11 June 2006 - United Gulf Financial Services Company

 

United Gulf Bank - Bahrain’s subsidiary United Gulf Financial Services Company L.L.C (UGFS) received last week its license to operate as a QFCRA regulated financial services entity. It will be operating in and from Qatar Financial Center (QFC). 

Mr. Philip Thorpe, Chairman and CEO of QFC Regulatory Authority welcomed directors of UGFS to their new premises on the 11^th floor of the QFC building and presented QFC License No. (00007) to Messrs. Masaud Hayat, Chairman and Qasim Qasim, General Manager of UGFS. Also attending the meeting was Stuart Pearce, CEO and Director General of the QFC Authority. 

UGFS capitalized at QR 20 million is a limited liability company licensed and regulated by QFCRA. It is 60% owned by United Gulf Bank, B.S.C (UGB) and 40% by its subsidiary, KIPCO Asset Management Company K.S.C. (c) (KAMCO). 

UGFS seeks to follow in the successful track record of UGB’s wealth management subsidiary KAMCO through offering Corporate Finance and Asset Management services in Qatar and is expected to commence operations by next July. Mr. Qasim M. Qasim, a long time Arab Banker with extensive experience in Qatar has been appointed General Manager of the Company. 

Commenting on the license, Mr. Masaud Hayat, Chairman of UGFS, Chairman of KAMCO and Managing Director of UGB stated: “ UGB and KAMCO are pleased to be among the first QFC entities. We compliment the vision and wisdom of Qatar’s political leadership for the uninterrupted growth and prosperity of the State and the society and look forward to contributing in a meaningful way towards building QFC as a regional financial center”, he continued.

UGB, the investment banking arm of the KIPCO group, operates as a Pan Arab universal bank.  It offers investment banking services from its head office in Bahrain and through its wealth management and advisory subsidiary KAMCO in Kuwait, its brokerage/investment company United Gulf Bank Securities Company, in Bahrain and now UGFS in Qatar . UGB also offers commercial banking facilities from Bahrain and through its commercial banking network in Jordan, Tunisia, Algeria and Iraq. 

UGB and KAMCO have an established track record of successful investment banking transactions including corporate finance, advisory, new issues placement and underwriting, mergers and acquisitions, bond issuance and investment product structuring and placements.  Assets under management exceeded US$ 5.6 billion at year end.

Qatar Financial Centre

The Qatar Financial Centre (QFC) is a financial and business centre established by the Government of Qatar and located in Doha.  It has been designed to attract international financial services institutions and major multi-national corporations and to encourage participation in the growing market for financial services in Qatar and elsewhere in the region.  The QFC will operate to international standards and provide a first class legal and business infrastructure for those operating within the QFC.  The QFC was created by Qatar Law No.(7) and has been open for business since 1 May 2005. 

QFC Regulatory Authority

The QFC Regulatory Authority is an independent regulatory body established by Article 8 of the QFC Law.  It regulates firms that conduct financial services in or from the QFC.  It has a broad range of regulatory powers to authorize, supervise and, when necessary, discipline firms and individuals.  The QFC Regulatory Authority regulates firms using principle-based legislation of international standard, modeled closely on that used in London and other major financial centers.  The Regulatory Authority is currently receiving applications and granting authorisations.

 QFC Authority

The QFC Authority is the commercial, administrative and legislative body responsible for driving the commercial strategy of the QFC and for developing relationships with the global corporate community and other key institutions both within and outside of Qatar.

Messrs. Hayat and Qasim receiving UGFS’s QFC license from Mr. Thopre.

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