BLOM Bank said it has redeemed and canceled 20 million preferred shares by buying them back at their issue price of $10 per share.
This operation has resulted in a decrease of $200 million in the bank's total shareholder's equity, which stood at $2.95 billion at the end of 2016.
BLOM Bank is overcapitalized and has ample liquidity and does not need to keep these shares, said Tala Baba, the bank's Assistant General Manager and Chief Financial Officer.
BLOM's current capital...
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