Kuwait, 13 October 2011: Gulf Bank's senior management team recently held an off-site meeting, to begin the process of defining the Bank's strategy for the coming four years, through to 2015.

Michael Accad, Gulf Bank's Chief Executive Officer and Chief General Manager (CEO and CGM) provided an update on the progress of the Bank's two year, four point strategic plan, which was introduced in 2009.

Mr. Accad said: "Our plan since 2009 has focused on building trust and returning to profitability as quickly as possible.  Looking back over the period I believe we have made considerable progress towards these objectives.

The last two years have seen us put Gulf Bank in a strong position; we have strengthened our balance sheet significantly; made good progress to resolve our legacy issues; delivered satisfactory results by re-focusing on our core competencies in retail and corporate banking; and we have seen our customer service levels improved.

Our most recent results at 2011 half year showed a continuation of the progress we had seen in the previous year, with a further improvement in core operating profits before extraordinary items to KD 50 million.  This reflects the consistent efforts of the Bank's employees to deliver excellence in service and to focus on our core skills. More importantly, we have seen increases in the amount of money deposited by our customers, indicating that we are being successful in our efforts to rebuild trust with our customers and expand our customer base," continued Mr. Accad.

Gulf Bank's progress has been closely monitored and endorsed in the many prestigious awards the Bank has received.  Gulf Bank's rating with Fitch was upgraded to an A+ Long-term Issuer Default Rating (IDR), while the Bank's recent awards have included:  "Best Bank in the Retail Sector" from Arabian Business Magazine; Best Bank for Corporate Governance; Best Employee Development Program and "Best Retail Bank" award for superior customer service and innovation from The Banker Middle East  and the "Best Employer" award in the GCC at The GCC Human Resource Excellence Awards.

"The Bank has made substantial progress in rebuilding its position in the Kuwait market, but there is still much to do.  Our focus on the needs of our customers, developing our customer base and delivering returns to our shareholders must continue as we address new opportunities to grow and deliver excellence in corporate and retail banking services to the Kuwait market," concluded Mr. Accad.

Group photo of Gulf Bank's Senior Management team at the

off-site meeting