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...