01 December 2004 - New Head of Corporate Finance at UGB

United Gulf Bank (UGB) of Bahrain, the investment banking arm and subsidiary of Kuwait Projects Company Holding (KIPCO), announced that Shawki Khodr has joined the Bank as Senior Vice President - Head of Corporate Finance. Mr. Khodr will be responsible for developing the Bank’s business in the GCC countries working alongside UGB’s subsidiary KIPCO Asset Management Company (KAMCO).

Mr. Khodr has more than 11 years of investment and corporate banking experience, and has held a number of positions in financial institutions in the Middle East, including the National Bank of Kuwait as Senior Manager - Investment Banking.

Mr. Khodr holds the Chartered Financial Analyst (CFA) designation, and has Bachelor of Science (BS) in Business Administration with emphasis in "Banking and Finance" and a Master of Business Administration (MBA) from the Lebanese American University in Beirut.

UGB has total consolidated assets of about US$ 1.25 billion supported by total consolidated shareholders’ equity in excess of US$ 265 million. UGB had been assigned an investment grade (BBB) rating by Capital Intelligence.

UGB manages a diversified portfolio of investments in wealth and asset management, commercial banking, real estate, telecommunications, private equity and quoted securities.

Core investments in subsidiaries and associates include: Algeria Gulf Bank, Algeria; Gulf Egypt for Hotels and Tourism Company, Egypt; Jordan Kuwait Bank, Jordan; KIPCO Asset Management Co. (KAMCO), Kuwait; Tunis International Bank, Tunisia; UGB Securities Co., Bahrain; United Cable Company, Kuwait; United Industries Company, Kuwait; and United Real Estate Company, Kuwait.

UGB and its subsidiary KIPCO Asset Management Company (KAMCO) have a proven track record of successful investment banking transactions including corporate finance advisory, new issue placement and underwriting, mergers and acquisitions, bond issuance and investment product structuring and placement. Assets under management exceed US$ 4.0 billion.

KIPCO, with assets of more than US$ 10 billion under management or control, is one of the leading diversified holding companies in the Middle East and North Africa and a major regional force in financial services and media & technology, with further interests in real estate and industry. The largest private sector company in Kuwait, KIPCO employs more than 10,000 people internationally and its shares are the most actively traded on the Kuwait Stock Exchange.

For further information please contact United Gulf Bank on telephone +973 17533233 or email info@ugbbah.com.