Manama, Kingdom of Bahrain:
Global Banking Corporation B.S.C (c) (GBCORP) will be a second time participant at the World Economic Forum being held at the Dead Sea in Jordan from 15 to 17 May, 2009. The bank’s senior level delegation led by Chief Operating Officer Mr. Monaim Bastaki is of the view that the forum has a major role to play in strengthening dialogue and cooperation during the present financial crisis as well as addressing the challenges facing the region. The forum will be a timely gathering of the foremost regional and global leaders to articulate the Middle East’s response six weeks after the G20 Summit in London and one-quarter of the way into implementing the 2009 rescue packages of the United States, Europe, India and China.
Commenting on the bank’s participation, Mr. Bastaki said, “The region as part of the global economic crisis, is passing through a critical phase and significant joint efforts are needed on an international level to reduce risks and ensure stable investments. The consultations at the World Economic Forum will accelerate such initiatives.”
Mr. Bastaki added that GBCORP is honoured to be an active participant at the proceedings of the forum as it is an influential platform for interaction and cooperation between the emerging and established economies. “The recent economic slowdown has created disruptions across every business sector but we are reassured by our preliminary financial results. By strictly adhering to the Central Bank of Bahrain’s regulatory policies in keeping with Basel II norms, GBCORP has been able to remain focused on business goals in the present economic climate,” he emphasized.
“We understand the challenges and have the right business fundamentals to address the market needs. GBCORP remains well positioned with a strong capital position, despite the continuing turmoil in the mortgage and credit markets. The Gulf economies are poised to play an active part in transforming the traditional economic order. And as a leading banking corporation, we believe we can deliver positive growth across market cycles,” he said.
Headquartered in Bahrain which has been described as one of the most diversified economies in the Gulf, GBCORP’s business strategy combines innovation with a prudent approach. The company’s income in 2008 increased 8.1 per cent to $53.1 million with total assets of $455.9m. The bank also has $723m worth of fund under its management. |
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