Al Hilal Islamic Bank (or Crescent Bank) IPO is apparently a possiblity. It seemed as though Al Hilal Bank shares would be solely owned by the Abu Dhabi Government but there's news from WAM that Al Hilal Islamic Bank may consider an IPO of about 10-20% of its shares. See also...
DUBAI — 10 to 20 per cent of Crescent Bank’s capital may be sold to the private sector as shares through an initial public offering as it has been set up as a public joint stock company, accoring to the Chairman of the bank Isa Mohammed Al Suwaidi.
"Studies by the setting up committee and world-class finance houses were encouraging and showed high feasibility to create Crescent Bank," he added. According to Suwaidi, the various financial and investment services of Crescent Bank will focus on the private sector and will target retail and corporate banking through employing Shariah-compliant finance tools. The establishment of Crescent Bank is part of initiatives by the government to further boost the banking sector.
Hilal Bank was inaugurated on Thursday 19 June 2008, and the Reuters report made mention of an IPO, but there wasn't a quote as far as I could see. Mr Berro is the Hilal Bank CEO ...
Reuters 19 June 2008:
Al Hilal will eventually sell shares to the public, although there were no immediate plans, Berro said.
Gulf News published an interview with Mohammad Berro, the Chief Executive Officer (CEO) of Al Hilal Bank last week. There was the briefest of comments about an IPO - saying nothing concrete. The same report also had an interview with the boss of Noor Islamic Bank - he mentioned a Noor Bank IPO.
Gulf News 20 August 2008:
Out into the light
By Ahmed A. Elewa
...
When do you expect profit generation, and do you have plans for public listing?
...
According to our business plan, profit generation will become tangible starting from next year. Converting to a publicly-listed bank is a decision that lies with the shareholders.
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