Financial and Banking News
Losses Hit UBAF Group
The UBAF group, which was one of the pioneers of Arab international bankingin the 1970's, has been hit by heavy losses arising from provisioning for thirdworld loans as well as lower earnings. Although the group's Bahrain-basedsubsidiary, ALUBAF Arab International Bank, was able to stay in the black, itsprofits were slashed from $3.9mn in 1986 to $0.6mn in 1987 (MEES, 21 March). TheLondon bank of the group...