Bahrain's Unicorn repays $125 mln Murabaha facility

DUBAI Thu Feb 3, 2011 1:46am EST

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DUBAI Feb 3 (Reuters) - Bahrain's Unicorn Investment Bank has repaid a $125 million three-year syndicated commodity murabaha facility, it said on Thursday.

The facility was arranged by Dubai Bank and Raiffeisen Zentralbank Osterreich AG (RZB) in January 2008 and was due on Januray 27, Unicorn said.

"The repayment has contributed to the reduction of Unicorn's liabilities from over US$600 million in 2009 to minimal levels currently," Ikbal Daredia, acting chief executive, said.

Unicorn was founded in 2004 and had assets of $974 million at the end of March 2010.

Investment banking in Bahrain has been hard hit by a regional property crash in 2008.

Unicorn's business is slightly more diversified than other Bahraini investment houses.

Last August, Unicorn's top executive left after a dispute with its board over strategy, sources told Reuters.

Majid Al-Refai advocated making the investment bank a global Islamic finance player but the board demanded more focus on Saudi Arabia. [ID:nLDE6711BL] (Reporting by Dinesh Nair, Editing by Amran Abocar)

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