TAIB Bank asks for FATCA forms from shareholders who sold to Dubai Financial Group
Bahrain-based TAIB Bank says the final outstanding balance for shareholders who sold 60 per cent or more of their shareholding to Dubai Financial Group at the rate of US$ 2.59 per share during November 2007, has now been received by TAIB.
This final escrow balance amount received shall be remitted to all the selling shareholders using the specified bank account details. Based on the guidelines received from Central Bank of Bahrain (CBB), a dedicated bank account has been opened with Bank of Bahrain & Kuwait exclusively for settling this balance Escrow to all Selling Shareholders.
However, under the new guidelines and regulations governed by the Foreign Account Tax Compliance Act (FATCA), all selling shareholders who are entitled to receive proceeds from the escrow account are required to complete the FATCA compliance forms and either hand deliver or courier the original to the bank.
On receipt of the completed forms that satisfy the FATCA requirements, the bank shall arrange the remittance / payment to the respective shareholders within seven working days.
The FATCA compliance forms may be accessed on TAIB’s website.
