06 March 2016
JEDDAH: Ahli United Bank Group (AUB), a pan GCC banking group, has obtained the necessary regulatory clearances to acquire 40 percent shares of Middle East Financial Capital (MEFIC Capital), a major investment company operating under the Capital Market Authority of Saudi Arabia. With this acquisition, AUB is stated to have become the largest shareholder in MEFIC Capital.
AUB is considered one of the largest commercial banking groups in the Middle East with $34 billion in assets. It has business operations spread out across seven different countries.
The 128 branch network covers the entire MENA region. Apart from this, Ahli United Group has also a strong presence in UK. The banking group has witnessed a steady increase of 6 percent CAGR in its total assets and an impressive 16 percent CAGR in its net profits during the last seven years. It has won many laurels in the Middle East region such as the Best Emerging Markets Bank in 2015 and Best Private Bank in Bahrain in 2014.
MEFIC Capital is a major independent investment company operating under the Capital Market Authority (CMA) regulations.
MEFIC Capital thrives on providing investors with opportunistic investment options that are available across various asset classes in Saudi Arabia, and focuses on providing investors with fund products, which invest into private equity real estate, fixed income and public equity.
Furthermore, MEFIC Capital has been witnessing strong growth in its assets under management with a CAGR of over 70 percent during the last six years. Apart from asset management operations, it claims to have successfully completed various private equity transactions in Saudi Arabia.
Abdulrahman Abdulaziz Al-Tuwaijri, chairman of the board of MEFIC, which has welcomed this acquisition, said that this acquisition of AUB will provide significant impetus to MEFIC growth plans, increases its investment activities, and will benefit from the AUB experience, its geographical widespread, and the outstanding banking services of the group.
JEDDAH: Ahli United Bank Group (AUB), a pan GCC banking group, has obtained the necessary regulatory clearances to acquire 40 percent shares of Middle East Financial Capital (MEFIC Capital), a major investment company operating under the Capital Market Authority of Saudi Arabia. With this acquisition, AUB is stated to have become the largest shareholder in MEFIC Capital.
AUB is considered one of the largest commercial banking groups in the Middle East with $34 billion in assets. It has business operations spread out across seven different countries.
The 128 branch network covers the entire MENA region. Apart from this, Ahli United Group has also a strong presence in UK. The banking group has witnessed a steady increase of 6 percent CAGR in its total assets and an impressive 16 percent CAGR in its net profits during the last seven years. It has won many laurels in the Middle East region such as the Best Emerging Markets Bank in 2015 and Best Private Bank in Bahrain in 2014.
MEFIC Capital is a major independent investment company operating under the Capital Market Authority (CMA) regulations.
MEFIC Capital thrives on providing investors with opportunistic investment options that are available across various asset classes in Saudi Arabia, and focuses on providing investors with fund products, which invest into private equity real estate, fixed income and public equity.
Furthermore, MEFIC Capital has been witnessing strong growth in its assets under management with a CAGR of over 70 percent during the last six years. Apart from asset management operations, it claims to have successfully completed various private equity transactions in Saudi Arabia.
Abdulrahman Abdulaziz Al-Tuwaijri, chairman of the board of MEFIC, which has welcomed this acquisition, said that this acquisition of AUB will provide significant impetus to MEFIC growth plans, increases its investment activities, and will benefit from the AUB experience, its geographical widespread, and the outstanding banking services of the group.
© Arab News 2016
