Kuwait " 12 November, 2009: Gulf Bank has recently appointed Mr. Carlos Ribeiro as Chief Financial Officer at Gulf Bank, following the approval of the Central Bank of Kuwait.

Ribeiro joins Gulf Bank from General Motors in the UK where he was CEO and Regional Vice President of Europe for GMAC Financial Services and accountable for a business with assets totaling $22billion and a team of 1,200 employees spread across 18 countries.

Ribeiro expanded GMAC's footprint from 14 to 18 European countries, building successful businesses in Eastern Europe, including Russia, Poland, Czech Republic and Hungary. In addition, he assisted in building a new retail deposit bank in Germany, as well as the market strategy for the bank. He grew Russia's business from $0 to $340 million in assets, with a $10 million profit realized in its first full year, fiscal 2008.

Ribeiro also played a fundamental role in GMAC's financial Asia Pacific operations where he doubled the assets to $3 billion, devised credit systems to operate in China's unique consumer credit sector and successfully lobbied the Chinese government to receive the first license for a foreign finance company.

While with General Motors, Ribeiro held a number of roles at Banco General Motors (Brazil), including Managing Director where he modernized credit procedures, built world- class business practices and developed unique tax-efficient factoring transactions for $1.1 billion in dollar denominated receivables. He also developed a consortium program targeting retail customers in the wake of the Mexican crisis impacting the Brazilian economy.

Additionally, Ribeiro brings to the Bank his experience from Phillip Morris International where he held various roles in New York, Sao Paulo, Brazil and Buenos Aires, Argentina. He led all tax and treasury for Phillip Morris, helped acquire and integrate a $200 million company with multiple plants and helped raise capital for a refrigerated distribution network.

Mr. Ali Al-Rashaid Al-Bader, Chairman of Gulf Bank, stressed the importance of Ribeiro's presence at the Bank. "Carlos has significant international experience in renowned companies worldwide, which makes him an outstanding addition to our team as our new Chief Financial Officer," said Al-Bader.

In addition, Gulf Bank's Chief General Manager and CEO, Michel Accad, commented on Ribeiro's added value to the Bank. "Carlos will be a valuable asset to our organization and play an integral role in the Bank.  We are extremely grateful to have him onboard," said Accad.

Ribeiro graduated from the University of Ipiranga in Sao Paulo, Brazil with a Certified Public Accounting Degree. He completed an Advanced Management Program in Finance in 1991 from Wharton's School of Business (University of Pennsylvania) as well as an Advanced Management Program in Business from Darden's School of Business (University of Virginia) in 1994.