Bank chief quits as Kuwait crisis deepens
07/11/2008
Bassam Al Ghanim has been replaced by his sibling Kutayba Al Ghanim as chairman of Gulf Bank after depositors started to withdraw deposits from the stricken bank.
It was the first known run on a bank in the region during the crisis and came despite the Kuwaiti central bank’s pledge to support the bank and guarantee all bank deposits in the country.
It has been reported that the Kuwait-based Gulf Bank was being placed under investigation due to possible financial losses which last month prompted the bank to stop trading its shares.
