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Sovereign Wealth Funds Briefing - Categorized | Financials

Kuwait’s Gulf Bank had $403mln provisions in ‘10

Posted on 14 February 2011

From Arabianbusiness.com: Kuwait’s Gulf Bank booked provisions worth KD113m ($403.3m) in 2010 to meet losses arising from its credit portfolio. Gulf Bank, in which sovereign wealth fund Kuwait Investment Authority (KIA) owns a 16 percent stake, said it doesn’t need to increase capital based on the current financial strategy the bank is following.
The bank had set aside KD111m in 2009 to meet investment and loan losses……………………………………….Full Article: Source

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