United Gulf Bank holds its annual general meeting

Last month, UGB announced a net profit of $1.5m (2010: $38.7m) or 0.18 US cents (2010: 4.71 US cents) per share, for the year ended 31 December 2011.

Shareholders also approved the election of two new independent Board members for the remainder of the existing Board term.

Mr Faisal Ayyar chaired the Annual General Meeting which was held at its offices in UGB Tower, Diplomatic Area, Bahrain with more than 95% of shareholders represented. At the meeting, shareholders also approved other appropriations including board recommendations to donate $50,000 to charity and educational support in the Kingdom of Bahrain.

Mr Ayyar commented at the meeting, "The Board of Directors unanimously supports the principle of independent directors and I am delighted to welcome Mr Faick Al Saleh and Mr Bader Al Awadi as independent Board members to UGB's Board."

On behalf of UGB's Board, Mr Faisal Al Ayyar paid tribute to the Government of the Kingdom of Bahrain for longstanding support and to the regulatory and supervisory authorities in the jurisdictions where UGB operates for their guidance and constructive cooperation.

UGB, the investment banking and asset management subsidiary of KIPCO Group, manages a regional network of investment banking and asset management companies. Its proprietary investments include assets in real estate, private equity, structured products and quoted securities. As of 31 December 2011 assets under management exceeded $7.0bn (31 December 2010: $8bn).

UGB's core subsidiaries, associates and joint venture include: Burgan Bank, KIPCO Asset Management Company (KAMCO), North Africa Holding Company, Al Sharq Financial Brokerage Company, Manafae Investment Company, Royal Capital Company, Syria Gulf Bank, United Networks (formerly United Cable Company), United Gulf Financial Services - North Africa, United Industries Company, Takaud Savings & Pension Company, United Capital Transport Company, Overland Real Estate Company and United Real Estate Company.

UGB and its subsidiary KAMCO have a proven track record of successfully completing more than 60 investment banking transactions for its clients since 2001 with an aggregate value of over $8bn including corporate finance, advisory, new issue placement and underwriting, corporate restructuring, bond issuance and merger and acquisition.