Thursday, 30 October 2008

Kuwait if you want...

Another gulf state in trouble:

Worried Gulf Bank depositors withdraw savings

Worried depositors withdrew savings from Kuwait’s Gulf Bank on Monday, one day after the institution’s shares were suspended because of significant losses it made through derivatives.

“Some people are withdrawing their money but it’s understandable, especially small customers who are afraid. To be honest we expected that to happen,” Fawzy al-Thunayan, a senior official at Gulf Bank, told the Financial Times. “We are prepared in full for whatever happens and the central bank is supporting us in full.”

He declined to say how much money had been withdrawn, but said it was half of the previous day, when people queued outside the bank’s branches.

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