Bahrain’s United Gulf Bank (UGB) recorded a net profit of $4.7 million in the first quarter of 2002, up from $2.4 million during the same period in the previous year. The bank’s operating income increased to $10.2 million in the first three months of 2002 from $4.7 million during the same period last year.
Bahrain-based UBG was established in 1980 and is a subsidiary of Kuwait Projects Company Holding. It is involved in investment banking and has been rated amongst the world's 10 financially stable banks for the past nine years. In September of 1998 it was transformed into an investment bank. The bank has a 70 percent shareholding in Tunis International Bank, a 44 percent shareholding in Jordan Kuwait Bank, and a 23 percent holding in Latvia’s Baltic Transit Bank. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
