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The loss occurred as result of the significant decline in the exchange rate of the Euro against the USD.
The customers in question had been unwilling or unable to fulfill their obligations to cover their losses.
Gulf Bank will incur, at present, this loss, until determination on the issue between the Bank and its customers.
CEO Louis Myers commented:
"The loss to be incurred by the Bank as a result of the above-mentioned dealings will have no major effects on the soundness of the Bank's financial position, and will not affect its ability to continue business. These losses do not raise concerns at all. We are working closely with the authorities with regard to this situation, and continue to support our customers during this time. We appreciate the decisive leadership and support of the Central Bank of Kuwait on this issue"
In its statement the Central Bank stated "CBK hereby stresses that it will strongly support the bank's financial position, in a manner that fully protects the depositors' rights, thus fully assuring the publics dealing with the bank, inside the country and abroad, that the bank's activity and ability to continue its normal banking business will not be affected".
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Posted by Ehab Al-Abbadi
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