Kuwait, 18 May, 2009 - Gulf Bank today announced that it has completed its migration to EMV[1] chip-enabled Debit MasterCard cards. This migration is ahead of the Central Bank of Kuwait's deadline for all payment cards to be EMV chip-enabled by the beginning of June 2009.

Mark Davies, Head of Consumer Credit, Gulf Bank, said; "We are committed to providing our customers innovative payment solutions such as chip cards that are globally recognized and accepted. EMV chip cards provide advanced levels of card and data security, in addition to the ability to store more information than a magnetic stripe card. Our migration to EMV chip-enabled Debit MasterCard cards will now enable our customers to conveniently and securely make purchases locally and overseas."

Chip-enabled cards, including credit, debit or prepaid cards, feature the traditional magnetic stripe on the back of the card, in addition to having a chip embedded in it. The card holds information in an encrypted form, significantly enhancing security by making it more tamper-resistant and difficult to access. Using advanced cryptography, the card can authenticate itself as genuine at point of sale (POS) terminals. Chip-enabled payment cards will mean improved levels of security, point of sale loyalty rewards and the opportunity for additional point of sale enhancements.

"Chip cards provide a platform for banks to develop highly differentiated products and value-added services for their cardholders," said Sumit Mittal, vice president, Account Management, MasterCard Worldwide. "With an EMV Debit MasterCard card, Gulf Bank cardholders can enjoy better access to their bank accounts and will be able to make payment transactions conveniently and securely at 28.8 million acceptance locations worldwide. We congratulate Gulf Bank for achieving this significant milestone in EMV chip migration in the Middle East."

Gulf Bank was established in 1960 and has since progressed to becoming an industry-leading financial services provider complemented by a large network of 47 branches strategically positioned in key locations throughout Kuwait.  The main groups of the Bank are Retail, Corporate and International Banking.

The quality and commitment of the Gulf Bank team has received international recognition winning a number of awards from leading international financial magazines including 'Best Retail Bank" from the Banker Middle East for four consecutive years.

Gulf Bank has also been internationally recognized as a leading Kuwaiti employer and holds the Localization Award from the GCC Council of Ministers for Social Affairs and Labour for four consecutive years.

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[1] EMV an industry specification, which was established in 1994, is an acronym for Europay, MasterCard and Visa. EMV is a global payments standard that enables the global compatibility of chip cards and POS terminals. Cards that meet EMV requirements are tamper resistant as they have built-in processors that protect information stored on the chip to make transactions more secure.

© Press Release 2009