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Press Releases >> For
Year 2008
Kuwait, May 8, 2008 -
United Gulf Bank - Millennium Finance Corporation discuss Major Initiatives
Following its strategic investment in Millennium Finance Corporation (MFC) in March 2008, United Gulf Bank BSC (UGB) organized and led a forum of major group companies of Kuwait Projects Company (Holding) (KIPCO) with the senior management team of MFC, to introduce the KIPCO Group to MFC. At the meeting held in Kuwait, apart from MFC’s introduction to KIPCO group major companies, UGB, MFC and the KIPCO group companies, explored various strategic objectives and discussed various synergies, future initiatives and action plans going forward. MFC has, in a short period of time, become one of the most active investment banking companies in the region, and advises prominent corporations and governments on major M&A transactions, private equity placements and capital market operations in the GCC region and other geographies. MFC recently launched a family of seven private equity funds: Millennium Private Equity (MPE), which aims to raise US$5 billion in funds from what is purported to be the largest Private Equity initiative in the Middle East and Africa region. Two of the funds (in which UGB is one of the sponsors), Global Energy Fund and the Telecoms, Media & Technology (“TMT”) Fund, each targeting US$1 billion in equity, have recently announced their first closing on 21 April 2008.
As the investment banking arm of the KIPCO Group, UGB manages proprietary investments in real estate, private equity, structured products and quoted securities in addition to providing wealth management and investment banking services. As of March 2008, assets under management exceed US$ 9.6 billion (year end 2007 US$ 8.5 billion). UGB and its subsidiary KAMCO have a proven track record of successfully completing around 50 investment banking transactions for its clients since 2001 with an aggregate value of over US$ 7 billion including corporate finance, advisory, new issue placement and underwriting, corporate restructuring, bond issuance and merger and acquisition. UGB recently announced the divestiture of its commercial banking assets to Burgan bank (another KIPCO group member) and intends to sharpen its focus on growing its network of regional investment companies which now include KIPCO Asset Management Company (KAMCO), Millennium Finance Corporation, United Gulf Financial Services Company, United Gulf Bank Securities Company, Royal Capital Company, Manafae Investment Company, North Africa Holding Company, Syria Gulf Investment Company, Zumorroda Ijarah Finance Company and Al Raya Investment Company.
Seen in photo from left to right: William Khouri, Chief Executive Officer, UGB; Sadoun Al Ali, General Manager, KAMCO; Keba Keinde, Chief Executive Officer, MFC; Samer Khanachet, Chief Operations Officer, KIPCO;Masaud J Hayat, Managing Director, UGB; Pinak Maitra, Chief Financial Officer, KIPCO - Ends – Note to editors: About Millennium Financial Company: Millennium Finance Corporation (MFC), a Dubai International Financial Centre (DIFC) based shariah compliant international investment bank, provides the full spectrum of investment banking, capital markets and private equity services, using an industry-focused, knowledge-driven approach. MFC combines local knowledge and expertise with global perspectives and access to capital markets around the world. Established in April 2006 by Dubai Islamic Bank in partnership with an experienced team of bankers from major international investment banking corporations, MFC has grown to become one of the premier international investment banks based in the Middle East. About United Gulf Bank: UGB, the investment banking arm of Kuwait Projects Company (Holding) (KIPCO), operates as a Pan Arab universal bank in 11 countries in the Middle East and North Africa region. It offers an entire range of investment banking and wealth & asset management services from its home base in Bahrain as well as from its investment banking network in Kuwait and Qatar (and soon from the UAE). UGB and its subsidiary KAMCO have a proven track record of successful investment banking activities. As of March, 2008, assets under management exceed US$ 9.6 billion. About KIPCO Group: KIPCO is one of the largest diversified holding companies in the Middle East and North Africa, with assets worth more than US$ 21 billion under management or control. The Group has substantial ownership interests in a portfolio of over 50 companies operating across 21 countries. The company’s main business sectors are commercial banking, insurance, investment banking, asset management media and real estate. Through the subsidiaries and affiliates of its companies, KIPCO also has interests in Industry, Healthcare and the Management & Advisory sector. For further information, please contact:
Shawki Khodr, CFA
Ahmad Atwan
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