Global Investment House, a Kuwaiti investment bank, lost 360.5 million dinars (Dh4.53 billion) in the fourth quarter of last year due to sharp declines in the value of its investments and loan book.
Global now plans to move its focus away from investments and concentrate on generating income through fees, a profitable part of the bank’s business through the financial crisis, said Maha al Ghunaim, the chairman and managing director.
“[Last year] was a year of unprecedented global market turbulence. Global has not been immune to this and we unfortunately reported our first ever loss in 2008.”
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