Kuwaiti investment bank reports first ever loss

Kuwait's largest investment bank, which has been struggling with debt, says it has reported its first ever annual loss.

Kuwait's largest investment bank, which has been struggling with debt, says it has reported its first ever annual loss.

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Global Investment House said on Sunday its overall net loss for 2008 was 257.6 million dinars ($888.3 million) compared to a profit of 91.4 million dinars in 2007.

The loss was the latest indication of global financial crisis impact on this small oil-rich state.

Global has been meeting with creditors to restructure almost $3 billion in loans it defaulted on. On Sunday it was confident a long-term financing solution would be achieved in the coming months. Maha al-Ghunaim, Global's managing director, said the company has not been immune to the global rescission and it was now focusing on profitable fee-generated income.