The international rating agency Fitch Ratings has upgraded Gulf Bank’s Issuer Default Rating (IDR) from ‘A-’ to ‘A’ with a stable outlook.
The rating action follows a review of potential government and shareholder support available to Gulf Bank, based on the importance of the Bank’s role in the domestic Kuwait economy.
Gulf Bank’s Chairman & Managing Director, Mr. Bassam Y. Alghanim, commented, “The Fitch upgrade reflects both the buoyancy of the Kuwait economy and is a strong endorsement of Gulf Bank’s disciplined strategy for growth across all its groups: retail, corporate, international and investment banking.
“The rating also affirms Gulf Bank’s status as a leading player in Kuwait’s banking and financial services sector.
Gulf Bank, Kuwait’s second largest commercial bank, is one of the highest rated banks in the region with an ‘A’ rating from Capital Intelligence, an ‘Aa3’ rating from Moody’s Investors Service and an ‘A-’ rating from Standard & Poor’s.
About Gulf Bank
Gulf Bank is Kuwait’s second largest and fastest growing commercial bank. Established in 1960, Gulf Bank has since progressed to becoming an industry-leading financial services provider complemented by a large network of 36 branches strategically positioned in key locations in Kuwait for the banking convenience of customers.
Gulf Bank – awarded ‘Best Retail Bank in the Middle East’ in 2005 and 2006 by Banker Middle East – routinely surpasses its competition by focusing on one simple strategy: delivering superior customer satisfaction. It offers state-of-the art technology based on international best practices and a wide range of innovative and dynamic banking programs under the leadership of a professional and innovative management team.
Gulf Bank has consistently delivered strong financial results in a highly competitive market environment reflecting its well focused and effective business strategies.
The Bank continues to grow and evolve its leadership position within the Kuwait banking community as a result of its innovative Transformation and Actualization Strategies that have been the driving force behind its management, operations and remarkable success since 1999.
The main businesses of the bank are Retail Banking, Corporate Banking, Treasury, International Banking and Investment Management.
