Financial and Banking News
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,...