Gulf Bank of Kuwait
|This article relies on references to primary sources. (October 2010)|
Gulf Bank Kuwait is one of the largest commercial banks in Kuwait.
Gulf Bank Kuwait was first incorporated on November 23, 1960 and commenced business on October 5, 1961. The Bank opened in a rented flat on Fahad Al-Salem Street in Kuwait City with a total of 50 employees and 1.8 million Kuwaiti dinars ($6 million US Dollars). The Bank's Headquarters relocated to Abdulla Al Salem Street in 1964 and then to Mubarak Al Kabir Street in 1974, which is its current location. It has 51 branches distributed around Kuwait, including the Head-Office (Mubarak Al Kabir branch) and has approximately 1500 employees of various nationalities, with more than 60% Nationals in the Head-Office and over 90% in the branches.
The main groups of the Bank are Consumer, Corporate, Treasury and International Banking.
On October 27, 2008, Gulf Bank of Kuwait suffered a bank run as losses mounted from clients defaulting on bad debt related to currency derivatives. Kuwait’s central bank will guarantee deposits at Gulf Bank, but losses on the debt may exceed 375 million dinars.