British Arab Commercial Bank
Company type | lending and structured finance, treasury, real estate lending |
---|---|
Revenue | £57.4 million (2023)[3] |
£87.9 million (2023)[3] | |
£27.9 million (2023)[3] | |
Total assets | £3.0 billion (2023)[3] |
Total equity | £233 million (2023)[3] |
Number of employees | 195 (2022)[4] |
Website | www |
The British Arab Commercial Bank PLC (BACB) is an international wholesale bank incorporated in the United Kingdom that is authorised by the Prudential Regulation Authority (PRA) and regulated by the PRA and the Financial Conduct Authority (FCA). It was founded in 1972 as UBAF Limited, adopted its current name in 1996, and registered as a public limited company in 2009. The bank has clients trading in and out of developing markets in the Middle East and Africa.
BACB has a head office in London, and three representative offices in
The bank provides services of trade finance, treasury, real estate lending, banking and payment services, and asset distribution and syndication. The current Chairman is Dr Yousef Abdullah Al Awadi, and the current
History
Origins
The bank was founded in 1972 as UBAF Limited and changed its name to UBAF Bank Limited in 1977. It began as an affiliate of Midland Bank, and became an affiliate of HSBC when HSBC took over Midland Bank in 1992. The bank adopted the name British Arab Commercial Bank in 1996.
Since 2009
In 2009, Commercial Bank of Egypt sold its 8% stake. At the time, the other shareholders were
In 2010, HSBC sold its 49% shareholding to the
In 2016, the bank opened a new representative office in Abidjan, to add to its existing representative offices in Algiers, and in Tripoli.[6][7]
Operating area
Africa
BACB aims to facilitate cross-border trade through a sustainable revenue base with its chosen clients and markets.[citation needed] The bank is known for dealing with markets with which larger banks are often hesitant to do business, such as Middle Eastern and North African markets.[citation needed] The bank serves the rest of the African continent through relationships with a number of financial institutions and correspondent banks, particularly in Nigeria and Ghana.
Europe
While the majority of the bank's clients are African and Middle Eastern companies and institutions, working with them brings it into regular contact with European exporters and importers. The bank also has sister banks in European countries, including Spain, Italy and France.
See also
- SABB
References
- ^ "DR YOUSEF ABDULLAH AL AWADI KBE APPOINTED BACB CHAIRMAN". BACB. Retrieved 13 December 2022.
- ^ "Paul Jennings Chief Executive Officer BACB". BACB. Retrieved 22 May 2023.
- ^ a b c d e "BACB Factsheet 2023". BACB. Retrieved 16 March 2024.
- ^ "BACB Annual Report 2023" (PDF). BACB. Retrieved 22 May 2023.
- ^ "Paul Hartwell Chief Executive, BACB: 'Here's why we chose Abidjan'". Financial Afrik. Retrieved 5 July 2017.
- ^ "BACB Seals "ground-breaking transaction" in Côte d'Ivoire". African Review. Retrieved 5 July 2017.