TAIB BANK RATING UPGRADED

TAIB Bank E.C. announced in a statement released today that Capital Intelligence Limited has upgraded the rating of the Bank to the "Investment Grade" rating of BBB- (Triple B minus) for the Long-term Foreign Currency Rating. 

In his statement released after the meeting of the Board of Directors of the Bank, Mr Iqbal G. Mamdani, Vice Chairman and Chief Executive Officer said, "We are pleased at this development. We are working on further strengthening the Bank, and striving to meet our growth and profit objectives in the year 2000." 

While the Short-term Rating assigned to the Bank is A3, which reflects a strong capacity for timely repayment that may be affected by unexpected adversities, the Long-term Rating of BBB- connotes, among other things, 'good credit quality' and 'a satisfactory capacity for timely fulfilment of financial obligations'. The Support Rating assigned is 3, which denotes owners of very good reputation and resources, and which can provide clear support. The Outlook for the Bank has been termed "Stable"

The CI report notes that in spite of its rapid pace of recent expansion, the Bank has a solid capital base, adding that its capital ratios are a core strength for the Bank, which has been strengthened further by the recent successful Rights Issue. The Rating Report further notes that the Bank's liquid asset structure is a positive factor.

According to CI, TAIB's strategy is to  identify opportunities in emerging markets for its investors to maximise value, while providing stability through its long-term investment, mainly in Triple-A US rated securities. The Bank's investment banking services include asset management, brokerage, corporate finance, treasury and real estate, while it has now de-emphasized commercial banking and lending activities.

TAIB Bank E.C., an international Investment Bank based in Bahrain and listed on the Bahrain Stock Exchange, focuses on business activities in the regional markets of the Gulf, the Indian Subcontinent, Turkey and Central Asia.

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For more information, please contact the press coordinator:
Ali Khunji (Tel: 533334, Fax: 533174), e-mail:   a_khunji@taib.com