NO. 33


Financial and Banking News

Bank Results

BBME Reports Record Profits

British Bank of the Middle East (BBME), the wholly-owned subsidiary of theHongkong and Shanghai Banking Corporation, has reported profits for 1989 ofœ30.7mn - the highest ever and a major improvement on the previous year, whenœ3.0mn was declared. The increase was due to a turnaround in the fortunes ofSaudi British Bank, in which BBME has a 40% stake, and to a rise of œ5.2mn inprofits earned by the...