5 September 2006
Press Release
UGB – Bahrain Hosts KIPCO Financial Group Banks’ Forum
United Gulf Bank (UGB) hosted the Quarterly Review Meeting of KIPCO Group Banks
at its headquarters in Bahrain, with senior bankers from across the Middle East and North
Africa.
Attendants of the summit were Mr. Jonathan Lyon, CEO - Burgan Bank, Kuwait, Mr.
Mohamed Louhab, GM - Algeria Gulf Bank - Algeria, Mr. Issam Nashawati, GM - Syria
Gulf Bank - Syria, Mr. Mohamed Fekih, Vice Chairman & Managing Director - Tunis
International Bank - Tunisia, Mr. Wisam Jamil, GM - Bank of Baghdad - Iraq, Mr.
Miloud Shawesh, TIB Representative - Libya, Mr. Qasim Qasim, GM - United Gulf
Financial Services Co. - Qatar, and from UGB - Bahrain, Mr. William Khouri, CEO and
Mr. Mohammad Haroon, DCEO.
The General Managers’ meeting was preceded by separate meetings of Group Bank
Treasurers, Credit and IT managers, which reviewed Group-wide departmental policies
and procedures.
KIPCO’s Financial Services Group operates banks and investment companies in Algeria,
Tunisia, Jordan, Palestine, Cyprus, Bahrain, Kuwait, Iraq, Syria, Qatar, Libya and USA.
UGB, the investment banking subsidiary of Kuwait Projects Company (Holding)
(KIPCO), manages a regional network of investment / asset management companies and
commercial banks. Its proprietary investments include assets in real estate,
telecommunications, private equity, structured products and quoted securities. Assets
under management exceed US$ 5.6 billion. UGB’s core subsidiaries and associates
include: Algeria Gulf Bank, Al-Dhiyafa Investment Company, Bank of Baghdad, Jordan
Kuwait Bank, KIPCO Asset Management Company (KAMCO), Manafae Investment
Company, Tunis International Bank, United Gulf Bank Securities Company, United
Cable Company, United Industries Company, United Real Estate Company, United
Medical Services Company, United Gulf Financial Services Company, Syria Gulf Bank
(under formation) and United Warehousing & Cooling. UGB and its subsidiary KAMCO
have a proven track record of successful investment banking activities including
corporate finance advisory, new issue placement and underwriting, mergers and
acquisitions, bond issuance and investment product structuring and placement.
UGB has a long term investment grade rating by Moody’s (Baa3) and Capital
Intelligence (BBB+).
KIPCO is an US$ 18 billion enterprise with major activities in financial services, media
and telecommunications and a variety of other business sectors across the Middle East
and North Africa. The group has substantial ownership interests in a portfolio of some 73
companies operating throughout the region and internationally