VOL. XLVI

No 37

15-September-2003

REGIONAL BANKING

ABC To Sell Hong Kong Subsidiary For $304Mn

Arab Banking Corporation (ABC), the parent company of the Arab Banking Group headquartered inBahrain, announced on 9 September that it is in the process of divesting its interest in its Hong Kong based subsidiary International Bank of Asia Limited (IBA) to Taiwans Fubon Financial Holding & Co for HK$2.37bn ($304mn). On 8 September ABC and Fubon signed an irrevocable share sale and purchase agreement...