19.12.2008 - Ajman Bank changes track in global storm
From Zawya: Before even opening its doors to its first customer, Ajman Bank - the latest entrant into the United Arab Emirates' crowded banking sector - sent out a press release stating it was reviewing its strategy in the light of the global financial crisis. In hindsight, it was perhaps not the best time to launch a new lender in the UAE. Though the Dh561m ($153m) initial public offering in February was 85-times subscribed and the stock trebled in value on the first day of trading on June 22, the shares have since tumbled to near their subscription price, and the bank has yet to open its doors..... Full Article: Source
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