Omar Alghanim elected Chairman of Gulf Bank

Mr Alghanim's appointment, which will be for a two-year term, follows an earlier announcement from the Bank that Mahmoud Al Nouri had stepped down as Chairman on health grounds.

Mr Alghanim thanked the Board for their support for his appointment, saying: "During the past few years, Gulf Bank has made strong progress towards our goal of becoming Kuwait's most admired financial institution. The Gulf Bank team has worked with great purpose to reposition the Bank, and our 2012 results in particular have shown how far we have come. Our investment in talent, new technology and, most of all, our shared commitment to outstanding customer service have helped us build our leadership position as Kuwait's best bank and become an important force in the community.

"As we drive forwards, I want to see Gulf Bank become the preeminent bank in the region. To do so we must maintain unwavering focus on our customers, our employees and new technology, and use this platform to continually build our reputation for great products, business prudence and service excellence.

Paying tribute to his predecessor, Mr Alghanim said: "Mr Al Nouri has provided wise counsel during the past year as Chairman and for the three years prior to that as a Gulf Bank board member and Deputy Chairman. We thank him for his service and we wish him good health in the future. "

The appointment of Mr Alghanim reinforces the Bank's determination to build on its success as one of Kuwait's most significant financial institutions.