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The nation’s first jointly-owned American and Arab bank is scheduled to open this month on the eighth floor of a Park Avenue office building. Known as the UBAF Arab American Bank, the institution is a consortium of 11 Arab banks and the Union des Banques Arabes et Francaises and four of its affiliates. The four American companies involved are the Bankers Trust New York Corp; the First Chicago Corp.; the Security Pacific Corp, and Texas Commerce Bancshares. Inc. The bank president is an American, Kevin Waldheim. It is the first bank that must include a non-discrimination pledge in its charter under a new New York State law.

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