Gulf Bank of Kuwait

The Gulf Bank of Kuwait is one of the leading banks of Kuwait with a total capital of over 250 million Kuwaiti dinars ($850 million US Dollars), over 44 local branches, and over 1200 staff members.


History

The Gulf Bank of Kuwait was first incorporated on November 23, 1960 and began commencing 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 47 branches distributed around Kuwait, including the head-office (Mubarak Al Kabir branch) and has more than 1200 employees of various nationalities.
Gulf Bank is Kuwait’s second largest commercial bank. Established in 1960, Gulf Bank has since progressed to becoming an industry-leading financial services provider complemented by a large network of 44 branches strategically positioned in key locations in Kuwait. The main groups of the Bank are Retail, Corporate, Treasury and International Banking. The quality and commitment of the Gulf Bank team received international recognition in 2008, achieving awards from leading international financial magazine Global Finance for being Best Bank in Kuwait for the second year in a row and Best Foreign Exchange Bank, while also being recognized as Best Bank of the Year from well-known regional magazine Arabian Business and awarded Best Retail Bank in the Middle East for the 4th consecutive year from Banker Middle East. In 2007, Gulf Bank Best Internet Bank from Global Finance and Best Retail Bank in Kuwait from Asian Banker magazine. Gulf Bank routinely surpasses its competition by focusing on one simple strategy: delivering superior customer satisfaction. The Bank has established its leadership position in the Kuwait banking community through its innovative Transformation and Actualization Strategies that have been the driving force behind its remarkable success since 1999.
Gulf Bank has been internationally recognised as a leading Kuwaiti employer and holds the Localization Award from the GCC Council of Ministers for Social Affairs and Labour for the third consecutive year. The Bank became the first Kuwaiti company to be awarded a coveted Stevie International Business Award for the best HR team in 2006 thus leading to the Middle East Outstanding Contribution to HR award received in 2007. Gulf Bank is one of the highest rated banks in the region. It is one of only seven banks in the GCC assigned an ‘Aa3’ long-term foreign currency deposit rating from Moody’s Investors Service and enjoys strong ratings from Fitch Rating and Capital Intelligence (‘A+’) and Standard & Poor’s (‘A-’). Gulf Bank maintains a distinctive profile in Kuwait’s retail banking environment through its innovative Salary campaigns and Al Danah customer prize draws.
Gulf Bank’s branch concept design is strongly inspired by Kuwait’s seafaring heritage. Most of the existing branches have been refurbished and new branches built to reflect the traditional seafaring legacy as well as provide an attractive and efficient banking experience using sleek and contemporary architectural designs. The décor of the customer area and furnishings have been specially designed in the shape of a dhow and fitted with complementary accessories matching the intrinsic nautical theme. Gulf Bank’s commitment to continual innovation and offering the best retail banking environment for its customers has been recognized, in early 2008, by the region’s leading banking industry magazine Banker Middle East with the award for the ‘Best Branch Concept Design & Environment in the Middle East’. The 24/7 Self Service area in the new branches have been further improved by the provision of cash deposit machines that complement the existing services such as Internet banking, cash withdrawals and access to customer service agents 24/7 throughout the year. Customers entering the branch experience the warmth and spirit of true Kuwaiti heritage coupled with an efficient and high-quality banking service environment. This provides Gulf Bank with a unique competitive advantage for the benefit of its customers.


Bank Run

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.


Awards

'Bank of the year in Kuwait' (The Banker. Aug. 2002) 'The Best Retail Bank in the Region for 2005' (Banker Middle East. May 2005) .