United Gulf Bank B.S.C. (UGB) has established its subsidiary “United Gulf Financial Services Company LLC” (UGFS) in the Qatar Financial Centre (QFC). UGFS has been authorised by the Qatar Financial Centre Regulatory Authority to carry out Regulated Activities in or from the QFC with effect from 21 March 2006.
UGFS is legally formed as a Limited Liability Company with a paid-up capital of Qatari Riyal 20 million and it is 60% owned by UGB and 40% by its subsidiary KIPCO Asset Management Company K.S.C.C (KAMCO). UGFS will be managed by Mr. Qasim M. Qasim, an experienced Middle Eastern banker who has previously held senior positions in Qatar and the Middle East. His last position was the General Manager/CEO of Ahli Bank Q.S.C. in Qatar.
UGFS seeks to follow in the Qatari market on the successful track record of UGB’s wealth management subsidiary KAMCO through offering Corporate Finance and Asset Management services in Qatar. UGFS is expected to commence its operations from its premises in the QFC by next July.
Commenting on the establishment of UGFS, Mr. Masaud Hayat, Managing Director of UGB said, “We are very pleased to be represented in the Qatari market through UGFS. UGB’s finance services network extends from North Africa to the Gulf and UGB/KAMCO will be capitalizing on its footprint to offer regional and pan Arab investment and commercial products and services in addition to traditional international products”.
UGB manages a diversified portfolio of investments in wealth and asset management, commercial banking, real estate, telecommunications, private equity and quoted securities. KAMCO offers integrated asset management and financial services to a diverse local, regional and international client base.
UGB and its subsidiary KAMCO have a proven track record of successful investment banking transactions including corporate finance, advisory, new issue placement and underwriting, mergers and acquisitions, bond issuance and investment product structuring and placement. Assets under management exceed US$ 5.5 billion, up from US$ 4.3 billion in 2004.
