FINANCIAL BANKING NEWS
EAB to Wind Down Operations
The European Arab Bank (EAB), a consortium owned 50% by Arab interests and 50% by several EBIC banks and Japanese banks, has decided not to take on any new business and will wind up its activities over the next two years. EAB's holding company was established in Luxembourg in 1972, and had end-1984 shareholders' funds equivalent to $2.6bn. Its subsidiary banks operate in London, Brussels, Frankfurt and Bahrain....