Financial and Banking News


ABC Buys SHK Bank in Hong Kong

Arab Banking Corporation (ABC) last week acquired a 75% stake in the Hong Kong-based Sun Hung Kai Bank Ltd (SHK Bank) for HK$360mn ($46mn). Under the terms of the deal, ABC is to provide a further HK$372mn ($48mn) to SHK as an 8% loan convertible into equity at a future date. The manager of ABC's Singapore branch, Mr Ahmet Arsan, becomes the managing director of SHK, although Mr Fung King Hey, the...