Innovative Bank Wins Double Honours
London, UK -- (SBWIRE) -- 05/27/2015 -- International Banker held its annual awards acknowledging top Middle Eastern and African banking institutions and individuals. Gulf Bank received awards in two categories: Best Commercial Bank and Best Innovation in Retail Banking Kuwait 2015.
International Banker offers a global view of banking and finance. Each year through the Banking Awards, it recognises the leading banking institutions (and individuals), which have set the bar for industry excellence. Honored with dual awards to acknowledge and celebrate its innovation and leadership in the areas of both commercial and retail banking, Gulf Bank has achieved a prominent position on the 2015 International Banker Middle Eastern and African Banking Awards list.
The first award, for Best Commercial Bank, has been awarded to Gulf Bank based on its premier standing within the commercial-banking sector, offering corporate- and institutional-banking services that include treasury, corporate advisory, foreign exchange and other cash-management solutions. Incorporated in 1960, Gulf Bank has grown to be one of the leading banking institutions in Kuwait. The bank is recognised for its high-calibre services and products that are delivered through its network of 59 branches across Kuwait. With a focus on systematic and consistent growth, the bank has been extending its channel network and scope of services. As part of the bank's ongoing commitment to supporting local economic development, Gulf Bank is participating in the National Fund's SME Debt Program—a program launched by the Kuwait National Fund for SMEs Development (National Fund) to provide support to small-and-medium-sized enterprises (SMEs). Gulf Bank's involvement reflects its strategy of promoting Kuwait's business community. It also reaffirms the bank's dedication to encouraging new ideas and developing a new generation of entrepreneurs.
The second International Banker award for Gulf Bank is Best Innovation in Retail Banking Kuwait 2015. In addition to its commercial division, Gulf Bank covers a wide range of retail-banking services focused on providing customers with solutions to meet specific needs, implementing a strategy based on offering first-class service combined with flexible bank products, sophisticated online services and a wide, convenient network across Kuwait. The bank reported growth of its asset portfolio at a rate that is significantly faster than the overall market, increasing by 23 percent through 2014, while the market grew by 6 percent. Gulf Bank is committed to keeping pace by providing innovative technological solutions to serve the needs of its clients. In particular, Gulf Bank will invest significantly in four key areas over the next three years: digital channels for retail and corporate customers, middleware integration, workflow, and data architecture and analytics. The bank's strategy is to combine the use of these new technologies to provide customers with innovative products and services that meet their needs. Gulf Bank has a clear vision to create a "Digital Bank" through this extensive phase of investment that will result in end-to-end automation of its core customer-facing processes. The goal of this will be to significantly improve customer experience, reduce people costs in the back office, remove ineffective manual controls and strengthen the bank's brand. The bank has a strong and skilled labour force that it takes care to train and manage so that it is equipped to serve customer needs most effectively. This includes placing a priority on developing its IT infrastructure and the skill of its workforce.
Gulf Bank invests resources in corporate-social-responsibility endeavours and has worked towards helping Kuwaiti citizens, providing numerous staff volunteers to work with local initiatives. The bank is particularly active in projects that promote community development, especially youth programs.
More information about Gulf Bank can be found here -
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