Kuwait, 14 March, 2007: Gulf Bank announced today that Mr. Louis J. Myers has been appointed Chief General Manager of the Bank.

Mr. Myers has more than 33 years experience in banking in the Middle East and the United States.

"We are delighted to welcome Lou Myers to Gulf Bank," said Mr. Bassam Yusuf Alghanim, Chairman and Managing Director of Gulf Bank. "Mr. Myers' record speaks for itself. At Saudi Arabia's largest bank, he led a consumer-driven growth strategy that delivered substantial increases in earnings and profitability. His depth of experience in retail banking in this region makes him an excellent choice as our new Chief General Manager."

He joins Gulf Bank from The National Commercial Bank in Saudi Arabia where, as Sector Head for Individual Banking, he was responsible for nearly 3,500 staff and more than USD 1.1 billion in revenues. Mr. Myers began his career with the First Seneca Bank in Pennsylvania in the United States and rose to the positions of Chairman and CEO of the Northeastern Bank of Pennsylvania and Senior Vice President and Manager, Community Banking, with the PNC Financial Services Group. He is a graduate of the Stonier Graduate School of Banking at Rutgers University and holds a Bachelor of Science in Business Administration from the Clarion University of Pennsylvania.

Mr. Myers will take over from Mrs. Sana Juma who has been the Acting Chief General Manager for Gulf Bank. "I would like to take this opportunity to thank Sana Juma for stepping into this role and contributing so much to Gulf Bank's success in recent months," Mr. Alghanim said. "She has truly deserved the recent accolade of being named Best Executive in Europe, Middle East & Africa in the prestigious Stevie Awards for Women in Business. Sana Juma will continue to be an important member of the Bank's senior executive team.

"With seven consecutive years of record profits, Gulf Bank is among the fastest growing and most dynamic banks in the region. With Lou Myers on board as our new Chief General Manager, I am confident that we can build on our platform of growth and deliver even more for our customers and shareholders," Mr. Alghanim concluded.