VOL. XXXII
NO. 20
20-FEBRUARY-1989
Financial and Banking News
REGIONAL BANKING
FEME Profits Slump after Investment Losses
The Cyprus-based Federal Bank of the Middle East (FBME) has reported itslowest ever profits in its 1988 financial year, which ended on 30 June 1988. Thecause of the slump in profits was a $735,000 charge to cover losses resultingfrom the bank's investment in an Isle of Man registered company, Amwal AmericanInvestments Ltd., which resulted in its holdings of unquoted shares being...
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