Kuwait, September 3rd, 2006: Gulf Bank announced today that Dr.Yousef Al-Awadi is to step down from his role as the Bank's Chief Executive Officer & Chief General Manager.

Gulf Bank's Chairman & Managing Director, Mr. Bassam Y. Alghanim, said, "Dr.Yousef has expressed his desire to pursue part-time advisory engagements, mainly in the investment field between London and Kuwait. I fully understand his ambitions in this respect and agreed to his request to leave his full-time position at the Bank."

However, because of Dr. Yousef's long experience in banking and investments, I have asked him to be my Senior Consultant to the Chairman and Managing Director, and he has agreed to take on this role.

We all thank Dr. Yousef for his contributions to the success of the Bank over the last two years and wish him every success in his future endeavours. Sana Juma, current GM, Corporate Banking has been appointed as Acting Chief General Manager.