Gulf Bank signs agreement with Kuwait Finance and Investment for purchasing vehicle loans
- Kuwait: Tuesday, January 15 - 2013 at 12:23
- PRESS RELEASE
Gulf Bank announced the signing of a white labeling agreement with Kuwait Finance and Investment Company (KFIC) for purchasing vehicle loans in the portfolio acquisition business, that will grow Gulf Bank's asset book by KD11.25m within twelve months.
Mr. Aly Shalaby, General Manager of Consumer Banking Group at Gulf Bank, said, "We are very pleased to have completed the signing of this agreement with KFIC. This agreement displays Gulf Bank's leading market position in forming strategic partnerships that are designed to increase its client base as well as diversifying the Bank's revenue streams. This project and our partnership with KFIC is the outcome of mutual trust in the effectiveness and efficiency of both organizations."
Mr. Abdulmoghni Al-Abdulmoghni at KFIC, said, "Gulf Bank is one of the strongest local banking institutions in Kuwait, and we are pleased to have signed this agreement with them. We, at KFIC, look forward to a mutually beneficial, long-term working relationship with the Bank in the future."
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