Financial and Banking News
Heavy Losses by UGB Subsidiary Hit Profits
United Gulf Bank (UGB) took a $5.4mn loss for 1984 as a result of $13.4mn net loss recorded by its wholly-owned subsidiary, the United Gulf Investment Company (UGIC). UGIC also lost $3.7mn in 1983, and the resultant drain on the bank's own profitability has been reflected in the poor 1984 results. UGB's own profits declined sharply from $27.9mn in 1983 to $8.1mn in 1984, reflecting a 50%...