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Gulf Bank Shareholders Cover Capital Increase - ASHARQ AL-AWSAT English Archive
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KUWAIT CITY (AP) — A senior Gulf Bank official says shareholders of the troubled Kuwaiti bank have covered 68 percent of the public subscription to double its capital. The rest will be bought by the state.

Fawzy al-Thunayan, the bank’s general manager for board affairs, says the results announced Monday were a “vote of confidence” in the financial institution.

The bank, Kuwait’s largest lender by assets, lost 375 million dinars ($1.3 billion) last year as a result of trading in derivatives and other financial instruments, sparking fears about broader bank failures in the country stemming form the global financial crisis.

The Central Bank has halted trading in the bank’s shares since October. The government has pledged its sovereign wealth fund, the Kuwait Investment Authority, will buy up the unpurchased shares.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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