United International Bank B.S.C. ("UIB") announces its start of operations in Bahrain

After receiving the final approval from the Central Bank of Bahrain (CBB) with a total Issued Share Capital of US$2.5 billion and a paid up share capital of US$291 million, as an Islamic investment bank working under Sharia compliant directives.

The shareholders' inaugural general meeting was held on 2nd August 2006 under which a board of directors with the election of H.H. Sheikh Tahnoon Bin Zayed Al-Nahyan as Chairman of the Board, H.R.H. Prince Khalid bin AlWaleed bin Talal AlSaud as First Vice Chairman, and Mr. Asad Al-Banwan as Second Vice Chairman, besides the election of the remaining eight Board Members comprising Messrs Khalid Al-Nasser, Waleed Khalifa Fulaij, Khamis Bu Haroon Al-Shamasi, Dr. Ahmed Al-Dosari, Yousef Sultan Al-Majed, Hani AbdulKadir AlBakri, Dr. Abdulla Al-Turki, and Waleed Al-Essa.

The Board Members appointed Mr. AbdulKarim Al-Oqaily as Chief Executive Officer who stated that UIB is currently on the lookout for suitable temporary accommodation for the bank, until such time when the permanent offices at Seef District are ready, in order to allow the bank to set up its basic infrastructure including appointment of senior management and other staff.

Mr. Al-Oqaily also added that this process would take approximately six months to complete, adding that in the meantime, the bank is currently evaluating several investment projects, including large Greenfield projects and asset based financing, such as shipping transactions.

Finally, Mr. Al-Oqaily stated that the main purpose of establishing the bank in the Kingdom reflects the excellent regulatory environment of the CBB, with Bahrain being the premium financial centre for the Middle East.