Arab Banking Corporation (ABC) (BSH: ABC) was incorporated as a Bahrain joint stock company on January 17, 1980 through a special decree by the Amir of Bahrain. It obtained an offshore banking unit licence from the Bahrain Monetary Agency on April 7, 1980, and began operations in the same month. It is headquartered at ABC Tower in the Diplomatic Area of Bahrain.
By April 1981, an amount of US$750 million was fully paid by ABC's original three shareholders: the Ministry of Finance of Kuwait (later transferred to the Kuwait Investment Authority), the Libyan Secretariat of Treasury (whose shares were later transferred to the Central Bank of Libya) and the Abu Dhabi Investment Authority.
Each of the three shareholding groups held one-third of ABC's share capital until 1990. At the end of 1989, ABC's authorized capital was increased to US$1,500 million. In 1990, ABC listed its shares on the Bahrain and Paris stock exchanges and increased its paid-up capital to US$1,000 million by a public offering in Bahrain and an international private placement.
In June 2008 ABC’s share capital was increased through a priority rights issue to existing shareholders of one share for every share held, i.e. 1.0 billion shares at nominal value of $1.00 each and at a premium of $0.11 per share. ABC's principal shareholders oversubscribed their rights in their pre-existing proportions. The allotment was completed on 18 June 2008, and ownership of ABC the stood as Kuwait Investment Authority 29.7%, Central Bank of Libya 29.5%, Abu Dhabi Investment Authority 27.6%, and other shareholders 13.2%.
ABC's strategy of diversified growth led to the development of its widespread network (the ABC Group) of branches, representative offices, subsidiaries and affiliates in 21 countries around the world, including most principal international financial centers. The bank has three subsidiaries: ABC International Bank plc, ABC Islamic Bank and ABC Tunisie. In addition it has partial ownership in six other subsidiaries that includes ABC Brasil.
Read more about Arab Banking Corporation: Operations
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