Resources for Basel II Capital Accord (Basel II)
BBK boosts capital to fund expansion plans
www.gulf-daily-news.com Bank of Bahrain and Kuwait (BBK) yesterday announced a BD10 million increase in its paid-up capital to fund further expansion plans and bolster the firm ahead of the introduction of new banking laws.The bank's board of directors passed a motion raising BBK's paid-up capital by from BD67.2m to BD77.2m, at a specially convened Extraordinary General Meeting (EGM) at the bank's Government Avenue headquarters.
The purpose of the capital increase is two-fold, BBK chairman Murad Ali Murad told the GDN.
"The first reason is to meet the expansion of various activities of the bank inside Bahrain, outside Bahrain and to fund increases in the capital of some of the subsidiaries that we have," he said.
"The second reason is the fact that we are going to have the implementation of Basel II regulations from 2008.
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