250 Million Shares Offered Through Gulf Bank Branches
Kuwait, 26 March, 2008: Gulf Bank has successfully supported Kuwait's Noor Financial Investment Company to increase its capital by 50% to KD 75 Million by allowing investors the opportunity to apply for and buy shares through Gulf Bank's branches.
Gulf Bank's Acting General Manager for Investments, Mr. Khaled Al-Mutawa said," We are delighted to have been able to use our network of branches to help Noor Financial Investment Company achieve its objectives of increasing their capital through this new share offering. As a Kuwaiti bank we are committed to helping local companies and organizations to grow and succeed and are very pleased that Noor has displayed confidence in our expertise and network across Kuwait to help them in this important initiative". In addition, Gulf Bank offers a complex range of custody services to maximize efficiency while measuring and managing risk. Mr. Al-Mutawa added, "We work closely with our customers to ensure that our services suit their aims and operations. Our technology infrastructure is being continuously enhanced to interface easily with our customers' requirements. We continually develop and enhance our banking platforms to meet today's global processing requirements".
"The 50% increase in capital will make a significant difference to Noor in their business growth strategy and Gulf Bank is proud to have taken part in this important step in their development", said Mr. Khaled Al-Mutawa.
Gulf Bank is fully committed to offering its professional expertise to support investment in Kuwaiti companies and Noor's capital increase is the latest demonstration of this commitment from Gulf Bank.
Noor Financial Investment Company's Managing Director, Mr.Naser Al-Marri said," We chose Gulf Bank as our preferred partner for this capital increase because of the superb quality of professionalism and expertise complemented by the strategic positioning of their branch network that enabled us to reach prospective investors across all of Kuwait in a simple and straightforward process. The wide network of Gulf Bank's branches ensured that through one partner we could cover all the major residential and business areas of Kuwait - giving prospective investors the best opportunity to apply for shares".
"We have been very pleased with the success of this partnership and the way that Gulf Bank has understood our requirements and done everything we needed to succeed in our goal of increasing our company capital by 50%".
-Ends-
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 43 branches strategically positioned in key locations in Kuwait for the banking convenience of customers.
Gulf Bank routinely surpasses its competition by focusing on one simple strategy: delivering superior customer satisfaction. The Bank has consistently delivered strong financial results in a highly competitive market environment reflecting its focused and effective business strategies.
Gulf 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.
About Noor Financial Investment Company
Noor Financial Investment Company is a Kuwaiti investment company engaged in investment and financial activities primarily in Kuwait, the Middle East, Asia and other emerging markets. The company was established as the financial arm of the National Industries Group.
The total equity and asset size of Noor was KD 185.58 million (US$ 678.78 million) and KD 336.13 million (US$ 1,223.44 million), respectively as of December 31, 2007. The company is following a diversified investment strategy with major investments in private equity and direct investments in capital markets. Noor provides a broad range of financial services, which includes advisory services, underwriting, and syndications. The company actively invests in local capital markets and also diversifies its investments through international capital markets.
For more information visit Gulf Bank's website: www.e-gulfbank.com or contact:
Emiranda Winter
External Communications Manager
Gulf Bank
Tel: (+965) 244 9501
Mobile: (+965) 929 2738
Email: ewinter@gulfbank.com.kw
Dina Sabry
Media Relations Manager
Hill & Knowlton
Tel: (+965) 232 2976
Mobile: (+965) 944 5975
Email:dsabry@hillandknowlton.com.bh
For more information visit Noor Financial Investment Company's website: www.noorinvestment.com or contact:
Shaikhah Al-Awadhi
Marketing and Client Relations
Tel: (+965) 232 3329
Mobile: (+965) 722 4421
Email: shaikhah@noorinvestment.com
© Press Release 2008
