Financial and Banking News
ARBIFT Declares $33 Loss after Heavy LDC Provisions
The Abu Dhabi-based Arab Bank for Investment and Foreign Trade (ARBIFT) hasdeclared a Dh120mn ($32.7mn) loss for 1987 as a result of heavy provisioning forloans to third world countries. The bank's reserves have been wiped out as aresult of the loss, which exceeds its cumulative profits in the previous fiveyears.
ARBIFT is owned by the government of the UAE and the Libyan...