Kuwait – 24 November 2015: Gulf Bank announced today that it has achieved the Elite J.P. Morgan Quality Recognition Award for 2015, acknowledging its operational excellence in MT103 commercial payments for 2015.

Mr. Sherif Abdelsalam, Executive Director, Head of GCC F.I. Coverage and Mrs. Sahar Adelzadeh, Client Service Account Manager presented the award on behalf of J.P. Morgan to the Gulf Bank team, Mr. Khaled Al-Mutawa, General Manager, International Banking and Investments; and Ms. Mona Mansour, General Manager, Customer Service Delivery on 18 November 2015.

Commenting on the bank’s achievement, Mr. Al-Mutawa said: “We are proud to be acknowledged by such a renowned financial institution as J.P. Morgan. This award confirms Gulf Bank has the best-in-class straight-through processing (STP) rates and it is evidence of the hard work and dedication of our operations team in achieving the best in processing and solutions to meet customers’ financial needs. This award reinforces our reputation as a market leader in operations, service, and quality and our excellent consistent performance for 5 years in a row.”

Gulf Bank achieved an STP rate of 99.56% for the MT103 category of payments, exceeding J.P. Morgan’s stringent STP performance standards therefore qualifying for the Elite Quality Recognition Award.

J.P. Morgan Chase & Co. is an American multinational banking and financial services holding company headquartered in New York City. It is the largest bank in the United States, and the world's third largest bank by total assets, with total assets of USD2.6 trillion. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity.