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Gulf Bank Posts $1.2b Loss in 2008
DUBAI - Kuwait’s Gulf Bank KSC had a net loss of 359.5 million dinars ($1.2 billion) in 2008, mainly due to exceptional losses in derivative transactions, it said in an e-mailed statement on Saturday.
Last year “proved to be a difficult and disappointing year for Gulf Bank due to the exceptional losses incurred in its derivatives operation,” bank Chairman Kutayba Alghanim said in the statement.
“The bank is examining its entitlement to recover these losses from those responsible.”
Kuwait Central Bank Governor Shaikh Salem Abdul Aziz Al Sabah said on October 26 that Gulf Bank suffered losses from currency derivatives trading after a decline in the value of the euro versus the dollar.
The threat of default prompted the governor to offer protection to Gulf Bank’s depositors. Policy makers have also guaranteed deposits in commercial banks, increased banks’ loan-to-deposit ratios and cut the benchmark interest rate.
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