By: Amr Adel
Dubai – Mubasher: The Khaleeji Commercial Bank (KHCB) views the UAE market as one of its top priorities for its GCC expansion scheme, the bank’s deputy chairman said Tuesday.
Speaking on the sidelines of KHCB’s listing on the Dubai Financial Market (DFM), Abdulkareem Ahmed Bucheeri said that the bank was studying a number of expansion options.
There is no specific time frame for our expansion outside our home country Bahrain; however, once we consider expanding, the UAE will top our list, the KHCB official stated.
KHCB’s listing on the DFM is a new start for us, Bucheeri noted, indicating that the listing will contribute to raising the bank’s liquidity and attract new foreign investors.
Earlier on Tuesday, the DFM announced the listing of KHCB’s stocks under the stock symbol (KHCB) under the banks sector, marking the first dual listing since November 2016.
By listing KHCB, the number of companies listed on the DFM has increased to 64 companies, while dual-listed firms have risen to 14 companies, of which four companies are Bahraini.
One of the reasons KHCB has listed its stocks on the DFM is so that the bank can be closer to investors, the deputy chairman revealed, indicating that the Bahraini bank has many Emirati investors.
KHCB’s listing on the DFM comes in response to requests by UAE investors, Bucheeri added, noting that many investors will look to invest in the stock, particularly UAE investors, which is similar to what happened when KHCB listed its stock on the Bahrain Bourse.
KHCB welcomes any strategic investor looking to acquire a stake whether via the bourse or through talks with current shareholders, the top official told reporters, adding that there were no such offers at the present time.
KHCB operates in all regional markets, including the UAE and particularly the commercial sector, the deputy chairman further revealed, noting that the bank was present in other markets outside the GCC under the financing sector.
The bank’s operations will be focused on the retail and individual wealth management segments, Bucheeri said, adding that KHCB’s next step would be to open new branches.
As for KHCB’s profit guidance, the deptuy chairman forecast positive results for the bank this year, noting that fourth quarter results will be better than those logged in the third quarter of the year.
Bucheeri further stated that KHCB would distribute dividends this year, in the event that profits are good, noting that the bank was unable to distribute dividends last year because of the profit fall.
Bahrain-based KHCB is one of the leading Islamic financial institutions in the Kingdom of Bahrain and a subsidiary of DFM-listed GFH Financial Group.
Translated by: Nada Adel Sobhi
