Kuwait's Gulf Bank says CEO Accad resigns

Personal reasons cited for resignation which will be effective from January 2 2014

Michel Accad, the chief executive of Kuwait's Gulf Bank, has resigned from his post for personal reasons, the lender said in a bourse statement on Sunday.

Accad's resignation will be effective on January 2, 2014 and a replacement will be appointed soon, the statement said.

Accad joined Gulf Bank in 2009 and was instrumental in steering the lender out of its worst financial difficulties. Gulf Bank was rescued by the Kuwaiti central bank in 2008, after about KD260m ($921.6m) of derivatives losses. Its troubles prompted the government to guarantee all deposits in local banks to restore confidence.

The bank, the country's fourth-largest lender, had reported a 17 percent rise in second-quarter net profit to KD6.3m ($22.1m).

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Posted by: mohamad

well the chairman has had effect again with several departures at senior level since he took over inc Genera managers etc
manage change or change the manager maybe the chairmam should go too there are seperate companies to comply to kuwaitisation not conformance to labor law in the bank and alghanim industries all state its Omars way or the highway
he knows it wont change cause he wont let it

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