Global Investment House Bank Addressing first Year Full Payment CNBC Arabia

It is worth noting that since signing the rescheduling agreement, Global has made interest payments of USD82 million in addition to settling the KWD20 million (USD71.1 million) bond on its due date of 23 December 2009, less than two weeks after signing the debt rescheduling agreement.

Commenting on the repayment, Maha Al-Ghunaim, Chairperson & Managing Director of Global, said: "I am delighted that despite ongoing market volatility and macro head-winds both in the GCC and the wider international economy, we have succeeded in not only meeting but exceeding our obligations under the Debt Restructuring Agreement we signed last year. This has been achieved through the considerable efforts of everyone at Global and I would like to thank our employees for their ongoing commitment."

"I would also like to take this opportunity to reiterate our ongoing commitment to all our stakeholders and creating long-term value for our shareholders. We remain pleased with the success of our strategy of focusing on developing the fee-generating lines of Global's core business; asset management, investment banking and brokerage, and continue to look forward with optimism."

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