For Immediate Release 						  13th December,  2001


TAIB BANK SUCCESSFULLY DIVESTS ITS HOLDINGS IN 
INFORMATION TECHNOLOGY COMPANY BASED IN DUBAI INTERNET CITY


TAIB Bank E.C., the Bahrain-based Investment Bank, has successfully divested its investment in an information technology company based in the Dubai Internet city.

In his statement, Mr Iqbal G. Mamdani, Vice Chairman and Chief Executive Officer, said, "We are pleased to announce that TAIB Bank EC has successfully exited an information technology investment. "

TAIB Bank EC invested in the Dubai Internet City (DIC) based enterprise solutions and software services firm Insyst Technologies Middle East & Africa Ltd. in the second quarter of 2000. The company specializes in designing, developing, implementing and maintaining enterprise-wide information solutions. Insyst products including Orion, Premia and Merlin have installations in more than five hundred enterprises spread over 20 countries around the world.  Insyst has an offshore development centre in Chennai, India, providing high quality and cost effective development capabilities, technical support and maintenance services.  Insyst Technologies Middle East & Africa Ltd. has been wholly acquired by Tricolour Infotech (a joint venture between India’s ICICI group and the Emirates Bank) along with ICICI Infotech. TAIB Bank successfully exited from the investment in 20 months and has achieved returns in excess of 20% per annum from this transaction.

Despite the current economic slowdown and a downturn in the technology markets worldwide, TAIB Bank continues to focus on private equity investments in information technology companies with inherent strengths within the emerging markets of the Middle East and the Indian Subcontinent.

TAIB Bank E.C., an international Investment Bank based in Bahrain and listed on the Bahrain Stock Exchange, conducts its business in the United States of America, the United Kingdom and in the regional markets of the Gulf, the Indian Sub-continent, Turkey and Central Asia.
 
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