Gulf International Bank wins 'Best Investment Bank' award

The magazine organized the award scheme in January 2004 in an effort to recognize and award excellence in banking within the GCC. The process involved short-listing leading banks in various categories, and then allowing readers to select the best banks by voting on the Internet.

The GCC Banking Awards 2004 were held under the patronage of HH Sheikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance and Industry. HE Dr. Mohammed Khalfan Bin Kharbash, UAE Minister of State for Finance and Industry, delivered the awards to the winning banks in a special ceremony in Dubai yesterday.

"We are very pleased to receive such an award, which recognizes our leadership in investment banking in the Gulf. The implementation of our new merchant banking strategy, which started in 2002, has strengthened GIB's financial position and increased penetration in the GCC markets," commented Dr. Khaled M. Al-Fayez, GIB's Chief Executive Officer.

"The award also demonstrates GIB's continued commitment to GCC economic development and its key role in supporting government, private and public institutions in the region," said Dr. Al-Fayez.

GIB has won several other prestigious awards over the past five years, including "Best Bank in the Middle East" from Euromoney in 2001 and "Bank of the Year for Bahrain" from The Banker in 2000.

Gulf International Bank is a leading merchant bank in the Middle East with its principal focus on the Gulf Cooperation Council (GCC) states. The six GCC governments, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, own 72.5 per cent of the bank, while the Saudi Arabian Monetary Agency (SAMA) and J. P. Morgan Overseas Capital Corporation own 22.2 per cent and 5.3 per cent respectively. In addition to its main subsidiary Gulf International Bank (UK) Ltd., the Bank has branches in London, New York and Riyadh, as well as representative offices in Beirut and Abu Dhabi.