For immediate release						November 2, 1999



TAIB BANK EXITS FROM SOFTWARE COMPANY INVESTMENT
WITH EXCELLENT RETURNS

TAIB Bank E.C. and its co-investors have exited from a private equity investment in Silverline Holdings Inc. (Silverline). Silverline, engaged in the Information Technology (IT) business, has a wholly owned subsidiary in the US headquartered in New Jersey.  It also owns and controls a company in India that is listed on the Indian Stock Exchanges.  The Indian Company has several offshore development centers providing cost effective, high quality, software development services to its Fortune 500 clients located in the US.

In January 1997, TAIB invested in the business of Silverline, with the Bank and its co-investors making the investment in stages during 1997/1998. In September of this year the management group, together with its strategic USA investors, purchased TAIB's and its Investors' holding for the total consideration of US$68 million, bringing the Bank's investors a return on their investment of 110%.

Mr. Iqbal Mamdani, Vice Chairman and Chief Executive Officer of the Bank said: "In 1995 TAIB opened its merchant banking subsidiary in Bangalore, India. TAIB's strategy has been to concentrate on a niche, built around the long term sustaining cost advantages for Indian software companies that had demonstrated development capability in India while servicing developed markets around the world, notably the US.

"The investment in Silverline was the result of this initiative.  The Bank worked very closely with Silverline's professional management team to create a corporate and business structure that facilitated a US led strategy.  The transaction involved significant structuring in complex and multiple legal, regulatory and business environments." Mr. Mamdani added.

"TAIB has several other investments in Indian software companies. It will continue to do build such relationships placing more emphasis on value-added consulting services in both software development, e-commerce and internet businesses".

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

-END-

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