Kuwait-16 January 2013: Gulf Bank announced the signing of a white labeling agreement with Kuwait Finance and Investment Company (KFIC) for purchasing vehicle loans in the portfolio acquisition business,  that will grow Gulf Bank's asset book by KD 11.25 million within twelve months.

The signing ceremony took place on 19 December 2012, at Gulf Bank's Head Office, and was attended by Mr. Aly Shalaby, General Manager-Consumer Banking Group at Gulf Bank, Mr. Abdulmoghni Al-Abdulmoghni,Chief Executive Officer at KFIC and a number of senior management from both organizations.

Mr. Aly Shalaby, General Manager of Consumer Banking Group at Gulf Bank said: "We are very pleased to have completed the signing of this agreement with KFIC. This agreement displays Gulf Bank's leading market position in forming strategic partnerships that are designed to increase its client base as well as diversifying the Bank's revenue streams. This project and our partnership with KFIC is the outcome of mutual trust in the effectiveness and efficiency of both organizations."

Mr. Abdulmoghni Al-Abdulmoghni at KFIC said: "Gulf Bank is one of the strongest local banking institutions in Kuwait, and we are pleased to have signed this agreement with them. We, at KFIC, look forward to a mutually beneficial, long-term working relationship with the Bank in the future.'

Group photo of Gulf Bank's senior management

team and KFIC's senior management team

during the signing ceremony