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j PAGE 6 THi: SOUTHKRN ISKAIXITK February 15, 19*5
The Better Bociel
Bagels Ba
1 "
12 Hom
Novo and Deify Lox
Fresh Daily
Cheeses
ro order
• Homemode Solaris
• Smoked Fish by fhe lb.
Serving
Dreakfosr • Lunch-Dinner
Wednesday
is
Bagel Day!
ZAm
25*
Mon. - Sot.
Sun
6)
(min. 3)
7 o.m. fill 7 p.m.
6 am fill 5 p.m.
flood
Marietta GA. 30067
955-9506
Survey shows Arab banks
making ‘megabucks’ in U.S.
br Murra* ZuckofT
The Bank Audi, of Lebanon, a
NEW YORK (JTA) —Arab
banks are flourishing in the l nited
States, according to a survey in the
Boycott Report, an American Jew
ish Congress publication. This is
borne out in a Federal Reserve
Board list. “Foreign Investment in
U.S. Banking Institutions" as of
June 30. 1984.
At the start of 1984. there were
19 Arab banks in New York State
alone, most of them in New York
City. A newly-formed Arab Bank
ers Association of North America
“is flourishing.” according to the
Boycott Report. “The longest estab
lished Arab bank in the U.S. is
UBAF Arab-American Bank, cap
italized at SI00 million."
The UBAF. which came to New
Y r ork in 1976, “works with Ameri
can exporters seeking Arab mar
kets." according to a recent report
in The New York Times. “It finan
ces trade, arranges joint ventures,
and seeks deposits from corpora
tions and institutions. That stra
tegy produced a profit for the bank
of S4.5 million for the first nine
months of 1984." According to the
Federal Reserve Board list, the
UBAF has SI.227 billion in assets.
Tw o years after it was taken over
by Arab investors, Financial Gen
eral Bankshares. a multi-state hold
ing company with a netw ork of out
lets in New York, Mary land. Vir
ginia. Tennessee and the District of
Columbia, “has become the largest
Arab-led financial institution in
the U.S., with assets of almost S4
billion,” the Boycott Report stated.
“Among its large stockholders are
the former director of Saudi intel
ligence, the son of the ruler of
Kuwait and other Arab private
investors."
Patronize our
advertisers.
Kroger-Limelight P/aza
3330 Piedmont Rd
262-7941
relative newcomer that has gone
after deposits from wealthy Leba
nese Americans, earned a profit of
S35.000 in the first seven months of
operation, through December
1983. It is expected to report net
earnings of more than S300,000 for
1984. the Times reported.
According to the Federal Re
serve Board listing, the Saudi Inter
national Bank, a branch of the
Arab consortium bank based in
London, has assets of $341.2 mil
lion; Arab African International
Bank, branch of the Arab consor
tium bank based in Cairo, has
$331.4 million in assets; Arab
Bank Corporation, branch of
Kuwait-Egyptian bank based in
Bahrain, $320.1 million; The Gulf
Bank, branch of bank owned by a
Kuwait merchant family, $305.5
million; the National Commercial
Bank, branch of largest Saudi
Arabian commercial bank, has
$299.1 million in assets; Dubai
Bank, branch of bank owned by a
prominent Dubai family, $132.8
million; Gulf International Bank,
branch of Arab consortium bank
based in Bahrain, $118.3 million;
and The United Bank of Kuwait,
branch of Kuwaiti consortium
bank based in London, has $60.7
million in assets.
All these banks are in New York.
Their listed assets are as of June 30,
1984.
Mergers and acquisitions of in
terest in local American banks are
also flourishing, according to Boy
cott Report. Petra Capitol, the first
Arab-owned investment bank estab
lished in the U.S. recently merged
with a brokerage house. It is locat
ed in New York City.
A Saudi merchant, Abdullah
Bakhsh, “recently acquired a 15
percent interest in a large regional
bank in Milwaukee, owned by a
holding company, Marine Corp.,”
the Boycott Report said, citing the
Mideast Report as its source. “As
part of the agreement, Mr. Bakhsh
put $60 million of new capital into
the bank holding company."
Another Arab capitalist, Khalid
bin Mahfouz, whose family owns
half of the National Commercial
Bank of Jeddah, recently acquired
a 92 percent interest in a Houston
bank, the Boycott Report stated.
The influx of Arab banks was
made possible by the International
Banking Act of 1978 which sus
pended the reciprocity require
ment to get a federal bank charter.
Before that, an Arab bank could
not get a federal license unless
American banks were allowed to
operate in the Arab country. Reci
procity remained a requirement to
get a New York State charter until
New York repealed it last fall.
“Avoiding politics and religion
is a particularly sensitive question
because of the Arab-Israeli con
flict," the Times noted in its recent
report. “The banks would get in
trouble in their home countries if,
for example, they invested in
Israeli companies. But they would
get in trouble with American author
ities if they were believed to dis
criminate against Israel. The prob
lem seems not to have arisen much
because most Arab banks aim only
to serve Arabs and American cor
porations doing business in Arab
countries."
As for hiring Jews, the Times
quoted Fakhruddin Khalil, senior
executive vice president of the
UBAF, as saying, “The answer is
very strong and clear confirmation
that anybody who applies and is
qualified will be hired irrespective
of religion.” He said he did not ask
the religion of job applicants and
did not know the religion of many
employees but he assumed that he
had hired Jews.
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