al khaliji

• US$ 250 mm total price paid for the acquisition of BLC Bank (France) S.A.
• Rebranding all BLC locations to al khaliji within the next 6 months

al khaliji, the next generation bank headquartered in Doha, Qatar, who announced on November 4, 2008 that it had acquired BLC Bank (France) S.A., gave additional information on the transaction which involved the purchase of the entire share capital of BLC Bank (France) S.A., including an European Union wide banking license, one Paris branch and four branches in the UAE.

The acquisition price amounted to US$ 250mm. All 130 BLC Bank (France) S.A. staff from the head office in Paris and four branches in the UAE, join the al khaliji family.

al khaliji will rebrand BLC Bank (France) S.A. and integrate it completely into al khaliji over the next 6 months. Robin McCall, Managing Executive, Corporate and Institutional, will lead the integration team which will work to swiftly combine the two banks into al khaliji.

David Proctor, al khaliji Chief Executive Officer, said: "In less than two years from our establishment, al khaliji has launched its Corporate, Treasury Debt Capital Markets, Islamic, Retail and Premium / Business channels in Qatar, have acquired the largest wholly owned UAE branch network of any Qatari bank and a full EU banking license with a branch in Paris, as well as added its stock to the DSM 20 Index. That's Bold, Cool and very Swift !".

Click here to view the French press release