Gulf Bank of Kuwait
Encyclopedia
Gulf Bank Kuwait is one of the largest commercial banks in Kuwait.
with a total of 50 employees and 1.8 million Kuwaiti dinar
s ($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.
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..
History
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 CityKuwait City
-Suburbs:Although the districts below are not usually recognized as suburbs, the following is a list of a few areas surrounding Kuwait city:Al-Salam ""السلام"" -Economy:...
with a total of 50 employees and 1.8 million Kuwaiti dinar
Kuwaiti dinar
The dinar is the currency of Kuwait. It is sub-divided into 1000 fils. It is the highest-valued currency unit in the world.-History:...
s ($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.
Bank Run
On October 27, 2008, Gulf Bank of Kuwait suffered a bank runBank run
A bank run occurs when a large number of bank customers withdraw their deposits because they believe the bank is, or might become, insolvent...
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..