The Banker magazine has named Gulf International Bank (GIB) “Bank of the Year 2005 in Bahrain” after conducting its annual survey of the best banks around the world.
“The Banker’s annual country awards reflect the best overall performance by institutions in countries across the globe. The awards, decided on by our global editorial team, assess not only the latest results and performance data provided by the banks but also take into account the use of technology, the degree of innovation and the major strategic developments that impact on the bank’s long-term prospects and market positioning,” according to the magazine.
Dr. Khaled M. Al-Fayez, GIB’s Chief Executive Officer, commented:
“We are delighted with this acknowledgment of GIB’s expertise and professionalism. The implementation of our new merchant banking strategy, which started in 2002, has strengthened GIB’s financial position, increased its profitability and widened its client base. The Bank’s performance has been excellent, and we are keen to continue providing our clients with superb financial products and services.”
Last May, GIB was also named the “Best Bank in Bahrain” by New-York based Global Finance magazine, which conducted a survey of the best emerging market banks.
GIB has won several other prestigious awards over the past five years, including “Best Investment Bank” from Banker Middle East magazine in 2004, “Best Bank in the Middle East” from Euromoney in 2001 and “Bank of the Year for Bahrain” from The Banker in 2000.
Gulf International Bank is a leading merchant bank in the Middle East with its principal focus on the Gulf Cooperation Council (GCC) states. It is the largest regional bank in the GCC, with more than $20 billion of its won assets and in excess of $15 billion of clients’ assets under management. With a proven track record spanning more than 28 years, GIB provides client-led, innovative financial products and services to a wide customer base in the region, including investment banking, asset management, project and structured finance and Islamic banking.
The six GCC governments, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, own 72.5 per cent of the bank, while the Saudi Arabian Monetary Agency owns 27.5 per cent. In addition to the Bank’s main subsidiary, Gulf International Bank (UK) Ltd., it has branches in London, New York, Riyadh and Jeddah, in addition to representative offices in Beirut and Abu Dhabi.
