Bahrain-based Global Banking Corporation (GBCORP) will be a second time participant at the World Economic Forum being held at the Dead Sea in Jordan from May 15 to 17.

A senior-level delegation led by chief operating officer Monaim Bastaki will join deliberations at the forum.

The forum has a major role to play in strengthening dialogue and cooperation during the present financial crisis as well as addressing the challenges facing the region, the bank said.

Commenting on the bank’s participation, Bastaki said: “The region as part of the global economic crisis, is passing through a critical phase and significant joint efforts are needed on an international level to reduce risks and ensure stable investments. The consultations at the World Economic Forum will accelerate such initiatives.”

Bastaki added that GBCORP is honoured to be an active participant at the proceedings of the forum as it is an influential platform for interaction and cooperation between the emerging and established economies.

“The recent economic slowdown has created disruptions across every business sector but we are reassured by our preliminary financial results. By strictly adhering to the Central Bank of Bahrain’s regulatory policies in keeping with Basel II norms, GBCORP has been able to remain focused on business goals in the present economic climate,” he emphasised.

GBCORP’s  income in 2008 increased 8.1 per cent to $53.1 million with total assets of $455.9 million. The bank also has $723 million worth of funds under its management. – TradeArabia News Service