Flip through the latest issue of Gulf Weekly.
Global Banking Corporation (GBCorp) held its annual general meeting at the Ritz-Carlton Bahrain Hotel and Spa briefing shareholders on the bank's progress through the past year and presenting strategies to counter recent developments in the financial world.
GBCorp posted a net profit of $21.2 million for the year ended December 31, 2008 and the bank's total operating income was $53.2 million up from $49.2 million in 2007.
GBCorp has the mandate of the board of directors to put in place policy frameworks ensuring medium and long term sustainability along with mechanisms that allow a flexible response to critical developments such as the prevailing economic scenario.
The bank reaffirmed its confidence in the Shari Supervisory Board members who were re-appointed for another term.
The board is chaired by Sheikh Dr Mohamed Ali Elgari and the membership of Sheikh Nizam Mohammed Yaquby and Sheikh Osama Mohammed Bahar.
And Global Energy Financial Services Company was established as a subsidiary of GBCorp to act as an energy advisory company offering a full range of industry-related advisory services to GBCorp's projects, identifying and capitalising on investment opportunities in the oil & gas and power sectors
And Global Real Estate Development Company was established to focus on project development and offer a complete portfolio of investment and management services to GBCorp.
GBCorp chairman Saleh Al Ali Al Rashed said: "Along with the financial performance, we have also focused on building a strong infrastructure base, including investing in state-of-the-art IT systems and the acquisition of the GBCorp Tower in one of the most prime locations in the Kingdom of Bahrain.
"GBCorp has also maintained a qualitative resource base in human capital and I am confident that these core strengths will contribute significantly to our future growth".
