NO. 34


Financial and Banking News

Regional Banking

UBAF-Paris Moves into Profit

Paris-based Union de Banques Arabes et Francaises (UBAF) has recorded aprofit of FF13.4mn ($2.4mn) for 1991, a sharp turnaround on last year's loss ofFF146.9mn. Provisions were reduced sharply in 1991, but there was also animprovement in underlying profitability, with gross income increasing by 9% andoperating expenses reduced slightly. During the last year UBAF has refocussedits operations on its...