Peter England, RAKBANK CEO, said, "We are pleased to have partnered with DFCC Bank to support their general expansion plan of the
Offshore Banking Unit. This medium term financing allows us to diversify our asset book into various geographies while introducing DFCC Bank to the region."
All foreign financial institutions and
offshore banking units follow the same regulations as domestic financial entities.
AIB was established under international treaty by five Arab sovereigns in 1974 as an Egypt based
offshore banking unit. The principal shareholders remain Arab Republic of Egypt and the State of Libya with a 38.76 per cent shareholding each, followed by Qatar with 4.984 per cent, Abu Dhabi with 12.503 per cent and Oman with 2.49 per cent.
In 1977, Bank of Tokyo obtained a license here to operate as an
offshore banking unit, aka OBU, making it the only Japanese bank in the Philippines at that time.
In Bahrain, Arab Bank PLC operates through five retail branches (excluding an
offshore banking unit) and has about $250 million exposure to Bahrain through retail and corporate loans.
Any cost or expense related to or incurred in the operation of the foreign currency deposit unit (FCDU)/expanded FCDU or
offshore banking unit is not allowed as deduction from the RBU's taxable income.
The bank currently has three branches and an
Offshore Banking Unit in Bahrain.
Any cost or expense related to or incurred in the operation of the foreign currency deposit unit (FCDU)/expanded FCDU (EFCDU) or
offshore banking unit (OBU) is not allowed as deduction from the RBU's taxable income.
Mega's
offshore banking unit (OBU) is ready to float RMB-based bonds to help Taiwanese enterprises in China raise operating funds.
