British Arab Commercial Bank
| Company type | Public limited company |
|---|---|
| Industry | Banking, Financial services |
| Founded |
|
| Headquarters | London, England, UK |
Area served | Middle East & Africa |
Key people | Dr Yousef Abdullah Al Awadi KBE (Group Chairman) Paul Jennings (Group Chief Executive) |
| Services | Trade finance, lending and structured finance, treasury, real estate lending |
| Revenue | Increase Template:GBP (2023) |
| Increase Template:GBP (2023) | |
| Increase Template:GBP (2023) | |
| Total assets | Decrease Template:GBP (2023) |
| Total equity | Increase Template:GBP (2023) |
Number of employees | Decrease 195 (2022) |
| Website | www |
The British Arab Commercial Bank PLC (BACB) is an internationally operating wholesale bank incorporated in the UK, authorised by the Prudential Regulation Authority and overseen by both the PRA and the Financial Conduct Authority. Originally founded in 1972 under the name UBAF Limited, it adopted its current title in 1996 and transitioned into a public limited company by 2009. BACB primarily caters to clients involved in trade activities with emerging economies across the Middle East and African regions.
With its main office located in London, BACB also maintains representative branches in Algiers, Tripoli, and Abidjan to reinforce its regional presence. The bank collaborates with 17 affiliated banks situated throughout Europe, Asia, and Africa. Ownership is predominantly held by the Libyan Foreign Bank at 87.80%, while minority shares are owned by both Banque Centrale Populaire and Banque Extérieure d'Algérie, each holding 6.10%.
BACB’s principal offerings encompass trade finance, treasury services, real estate lending, payment solutions, asset distribution, and loan syndication. The executive team is led by Group Chairman Dr Yousef Abdullah Al Awadi KBE alongside Group Chief Executive Paul Jennings.
Origins
Established in 1972 as UBAF Limited, the institution was renamed UBAF Bank Limited five years later in 1977. Initially affiliated with Midland Bank, it became connected to HSBC following HSBC’s acquisition of Midland Bank in 1992. The bank assumed the name British Arab Commercial Bank in 1996.
Since 2009
In 2009, Commercial Bank of Egypt divested its 8% ownership stake. At that time, other shareholders included HSBC holding 49%, Libyan Foreign Bank owning 26%, along with Bank Al-Maghrib and Banque Extérieure d’Algérie each possessing 8%. Subsequently, Banque Centrale Populaire acquired the shares previously held by Bank Al-Maghrib.
By 2010, HSBC sold its entire 49% interest to the Libyan Foreign Bank ("LFB"), a subsidiary of the Central Bank of Libya ("CBL"). This transaction increased LFB’s ownership to 87.80%, while both Banque Centrale Populaire and Banque Extérieure d’Algérie maintained equal holdings of 6.10%. On 2 June 2009, the bank formally converted from a private entity to a public limited company.
In 2016, BACB broadened its regional presence through the inauguration of a representative office in Abidjan, complementing its existing locations in Algiers and Tripoli.
Africa
BACB aims to promote cross-border commerce by implementing a sustainable revenue approach focused on specific clients and markets. It concentrates on areas where major banks tend to be hesitant, especially within the Middle East and North Africa. Additionally, the bank extends its reach across Africa by collaborating with local financial institutions and correspondent banks, with a particular emphasis on Nigeria and Ghana.
Europe
Although its main clientele comes from Africa and the Middle East, BACB maintains active engagement with European importers and exporters. The bank has established sister bank partnerships in several European nations, including Spain, Italy, and France.