Bahrain, 30TH May 2013
United Gulf Bank B.S.C. (UGB), the merchant banking subsidiary of the KIPCO Group, announced that it had received regulatory approval from the Central Bank of Bahrain and the Malta Financial Services Authority to acquire up to a 43.7% stake in FIMBANK p.l.c. (FIMBANK). FIMBANK's shareholders have also approved the transaction in the Annual General Assembly held in early May 2013. UGB's expected investment may reach up to USD 125 million over a period of time.
FIMBANK is a Malta-based trade finance specialist institution that has successfully made its mark on the international factoring sector by offering a complete portfolio of factoring services and actively pursuing a strategy of establishing factoring joint ventures with prominent institutions in selected emerging markets. It owns the UK-registered London Forfaiting Company, together with factoring joint-ventures in Russia, Romania, Brazil, India, Dubai, Egypt and Lebanon. It is listed on the Maltese stock exchange.
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About UGB:
UGB is the merchant banking subsidiary of the KIPCO Group. Its proprietary investments include assets in commercial banking, real estate, private equity and quoted securities. As of 31 December 2012 assets under management exceeded US$ 8.1 billion (31 December 2011: US$ 7 billion).
UGB's core subsidiaries, associates and joint venture include: Burgan Bank, KIPCO Asset Management Company (KAMCO), North Africa Holding Company, United Gulf Financial Services - North Africa Takaud Savings & Pension Company, United Capital Transport Company and United Real Estate Company.
UGB and its subsidiary KAMCO have a proven track record of successfully completing more than 60 investment banking transactions for its clients since 2001 with an aggregate value of over US$ 8 billion including corporate finance, advisory, new issue placement and underwriting, corporate restructuring, bond issuance and mergers and acquisitions.
About KIPCO Group:
The KIPCO Group is one of the biggest holding companies in the Middle East and North Africa, with consolidated assets of US$ 25.6 billion as at 31 December, 2012. The Group has significant ownership interests in over 60 companies operating across 26 countries. The group's main business sectors are financial services, media, real estate and manufacturing. Through its core companies, subsidiaries and affiliates, KIPCO also has interests in the education and medical sectors.
For further information:
United Gulf Bank B.S.C.
Maha Ebrahim
T: +97317520101
E: mebrahim@ugbbah.com
© Press Release 2013
