- Title: UNITED KINGDOM: ARAB BANK OPENS FIRST BRANCH IN LONDON
- Date: 19th January 1973
- Summary: 1. GV London street St. Paul's Cathedral in background-PAN to bank 0.08 2. CU Window & sign 'Arab Ban Limited' 0.13 3. MV Arab Bank insignia 0.14 4. CU Chairman Abdul Hameed Shoman PULL MV..other directors 0.24 5. CU Visitors sign book 0.27 6. MV Directors of Bank receiving guests 0.34 7. CU Director talking to guests 0.37
- Embargoed: 3rd February 1973 12:00
- Keywords:
- Location: LONDON, U.K.
- Country: United Kingdom
- Reuters ID: LVACL70Y3HDMBOCJZ2D8G07QEE1
- Story Text: A formal reception marked the opening of The Arab Bank's first branch in London on Thursday (18 January).
The new branch market the fulfilment of long time plans. It was set up to broaden contact with the City -- Britain's financial heart -- to take better advantage of the rapidly growing trade with the Arab world. Current exports from Britain are running at 400 million pounds Sterling, making Britain one of the principal exporters to the Arab countries.
Mr. Abdul Shoman, deputy chairman and general manger of the Arab Bank, which has headquarters in Jordan, played host with the branch's manager, Mr. Sahib M. Shukri at the new office at Empire House.
The London branch is the fourth outside the Arab countries, the others being in Switzerland, West Germany and Nigeria.In the Arab world, branches are in Bahrain, Jordan, Lebanon, Morocco, Oman, Qatar, Saudi Arabia, Tunisia, the United Arab Emirates and the Yemen Arab Republic.
Its service in London will not real so much with the general public, but largely in oil transactions to and from the Middle East.
Among those attending the reception were Britain's Minister for Trade, the Earl of Limerick, the High Commissioner for Nigeria, the ambassadors of Switzerland and West Germany and diplomats from most Arab countries.
SYNOPSIS: The financial heart of London... site of the first branch of the Arab Bank, which opened on Thursday with a reception held for the diplomatic and financial community.
Chairman of the Bank, Mr. Abdul Hameed Shoman along with other directors, greeted guests at the Bank's new office in Empire House.
The opening of the new branch -- only the fourth outside the Arab world -- marked the fulfilment of a major goal of the Jordan-based bank.
The bank claims a wider network of offices than any other Arab banking institution. The London branch, which will deal largely with oil transactions with the Middle East, is also meant to take advantage of growing trade between the United Kingdom and the Arab world, now running at 400-million Sterling a year.
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