Kuwait, 22 January 2007: Gulf Bank is to offer co-branded American Express Cards in Kuwait under a new partnership agreement with American Express. The partnership is an important part of the strategy to expand the American Express Card franchise network in the Middle East.

Senior executives of Gulf Bank and American Express Middle East thanked H.E. Sheikh Salem Abdulaziz Al Sabah, Governor of the Central Bank of Kuwait, whose wise direction enabled the partnership between the two parties.

The agreement enables Gulf Bank to market and distribute American Express Cards through the Bank's 37-branch network across Kuwait. It will also provide cash dispensing services to all American Express Card members as Gulf Bank has the largest share of off-site ATM's in Kuwait. As part of the agreement, American Express will issue US dollar denominated cards from Bahrain and manage credit operations and customer service.

The Cards that will be distributed by Gulf Bank will be designed to meet the evolving lifestyle needs of consumers at home and abroad and contain several core benefits, including financial empowerment, world-class service, outstanding value and travel assistance.

"Our partnership with Gulf Bank is a significant milestone in growing our presence in the Middle East through strategic alliances," said Mr. Trevor Stokes, President & CEO of American Express Middle East. "Bank partnership is integral to our global strategy to boost our local presence. This agreement combines our international expertise with Gulf Bank's well established reputation to raise the level and quality of payment options in Kuwait, one of the Gulf's most promising markets.'

Mrs. Sana Juma, Acting CEO & CGM of Gulf Bank said, "Gulf Bank has a strong reputation for improving the customer's banking experience in Kuwait. We are delighted to partner with a world leader such as American Express in expanding our product portfolio to our valued customers and extending Gulf Bank's services to existing American Express Card members in Kuwait."

Commenting on the payments industry in Kuwait, Mr. Mohammed H. Abdul Karim, American Express Country Manager-Kuwait said, "As some of the region's largest spenders, Kuwaiti consumers are increasingly demanding innovative payment solutions. This new partnership with Gulf Bank means our pioneering products will be available to more consumers who can benefit from the convenience of our Cards."

Mr. Nazem Al Qenae, General Manager Retail Banking at Gulf Bank said, "For our fast growing base of high net worth individuals in Kuwait, the benefits offered by the American Express Cards are well suited to the exacting demands of our clients. We are very pleased to announce this partnership and look forward to extending American Express products and services to our preferred clients."