Mar. 18--EMIRATES ISLAMIC BANK BOOSTS TIER 2 CAPITAL: Emirates Islamic Bank, a unit of Emirates NBD, said today it plans to convert federal government deposits into regulatory capital, becoming the latest bank in the country to seek to strengthen its base of Tier 2 capital as loan defaults grow. Other banks that have recently taken similar steps are Emirates NBD, Mashreq and National Bank of Abu Dhabi.

GULF BANK TO HELP CLIENTS HIT BY MADOFF FRAUD: Middle East clients of Union Bancaire Privee who were victims of the fraud scheme perpetrated by Bernard Madoff will be financially compensated, representatives from the bank's Dubai office told The National. UBP said it would reimburse up to 50 percent of its clients' investments that were placed in Madoff-related entities. Gulf clients of the bank lost more than $100m due to the fraud scheme.

MOODY'S TO REVIEW RATINGS FOR HSBC BANK ME: Moody's Investors Service today placed under review for possible downgrade the C+ Bank Financial Strength Rating of HSBC Bank Middle East Limited. Moody's said the rating action reflects expected asset quality and profitability pressures in the countries that HBME operates. The challenging operating environment in the UAE, which constitutes the largest part (around 70 percent) of the company's operations, is regarded as more volatile, and the potential of rising delinquencies in the next 12-18 months is significantly enhanced. Moody's expects to complete the review in April 2009.

UNICORN BANK POSTS $35M PROFIT IN 2008: Bahrain-based Unicorn Investment Bank has reported a record 2008 operating profit of $73.8m, an increase of 46 percent from $50.4m the bank earned in 2007. Net profit after impairments and fair value write-downs stood at $35m. Earnings per share were 18.7 US cents.

-----

To see more of AME Info, go to http://www.ameinfo.com.

Copyright (c) 2009, AME Info, Abu Dhabi, United Arab Emirates

Distributed by McClatchy-Tribune Information Services.

For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

A service of YellowBrix, Inc.