31 March 2003 - UGB Holds AGM

UGB held its Annual General Meeting at its offices in UGB Tower, Diplomatic Area, Bahrain on Sunday 30th March 2003 with over 90% of shareholders represented.

Shareholders approved the Bank’s 2002 accounts that reflected strong gross income of US$58.2 million with operating income up 32% to US$38.7 million. Net Income before provisions surged 79% to US$ 22.6 million while Net profit more than doubled to US$9.6 million from US$ 4 million in the prior year.

Shareholders also approved US$100,000 of donations to support social and community development particularly in the fields of education, research and healthcare besides contributing to various charities.

UGB is the investment banking arm and subsidiary of Kuwait Projects Company (Holding) KSC, Kuwait (KPCH). UGB has total assets of about US$ 939 million supported by shareholders’ funds of over US$ 211 million. UGB’s main subsidiaries are Tunis International Bank, Tunisia; KIPCO Asset Management Company, Kuwait; UGB Securities Co; Bahrain and Algeria Gulf Bank SA (under formation) ; Algeria . UGB also has equity interests of 44% in Jordan Kuwait Bank, Jordan ; 34% in United Real Estate Company, Kuwait and 49% in United Industries Company, Kuwait.

UGB’s activities consist of private equity and fund investments, quoted equities, asset management, corporate finance, real estate, treasury and selective commercial banking services.

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