ABC International Bank (ABCIB) has appointed Sheikh Khalid Ali Alturki as chairman, to take over from Abdullah A Saudi, who resigned his position from the London-based bank in mid-October. The decision was taken at a meeting of the bank’s board on 9 November (MEED 11:11:94).
A Saudi Arabian national, Alturki has been a member of the main board of directors for the Bahrain-based parent company, Arab Banking Corporation (ABC), since 1992. He was also a founding shareholder and board member of Saudi American Bank.
Senior banking officials say ABCIB plans to establish closer links with its client base in Saudi Arabia and the Gulf, which is part of ABC’s overall objective to increase its presence in the area through opening new outlets. ABCIB is also planning to increase trade finance activities, the bank’s core activity, for major regional infrastructure projects. The officials say the bank is looking at projects in Oman, Qatar and Lebanon.
ABCIB reported total assets of £1,250 million ($2,000 million) at the end of September, down by more than 6 per cent on assets
at the end of 1993. Profits at the end of 1993 were £6.2 million ($9.9 million).
‘The app-ointment of Sheikh Khalid re-affirms ABCIB’s position as a UK international bank whose objectives include the establishment of closer links with the ABC Group’s natural client base in Saudi Arabia and the Arab world generally,’ ABC noted in a statement.