HSBC to cut its share of the British Arab Commercial Bank

The British giant banking HSBC announced Tuesday it was discussing a possible reduction of its 49% stake in the British Arab Commercial Bank (BACB) as part of a capital reorganization of the property jointly owned by several Arab countries.

•     HSBC made the announcement at a brief news release in response to news that Libya, currently the second largest shareholder in BACB with 26% of its capital, would buy from the British group more than half of its participation.
  
      Algeria, Egypt and Morocco share the remaining quarter of the capital of the British Arab Commercial Bank, founded in 1972 and headquartered in London.
  
      As recalled HSBC, BACB is a key financing banks active in the Middle East and North Africa, and remains therefore a key element of the development strategy of the British group in emerging markets with strong growth.
  
      In 2008, the taxable profit for HSBC in the Middle East grew by 34% to 1746 billion dollars.
      
  Ennaharonline/ M. O.