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Gulf Bank's board quits

  • Kuwait: Tuesday, November 18 - 2008 at 08:35

Kuwait's Gulf Bank, the country's second-biggest lender by assets, said its losses in derivatives trading amounted to $1.4bn and that its board of directors resigned, reported Bloomberg. The board also recommended doubling the bank's capital by issuing 1.25 billion shares, at a nominal value of 100 fils and a premium of 200 fils, to raise an amount equal to the losses. The board's resignation is to take effect once the capital has been increased.

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