VOL. XXXI
NO. 18
8-FEBRUARY-1988
Financial and Banking News
REGIONAL BANKING
UGB Returns $37.3mn Loss, Completes Restructuring
The Bahrain-based United Gulf Bank (UGB), which has completed a two-yearprogram to phase out its commercial banking operations and focus on strategicinvestment activities, on 24 January announced a net operating loss of $37.3mnin 1987, after reporting a profit of $6mn in 1986. According to UGB's managingdirector, Mr. Mahmud al-Nuri, the bank took stringent measures in 1987...
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