Bahrain, 24th July, 2009 - Clarification to US SEC Litigation Release
 

 

Bahrain, 24 July 2009: We have seen press coverage relating to US Securities and Exchange Commission Litigation Release 21152 dated 23 July 2009. Such a regulatory action is not uncommon when regulators suspect an irregularity in trades on stock exchanges.

The Bank would like to clarify that the transactions mentioned in SEC litigation release were undertaken by UGB under specific instructions of their client and UGB only provided custody and transaction execution services for those trades in its normal course of business. UGB had or has no proprietary investment or any interest in these trades and thus has not benefited and has not gained from the reported trades. UGB has duly complied with the relevant customer account maintenance regulations.
 

– Ends –

Notes to Editors:

About UGB:

UGB, the investment banking subsidiary of Kuwait Projects Company (Holding) (KIPCO), manages a regional network of investment banking and asset management companies. Its proprietary investments include assets in real estate, private equity, structured products and quoted securities. As of March 2009, assets under management exceeded US$ 7.4 billion (2008: US$ 9 billion). UGB’s core subsidiaries and associates include: Al Dhiyafa Investment Company, Al Sharq Financial Brokerage Company, KIPCO Asset Management Company (KAMCO), Manafae Investment Company, Millennium Finance Corporation, North Africa Holding Company, Royal Capital Company, Syria Gulf Bank, Tunis International Bank, United Networks (formerly United Cable Company), United Gulf Bank Securities Company, United Gulf Financial Services – North Africa, United Healthcare Company, United Industries Company and United Real Estate Company.

UGB and its subsidiary KAMCO have a proven track record of successfully completing around 60 investment banking transactions for its clients since 2001 with an aggregate value of over US$ 8 billion including corporate finance, advisory, new issue placement and underwriting, corporate restructuring, bond issuance and merger and acquisition.
UGB is part of the KIPCO Group - one of the biggest diversified holding companies in the Middle East and North Africa, with assets worth more than US$19 billion under management or control. The Group has substantial ownership interests in a portfolio of over 50 companies operating across 21 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:

Telephone: United Gulf Bank on +973 17533233 or email info@ugbbah.com