DUBAI Feb 3 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)