Financial and Banking News
Investcorp Axes Proprietary Trade Arm As Profits Fall By 24%
Investcorp, the Bahrain-based investment bank, has closed its proprietarytrading arm after it recorded losses of $8mn in 1994. The trading losses werethe principal reason behind the 24% slide in Investcorp's net profit for theyear. Mr. Elias Hallack, one of the bank's co-chief operating officers, toldMEES that, "We don't want to be in the derivatives and...