BIB to hold EGM on 11 December

27 November 2002

Bahrain International Bank (BIB)is to hold an extraordinary general meeting for its shareholders on 11 December to approve plans for dealing with its financial problems, BIB's chief executive Robin McIlvenny told MEED in a telephone interview on 27 November.

He confirmed that the meeting would discuss plans for a rights issue of $30 million-50 million to help rebuild the bank's capital. McIlvenny also said that it is likely that an extension of the the voluntary standstill agreement with creditors would be sought.

On 25 November, BIB reported it had recorded a $49 million operating loss in the first nine months of 2002.

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