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Gulf Bank says government ready to consider capital increase

The Minister of Finance, Mustafa Al Shamali, announced that in addition to the governmental procedures, and to secure the money of depositors in Gulf Bank, the Government is ready to contribute in increasing the Bank's capital in case of non-completion of the existing contributions from its shareholders.

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Al Shamali added, "This comes from the government to support the financial position of the Bank to maintain its credit ratings, by confirming its commitment to return the rights of shareholders as it was before the 23rd of October 2008".

Mr. Kutayba Y. Alghanim said,
"On behalf of the Board and Shareholders of Gulf Bank, we sincerely appreciate the recent announcement by the Minister of Finance that the Government is willing to become a shareholder in Gulf Bank by participating in the its re-capitalization".


The Chairman added, "This announcement by the Government continues to demonstrate the strong support Gulf Bank is receiving from the Central Bank of Kuwait and the State of Kuwait in response to the recent issues faced by the Bank".
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» Gulf Bank company profile
Related site: http://www.gulfbank.com.kw

Notes and media contacts

For further information, please contact:

Fawzy Al-Thunayan
General Manager - Board Affairs
Gulf Bank
Tel: (+965) 22445366
Fax : (+965) 22439216





Husam Odiabat Posted by Husam Odiabat
Sunday, November 02 - 2008 at 11:14 UAE local time (GMT+4)

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