Financial and Banking News


MEFG Completes AAB Takeover

The Middle East Finance Group (MEFG), a holding company for the Bin Mahfuz family of Jiddah (the owners of National Commercial Bank - NCB), has completed its takeover of the Bahrain-based Arab Asian Bank (AAB), according a bank announcement last week. MEFG, which was a 25% shareholder in AAB prior to the takeover, made its April bid for AAB subject to an audit (MEES 22 April), which has now been satisfactorily...