NO. 37


Bank Results

UBAF-France Strengthens Balance Sheet With Major Capital Injection

Shareholders in Paris-based Union de Banques Arabes et Francaises are tosubscribe FF843.3mn ($148mn) in new capital to cover the cost of extraprovisions against country risk. The new money will also allow the bank to raiseits paid-in capital by FF100mn to FF1,492mn. Provisions forced the bank todeclare a loss of FF743mn ($131mn) for 1993, although on an operating levelprofits were the...