04 May 2005 - Bahrain’s UGB Hosts KIPCO Financial Group Banks’ Forum

United Gulf Bank (UGB), the investment banking subsidiary of Kuwait Projects Company (KIPCO), hosted the Quarterly Review Meeting of KIPCO Group Banks at its Bahrain headquarters, with senior bankers from across the Middle East and North Africa.

General managers of Algeria Gulf Bank; Jordan Kuwait Bank; Tunis International Bank; Burgan Bank of Kuwait; and UGB - the core banks in KIPCO’s Financial Services Group - reviewed ongoing Group projects, industry developments, strategic direction, synergy opportunities and new products, as well as a variety of related activities.

KIPCO’s Financial Services Group operates banks and investment companies in Algeria, Tunisia, Jordan, Palestine, Cyprus, Bahrain, Kuwait and the USA, with further operations planned in Iraq and Syria.

UGB chief executive officer William Khouri - who recently announced record UGB first quarter earnings of US$ 16.3 million, up 43 per cent from the same period in 2004 – said: “These quarterly meetings are important forums to focus on the banks’ operations and strategies, as well as to keep pace with regional financial developments.”

The general managers’ meeting was preceded by separate meetings of Group Bank treasurers and IT managers, which reviewed Group-wide departmental policies and procedures.

UGB manages a diversified portfolio of investments in wealth and asset management, commercial banking, real estate,telecommunications, private equity and quoted securities. Core investments in subsidiaries and associates include: Algeria Gulf Bank; Gulf Egypt for Hotels and Tourism Company; Jordan Kuwait Bank; KIPCO Asset Management Co. (KAMCO), Kuwait; Tunis International Bank; United Gulf Bank Securities Co., Bahrain; United Cable Company, Kuwait; United Industries Company, Kuwait; and United Real Estate Company, Kuwait.

UGB and its subsidiary KAMCO have a proven track record of successful investment banking transactions including corporate finance advisory, new issue placement and underwriting, mergers and acquisitions, bond issuance and investment product structuring and placement. Assets under management exceed US$ 4.9 billion.

KIPCO, with assets of more than US$ 10 billion under management or control, is one of the leading diversified holding companies in the Middle East and North Africa and a major regional force in financial services and media & technology, with further interests in real estate and industry, and medical, management & advisory. The largest private sector company in Kuwait, KIPCO employs more than 10,000 people internationally and its shares are among the most actively traded on the Kuwait Stock Exchange.

For further information please contact United Gulf Bank on telephone +973 17533233 or email info@ugbbah.com.