Our Group
Europe Arab Bank plc is a wholly-owned subsidiary of Arab Bank plc, an international bank established 80 years ago, with a global network of more than 500 branches and offices in 30 countries and five continents.Arab Bank has a presence in every Arab country in which private sector banking services are permitted, and also provides corporate banking, investment banking and investment services.
With a shareholder's equity base of USD 8.1 billion and an income before tax of USD 782.6 million in 2009, the AB Group is a substantial financial institution renowned for its prudent management and integrity.
Arab Bank History
In 2010 Arab Bank celebrates its 80 year anniversary. The re-invigoration of the banking operations in Europe and the MENA region, which led to the establishment of Europe Arab Bank, is testament to the continued evolution of the organisation and its determination to provide the best possible service and support to its clients around the world.
When Abdul Hameed Shoman established the Arab Bank in Jerusalem in 1930, he wanted to build an institution that would serve the Arab world. More than 75 years later, the bank which began with just seven shareholders and a capital of 15,000 Palestinian pounds is an international institution with a balance sheet of USD 36.5 billion, shareholder's equity of USD 3.3 billion and a 2004 income of USD 340 million.
Today, Arab Bank has a presence in every Arab country in which private sector banking services are permitted, a global network of more than 400 branches and offices in 30 countries and five continents - and is still growing.
The growth of the Arab Bank has come against a background of both regional political turbulence and spectacular growth and development. It came into being just as the countries of the region were emerging as independent states and it has been there to offer its support as they set out to reshape themselves as modern industrial states.
At all times its reliance on prudent management and integrity combined with its persistence and tenacity, have kept it strong and given it a unique reputation and identity within the Arab World and beyond. The world of Abdul Hameed Shoman no longer exists but his vision remains alive in the spirit of enterprise that marks today's Arab Bank.
International growth and expansion
Arab Bank has maintained a policy of steady geographic expansion from its earliest days. In its first decades, it concentrated on establishing a solid branch network throughout the Arab World, moving steadily from Palestine into Jordan, Syria, Lebanon, Egypt and Iraq. In the 1970s the rapidly expanding oil economies of the Gulf were a major focus.
From 1960 onwards it began to take services out to Arab individuals and communities around the world. It was the first Arab financial institution to establish a presence in Switzerland with the opening of Arab Bank (Overseas) in Zurich in 1962 and Geneva in 1964. These and other European branches in the United Kingdom, France, Italy, Cyprus and Singapore and sister companies in Austria and Germany were subsequently joined by branches in the United States and a wholly-owned subsidiary in Australia.
The opening of representative offices in China and the branch in Seoul are recognition of the growing importance of economic ties between Asia and the Arab world.
The move into the international arena has never lost momentum. Today, the Bank is as much an international organisation as it is an Arab institution. Arab Bank entities in Europe now comprise the majority share of total assets, loan portfolio, deposits and revenue while the Arab countries (excluding Jordan) are second.
The Bank's approach to expansion has been varied and flexible. Arab Bank (Switzerland) is a sister company wholly-owned by the shareholders of Arab Bank plc while Europe Arab Bank plc, Australia and Islamic International Arab Bank are all wholly-owned subsidiaries. The Bank also has a 64.24 percent share in Arab Tunisian Bank, 55% of Arab Palestinian Investment Bank - Ramallah and a 30-50 percent share in associated companies in Oman, Saudi Arabia and Lebanon.
Growth has not just been a matter of size; it has also meant a steady expansion into new areas of business. In its early years in Palestine and the region, the Bank concentrated on trade and small scale construction finance. As oil revenues fuelled development in the Arab World during the seventies, the Bank played a growing role in large scale project finance, both directly and through participation in syndicated loans. In the nineties, Arab Bank added investment banking to its established services.