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Owner of Bahrain's United Gulf Bank eyes holding company creation

Bahrain-based United Gulf Bank B.S.C.'s shareholders are reviewing the company's operational structure and exploring options to separate its regulated banking activities from the core investments portfolio.

"The strategic realignment of operations would set out clear goals for the two distinct business lines and would help enhance performance and bring capital efficiency to the business," the bank said Aug. 1.

As part of the realignment, the bank's majority shareholder, Kuwait Projects Co. (Holding) KSC, will float a new Bahraini holding company that will fully own the existing United Gulf Bank, with the core investments portfolio transferred to the holding company at the final stage.

The bank would be delisted, while the holding company would be listed on the Bahrain Bourse.