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Sovereign Wealth Funds Briefing - Categorized | Performance

Kuwait’s Gulf Bank swings to Q4, yearly profit

Posted on 03 February 2011

From Reuters: Kuwait’s Gulf Bank, which was rescued by the Kuwaiti central bank two years ago during the financial crisis, swung to fourth quarter and full year profit. In 2008, Gulf Bank was rescued by the central bank after derivatives losses and the sovereign wealth fund, Kuwait Investment Authority, owns a 16-percent stake. Its troubles prompted the government to guarantee all deposits in local banks to restore confidence.
Gulf Bank had net profit of 8.66 million dinars in the fourth quarter, according to Reuters calculations, reversing a net loss of 21.05 million dinars in the prior-year period……………………………………….Full Article: Source


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