahman Mohammed Al Jasmi said;
“Since its inception in June 2007, GBCORP has focused on human capital, building a strong team to spearhead its strategic business activities in the core areas of private equity, and real estate and infrastructure development as well as wealth management and advisory services.
GBCORP’s senior management professionals bring to bear a wealth of banking and finance expertise at a regional and international level, with the professionalism and strategic thinking to leverage the growing global demand for shari'a-compliant investment banking services.
Financial Highlights
• Issued capital of US$250 million
• Paid up capital US$125 million
• Total income US$49.2 million
• Net profit US$35.9 million
• Total assets US$236.2 million
Operational Highlights
• GBCORP has sponsored key industry events, such as the MEED Conference in Dubai and the Global Investor Window 2007 event in London, UK providing exposure to the Bank’s key markets.
• ‘Best New Islamic Investment Bank Award 2007’ from Islamic Finance News
• Senior management appointments during the period include:
o Amer Arif – Head of Wealth Management & Investment Placement
o Ahmed Al Khan – Head of Investment Banking
o Stuart Winwood – Chief Operating Officer
o N.P. Unni – Head of Risk Management
o Khalid Al Jaber – Head of Compliance
o Dr. Raid Al Zude – Head of Legal
For further information, please contact:
Global Banking Corporation BSC (c) Tel: +973 1756 6577
Zain Al Shaker – Head of Corporate Communications
Rawya Al Gosaibi – Senior Associate – Corporate Communications
Buchanan Communications
Tim Anderson / James Strong (International enquiries) Tel: +44 (0) 20 7466 5000
Aimee Peters / Rana Al Bechara (Gulf enquiries) Tel: +971 (4) 369 8561
Notes to editors
Global Banking Corporation BSC (c), incorporated in The Kingdom of Bahrain, commenced operations in June 2007 with an issued capital of US$250 million . GBCORP combines diverse thinking and expert risk analysis to offer a high-yield, shari’a compliant investment portfolio for clients. GBCORP also focuses on core business areas including private equity and venture capital, real estate and infrastructure development and advisory services in corporate finance and capital markets.
