Financial and Banking News
AFS Profits Jump as TC Sales Increase
The profits of the Bahrain-based Arab Financial Services Company (AFS) leaptfrom just $21,000 in 1987 to $1.254mn in 1988, according to the company resultsreleased last week. This is the first significant profit that the company hasmade since it was set up by Arab banks as a specialist issuer of Visa travelerschecks (TCs) in 1984. The 1988 profits were achieved by virtue of a 62%...