Troubled Kuwaiti investment bank Global Investment House said it plans to wind up its principal investment business as it swung to a full year loss.
The company posted a net loss of KD257.6m ($885.2m) in the year ended December 31 2008, compared with a profit of KD91.4m ($314m), after making impairment charges of KD297.4m ($1bn).
Global, Kuwait's biggest investment bank, posted a AED360.5m ($1.36bn) loss in the fourth-quarter alone - mainly due to impairment charges for investments and loans.
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