Arab Bank Today
Abdul Majeed Shoman passed away on July 5th, 2005. His son was elected Chairman upon his father’s death.
In 2005, the Arab Bank reopened operations in Syria, and performed necessary preliminary arrangements to commence its activities in Iraq, circumstances permitting.
In 2006, Arab Bank was granted the green-light to establish Europe Arab Bank (EAB), a London-based, fully-owned subsidiary, acquired 50% of MNG Bank in Turkey, and 50% of Al Nisr Al Arabi Insurance company in Jordan, thus introducing Bancassurance to its product variety.
Today, the Arab Bank Group has the largest Arab banking branch network world-wide, with over 500 branches in 30 countries, spanning 5 continents.
On 13th August 2008, Arab Bank plc obtained the license to establish and operate a fully-owned subsidiary in Khartoum – Sudan, under the name "Arab Sudanese Bank", which is intended to offer a full range of banking products and services that are Islamic Sharia – compliant. The bank's paid up capital is US$ 50 million and is expected to launch its operational activities by the end of the first quarter of year 2009.
Al-Wahda Bank is Libya's fifth largest bank with assets of US$ 3.85 billion and 20% of the market with 71 branches across the country. The Bank is licensed to carry out all commercial banking activities. During early 2008, Arab Bank plc acquired 19% of Al-Wahda Bank with the right to increase its share to 51% within a period of 3 – 5 years. Arab Bank plc has the majority in the Board of Directors and controls the technical management of Al-Wahda Bank.