Financial and Banking News
REGIONAL BANKING
BAC Insolvent After Merger Bids Fail
Attempts which have been going on since May to merge the Ras al-Khaimah-based Bank of the Arab Coast (BAC) with other banks in the UAE have failed, and the bank is now facing insolvency. BAC's chairman, Shaikh 'Umar ibn 'Abdallah al-Qasimi (a nephew of the ruler of Ras al-Khaimah) last week confirmed that the bank's problems were sufficient to warrant its dissolution. According to him,...
Please log in to read the rest of this story.
You may purchase access to entire
MEES digital archives by subscribing.
This subscription gives you access to all the content of MEES digital archives up to 1978!