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Thu 16 Jun 2005 04:00 AM

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Venture Capital Bank to open

The US$500 million Venture Capital Bank (VCBank) is set to for business in Bahrain later this month.

The US$500 million Venture Capital Bank (VCBank) is set to for business in Bahrain later this month.

The bank, which will become the first Islamic investment bank in the region, will offer investment facilities for various projects throughout the Middle East.

VCBank has a paid-up capital of US$50 million, of which 50% will be covered by the founding shareholders.

VCBank has investors from the UK, USA, Europe and Asia. Suliman Group of Saudi Arabia is one of the bank’s strategic partners.

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