UGB repays $115m loan facility
Kuwait, June 22, 2011
United Gulf Bank (UGB), the asset management and investment banking arm of Kipco Group, has announced the full repayment of its three-year $115 million syndicated loan facility which matured on June 16.
"Considering the current difficult operating environment, our ability to repay our three-year loan on time is a measure of UGB's prudent and proactive liquidity planning," said Masaud Hayat, chairman of the Kuwait-based bank.
"The repayment also demonstrates the strength of our financial position and the progress we are making within our core asset management and investment banking business," Hayat added.