VOL. XXXI
NO. 32
16-MAY-1988
Financial and Banking News
REGIONAL BANKING
UBK Profits Decimated by October Meltdown
Profits at the London-based United Bank of Kuwait (UBK) were decimated bylosses relating to the stock market crash of October 1987, with the result thatits pre-tax profit fell from 15.3mn to fl.1mn and it has withheld its dividend.UBK also realized a 2.5mn loss by selling off its entire Latin American loanportfolio during 1987.
The impact of the crash was illustrated by the sharp...
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