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UGB appoints new CEO

Bahrain, 29^th March, 2010: UGB - United Gulf Bank - has announced the appointment of a new Chief Executive Officer. David J. Rhodes - formerly Group Head of Financial Services at UGB 's parent company KIPCO - will join UGB as from today.

Mr Rhodes has over 25 years of experience in the United States, Europe, MENA and Asia Pacific. Before joining KIPCO he held senior operating positions with Fifth Third Bank, Security Pacific National Bank and Lehman Brothers. He holds a BA in Economics from the University of Rochester and an MBA from the Johnson Graduate School of Management, Cornell University.

UGB 's Chairman, Mr Faisal Al Ayyar, said:

"David has all the experience, expertise and skills we wanted in our next Chief Executive. We are delighted that he is now going to lead UGB . In his role as Group Head for KIPCO's financial services businesses, he played a significant part in shaping our overall strategy and commitment to regional growth of our commercial banks, insurance companies, investment banks and our asset management businesses. At UGB , he will focus his attention on leading our investment banking, asset management and investment initiatives. We think he will rise to this new challenge with all the commitment, drive and energy we have come to expect from him. We are also confident he will continue UGB 's track record of creating shareholder value and profitability."

"I am also delighted that Mohammad Haroon - UGB 's Acting CEO - has agreed to continue his relationship with UGB by assuming a new role as an Advisor to the Board of Directors. We greatly value Mohammad's long and very valuable 28 year association with the Bank and wish him well in his new role."

Mr Rhodes said:

"My time at KIPCO has been invaluable because it provided an objective view of our 26 financial services companies and our portfolio of regional and global investments. It also provided an ideal vantage point into the opportunities and challenges we face. As a result, I am delighted to be taking this opportunity to lead UGB at a crucial point in its 30 year history. I look forward to playing my part in UGB becoming a major player throughout the MENA region in asset management and investment banking. I am also looking forward to working closely with my former colleagues at KIPCO, regional regulators and particularly the management and employees of UGB ."

UGB is KIPCO's asset management and investment banking subsidiary, managing a regional network of investment banking and asset management companies. UGB 's investments include assets in real estate, private equity, structured products and quoted securities. UGB and its subsidiary KAMCO, have a proven track record of successfully completing around 60 investment banking transactions for clients since 2001.

-Ends-

About UGB :
As of December 2009, UGB 's assets under management exceeded US$ 7.2 billion. UGB 's core subsidiaries and associates include: Al Dhiyafa Investment Company, Al Sharq Financial Brokerage Company, KIPCO Asset Management Company (KAMCO), Manafae Investment Company, Millennium Private Equity, North Africa Holding Company, Royal Capital Company, Syria Gulf Bank, Tunis International Bank, United Networks (formerly United Cable Company), United Gulf Bank Securities Company, United Gulf Financial Services - North Africa, United Healthcare Company, United Industries Company and United Real Estate Company.

About KIPCO:
The KIPCO Group is one of the biggest diversified holding companies in the Middle East and North Africa, with consolidated assets of US$ 18.6 billion. The Group has significant ownership interests in a portfolio of over 60 companies operating across 26 countries. The company's main business sectors are financial services and media. Through the subsidiaries and affiliates of its core companies, KIPCO also has interests in the real estate, manufacturing, aviation, education and management advisory sectors.

Further information:
UGB :
Telephone: +973 1753 3233
Email: info@ugbbah.com

© Press Release 2010