Kuwait, August 4, 2009   On behalf of the Board of Directors, Gulf Bank named Michel Accad, a highly-experienced banker, as the new Chief Executive Officer and Chief General Manager of Gulf Bank, following the approval of the Central Bank of Kuwait yesterday.

Michel is a Lebanese national, who brings with him 30 years banking experience in the Middle East and Africa and joins Gulf Bank from Arab Bank in Jordan, where he was Assistant Chief Executive Officer.  During his tenure at the Arab Bank, he made significant contribution overall, and was responsible for all banking business globally, including Corporate Banking, Investment Banking, Retail Banking, Private Banking, Credit and Treasury.  In addition to his role as Assistant Chief Executive Officer, he served on several Boards of the Group, including Europe Arab Bank, Arab Tunisian Bank (as Chairman since 2008) and Arab Invest (the Investment Banking and Brokerage arm of the Group).

Prior to this, Michel joined Citigroup in 1979, where he held a number of senior positions.  His last position with Citigroup was as the Division Head for the Middle East and North Africa region, based in Cairo, Egypt.

He graduated with an MBA Honors from the University of Texas, Austin in 1978.

"We are delighted to welcome Michel to Gulf Bank. He comes with a wealth of experience in this region which makes him an excellent choice as our new Chief General Manager and Chief Executive Officer." said Mr. Ali Al-Rashaid Al-Bader, Chairman of Gulf Bank