United Gulf Bank appoints new Chairman

26/04/2010 00:00 AST

United Gulf Bank (UGB) has announced that at its Board of Directors meeting held today, Mr Masaud Hayat was elected Chairman of the Board. Mr Hayat replaces Mr Faisal Al Ayyar who will remain as a member of the Board.

Mr Hayat was UGB's Managing Director from 1997 to 2009 and has been a Director of the bank since 1990. He is Chairman of Syria Gulf Bank and Tunis International Bank and Vice Chairman of Gulf Bank Algeria and Jordan Kuwait Bank, and a Board member of the Bank of Baghdad and the North Africa Holding Company.

Mr Hayat said, "On behalf of UGB's Board of Directors, I would like to thank Mr Al Ayyar for the outstanding services he gave to the bank in his years as Chairman. Under his leadership, the bank has grown in strength and size. I look forward to his continued support and guidance."

He said, "I am deeply honoured to become UGB's Chairman. I have played an active part in the bank's development for many years and I look forward to the challenges and opportunities the future will bring. I am also looking forward to working with UGB's new CEO - Mr David Rhodes - as we develop the bank's position as a leader within the regional investment banking and asset management sector."

UGB is the asset management and investment banking subsidiary of KIPCO (the Kuwait Projects Company). UGB manages 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.

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