Bahrain, August 21st , 2007 - United Gulf Bank Appoint General Manager to their Subsidiary United Gulf Bank Securities
 

United Gulf Bank recently appointed Mr Syrous Amirpashaie as Vice President, Asset Management and General Manager to their brokerage/securities subsidiary United Gulf Bank Securities (UGBS) based in Bahrain. UGBS, incorporated in 1998, is 70% owned by UGB and 30% owned by KIPCO Asset Management Company (KAMCO), Kuwait.

Mr Amirpashaie was previously employed by Merrill Lynch where he accumulated 20 years of experience in the region. Mr William Khouri, Chief Executive Officer of United Gulf Bank expressed: "we are excited to have Syrous join our management team and to drive the expansion of United Gulf Bank Securities activities on the brokerage, corporate finance and asset management fronts."
 

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Notes to Editors:

UGB, the investment banking subsidiary of Kuwait Projects Company (Holding) (KIPCO), manages a regional network of investment/asset management companies and commercial banks. Its proprietary investments include assets in real estate, private equity, structured products and quoted securities. As of 30 June 2007 assets under management exceed US$ 7.3 billion. UGB’s core subsidiaries and associates include: Algeria Gulf Bank, Al-Dhiyafa Investment Company, Bank of Baghdad, Jordan Kuwait Bank, KIPCO Asset Management Company (KAMCO), Manafae Investment Company, Tunis International Bank, United Gulf Bank Securities Company, United Cable Company, United Industries Company, United Real Estate Company, United Medical Services Company, United Gulf Financial Services Company, Syria Gulf Bank and United Warehousing & Cooling.

UGB and its subsidiary KAMCO have a proven track record of successfully completing around 58 investment banking transactions for its clients since 2001 with an aggregate value of over US$ 3.6 billion including corporate finance, advisory, new issue placement and underwriting, corporate restructuring, bond issuance and merger and acquisition.

The KIPCO Group is one of the biggest diversified holding companies in the Middle East and North Africa, with assets worth more than US$ 20 billion under management or control. The Group has substantial ownership interests in a portfolio of 51 companies operating across 18 countries. The company’s main business sectors are financial services and media. Through the subsidiaries and affiliates of its core companies, KIPCO also has interests in Real Estate, Industry, Healthcare and the Management & Advisory sector.
 

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