Information AboutArab Bank |
| CATEGORIES ABOUT ARAB BANK | |
| banks of jordan | |
| economy of jerusalem | |
| economy of the palestinian territories | |
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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. The bank's success would not have surprised its founder. Abdul Hameed Shoman was a Palestinian emigre', who after 18 years in the United States during which he built a thriving commercial business, understood the need and the potential for a bank that was committed to the development of the Arab economies. 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. Arab Bank has maintained a policy of steady geographic expansion from its earliest days. In their first decades they 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 they began to take their services out to Arab individuals and communities around the world. they were 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, have subsequently been joined by our branches in the United States and our wholly-owned subsidiary in Australia. The opening of our representative offices in China and our branch in Seoul are a recognition of the growing importance of economic ties between Asia and the Arab world. Today they have a presence in every Arab country in which private sector banking services are permitted, a global network of more than 400 branches and offices on five continents and they are still growing. EXTERNAL LINKS
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