Gulf Bank and IFC sign agreement to expand the bank’s consumer offerings

Press release

Published May 25th, 2011 - 12:47 GMT

During the signing

Gulf Bank announced that it signed an agreement with the International Finance Company (IFC), to purchase a tranche of IFC’s consumer vehicle portfolio providing the Bank’s consumer segment with further investment opportunities.

Aly Shalaby, General Manager, Consumer Banking Group, at Gulf Bank said: “Our agreement with IFC marks a significant milestone for Gulf Bank and expands Gulf Bank’s footprint further into the motor vehicle sector in Kuwait.”

Attending the meeting on behalf of Gulf Bank were: Fawzy Al Thunayan, General Manager – Board Affairs, Aly Shalaby, General Manager – Consumer Banking Group, Mark Davies, Deputy General Manager – Consumer Banking Group, Subhi Faraj, Deputy General Manager – Consumer Banking Group, Futouh Al Ali, Executive Manager – Consumer Banking Group, Carlos Ribeiro, Chief Financial Officer and General Manager-Financial Support and Manoj Soni, Deputy General Manager – Finance. The IFC representatives were: Khalifa Al Roumi, Vice Chairman, Nedhal Al Masoud, CEO, and Mohammed Fareed, Finance Manager.

Gulf Bank continues to offer its clients the most innovative banking solutions and products available in Kuwait, tailored to match their individual requirements. The Bank has established itself as a leading provider of banking and financial services to this discerning client base.

Background Information

Gulf Bank

Gulf Bank is one of the leading conventional banks in Kuwait with total assets of KD 6 billion for year ended 31 December 2018. The Bank provides a broad offering of consumer banking, wholesale banking, treasury, and financial services through its large network of 58 branches and more than 200 ATMs in Kuwait.

Company Profile

International Finance Company

IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused exclusively on the private sector in developing countries. The Bank Group has set two goals for the world to achieve by 2030: end extreme poverty and promote shared prosperity in every country.