Noriba Bank BSC to open in Bahrain
Noriba Bank BSC, a financial services institution wholly owned by the UBS Group, will open for business in Bahrain in September 2002. Noriba is a Sharia-compliant wealth management firm for private investors and institutions. The bank, which is licensed by the Kingdom of Bahrain, will be the global platform for Sharia- compliant banking products and services.
Mohammad Toufic Kanafani, CEO of Noriba Bank BSC, says, Noriba will follow a Sharia-compliant investment policy geared towards the requirements of institutions and private clients globally. We will offer a wide range of Sharia-compliant investment vehicles including mutual funds, discretionary portfolio management, private equity, Islamic bonds, real estate, leasing, foreign exchange and Murabaha transactions."
Noriba Bank BSC obtained its banking licence in May 2002.
Talk to UBS Warburg employees who work in Stamford and one can easily attest to the enthusiasm they feel for the new trading floor. It's the biggest
it's ours and it is simply awesome," said Equities' Laura Gorman.
We are proud to own the largest trading floor," said John P. Costas, UBS Warburg chief executive officer. But most important, this expansion clearly demonstrates our continued momentum in growing our investment banking and capital markets presence in the U.S. market - a major part of our global strategy." The massive two-year construction effort drew on virtually every function of the firm, from Business Continuity to Information Technology, Corporate Real Estate to Equities and Fixed Income, with hundreds of employees from dozens of business units working on the $100 million project. The undertaking was completed with strict cost discipline and focus, on time, on budget - and with the blessings of both the State of Connecticut and the city of Stamford.
Huw Jenkins, head, U.S. Equities, and Robert Wolf, co-head, Global Fixed Income, manage the largest employee segments on the trading floor. Said Jenkins, It took teamwork and dedication, day in and day out, over the past three years to make this possible. We have a firm of which everyone can feel a part."
Perhaps less visible but equally essential to the project's success has been the strong partnership UBS Warburg has forged with state and local officials, dating back to the mid-1990s when the then-Swiss Bank Corporation relocated its headquarters from New York City to Stamford. To secure the firm's continued growth in Stamford, the State of Connecticut provided financial incentives for the expansion project. Gov. John G. Rowland and Stamford Mayor Dannel P. Malloy deemed the addition an indication of the firm's commitment to the region. Said Rowland, Our partnership with UBS Warburg is a concrete example of the benefits of a successful public/ private endeavor. The firm has made a substantial investment in the Stamford community, and we look forward with enthusiasm to continuing our partnership."
Enthusiasm indeed. The state and city offered a $157 million incentive package to UBS Warburg including $46 million in cash grants, said Mark Bridges, executive director, Management Services, who worked closely with Carol Huff, director, Public Affairs, UBS Warburg, during the one-and-a-half year
negotiations with the state. For its part, the firm provided $1 million for job training programs and committed to donating 4,000 PCs to area schools. All in all, the state will receive the equivalent of $3 for each $1 provided in the incentive package. Said Bridges, This project is exemplary of what is possible when the public and private sectors use their strengths to build business. The result is a win for the state, for the community and for the firm."
Wealth management for private clients is one of UBS's core businesses. Its products and advisory services are tailored to clients' specific needs. The bank's end-to-end approach to satisfying these needs involves taking account of each client's individual situation in the context of the applicable legal and regulatory frameworks.
UBS is a global, integrated financial services group and the leading bank in Switzerland. It is the world's premier provider of private banking services and one of the largest asset managers globally.
Bahrain / Basel / Zurich
30 July 2002
Trading floor fact box
The expanded trading floor is approximately the size of two football fields, 25.5 basketball courts, 46 tennis courts or half the deck of the John F. Kennedy aircraft carrier.
- Length: 112.5 meters
A sample of UBS Warburg's combined trading floor space around the world: