United International Bank announces total income of $55m

The Bank generated a net income of $20.9m during the period with total assets growing to $383m. This was achieved through positive results and growth in all business areas which was reflected in its fee income.

UIB is a Bahrain based investment bank which was established in the second half of 2006. UIB's principal line of business is to provide Shari'a compliant private equity and asset based investments to its investors in the GCC.

UIB completed a number of transactions during the period in sectors ranging from telecommunications, shipping and aviation to real estate. These include the establishment of an aviation fund comprising of a diversified portfolio of wide body and narrow body aircraft leased to airlines in GCC, Europe and Far East. The Bank also partnered with a number of real estate developers in the region in the various real estate sectors including the affordable housing sector in the GCC.

Commenting on the results, Mr. Asaad Albanwan, UIB Chairman of the Board stated, "Since its establishment, the Bank has been focused on the fulfillment of its business plan through its core business lines and the offering of distinctive investment opportunities which generate superior returns for our investors. During the period not only was the Bank successful in establishing its infrastructure and assembling a high caliber management team, but also has been able to complete a number of transactions which have enabled it to position itself for delivering strong performance for both our investors and our shareholders in 2008 and beyond."

Mr. Albanwan added, "We believe that the current economic and financial conditions in Europe and USA will provide good investment opportunities at attractive valuations. With liquidity an issue for a number of institutions particularly in these countries, UIB with a strong capital base and liquidity is well positioned to take advantage of these opportunities."

Mr. Abdulla Janahi, General Manager and Acting Chief Executive Officer, said, "The past few months have been challenging for the financial markets in general. However, UIB managed to achieve a good performance in its first period of operations. The Bank will continue to focus on its core lines of business and has a strong pipeline of identified transactions to help achieve its strategic objectives."

"UIB is looking at a number of transactions both in the region and globally." Mr. Janahi added, "The Bank has already concluded its first corporate investment transaction acquiring 92% of a leading European company, Kosan Crisplant which is a global leader in the provision of systems and solutions for filling and reconditioning of liquefied petroleum gas cylinders. The Bank is also in advanced stages of finalizing a milestone corporate buyout transaction in UAE and a real estate development project in the Kingdom of Bahrain."

Reviewing corporate governance and infrastructure developments within the Bank itself, Mr. Janahi said, "On the operational side, the strategy has been to strengthen our team of professionals and to establish robust systems of checks and balances. Senior professionals were recruited in the areas of Investments, Marketing, Treasury, Risk, Legal and Operations. We moved to new offices and a core banking system has been purchased and is currently being implemented."