ABG, BSE sign listing deal today - Bahrain 

Following the successful closure of the region's biggest initial public offering (IPO), Bahrain-based Albaraka Banking Group (ABG) is set to sign an agreement with the Bahrain Stock Exchange (BSE) today.

The board member and the Chief executive Officer, Adnan Ahmed Yousif told Bahrain Tribune that the historic agreement with the BSE would pave the way for trading of shares on Bahraini bourse in a week's time.

Adnan said: "It is very historic moment for the ABG as the trading of shares will further strengthen the group's standing as a leading financial institution. We have successfully completed the two steps i.e. Private Placement and the IPO with overwhelming response from the institutions and investors from the across the region. Now the entire focus will be on the expansion plans of the bank."

"The funds raised through the IPO will principally be used for expanding ABG's operations in the markets of the countries in this region especially Saudi Arabia and the UAE, and other countries in the Far East as well as in enhancing the capital of our banks that achieved good results for the group such as the group's banks in Turkey, Egypt, Algeria and Jordan."

Adnan said that the Group was now preparing to implement the third phase of its long-term strategy, which is to expand its operations in regional, Arab and international markets, through opening new branches to add to the existing network of 200 branches of ABG units and by expansion into new markets.

He said that the banking units of ABG have, since the beginning of the year, expanding their services in their respective local markets. Al Baraka Turkish Participation Bank has increased the number of its branches of by 7 to reach 55 during 2006 in accordance with the Bank's expansion plan and Banque Al Baraka D'Algerie is currently increasing the number of its branches to 18 by the end of the year.