Comments on: Gulf Bank customers don’t panic

By: sigmaaa

sigmaaa — Mon, 27 Oct 2008 05:03:07 +0000

It was a pretty cheap move by NBK’s Mr.Dabdoub to blindly announce the loss figures for Gulf Bank even before the Central Bank and Gulf Bank themselves did so..HOW THE HELL would they know this even before Gulf Bank calculated the figures????One would have thought that the other local banks would try to be supportive of each other..This could have happened to any bank in the Middle East..

But I have to say..very opportunistic of NBK to dive in for the “rescue of the GBK customers” in panic..

By: Frankom

Frankom — Mon, 27 Oct 2008 04:28:47 +0000

LBA14 : Keep your money this is your issue now, do you think im making fun of it ? rumors ! duh ! i received and i believed you received also tons of smss last night but do we really believe on what they said ? this is media.
Tell me if CBK will pay that amount now, then GBK have to pay it latter right ? IF AND ONLY IF the customers who made this issue with Gulfbank would pay it !! عشم أبليس بالجنة

بالعربي الفصيح
نقلا عن كلام الثنيان .. البنك راح يتحمل (الخسارة) حاليا .. خسارة خسارة خسارة
الا حين البت في الموضوع
يعني قضية وتحقيق
بالبنك راح يصير مطلوب من الصوبين من البنك اللي اصلا يطالبه ومن البنك المركزي ومن العملاء

ولعملك هناك مستندات ووثائق مخفية او تم اختفائها

By: Nawaf

Nawaf — Mon, 27 Oct 2008 00:09:41 +0000

It’s funny how many people requested Mark to close this post, honestly for those who requested such a thing go behind your own doors and listen to what you want to listen, just remember that one of the most important facts about the internet is to read in between the lines….

Seems to me that most ignore the fact, that Kuwait is a small country am sure the rumor was spread by the person having made up all that loss to get even with the bank….had they been professional enough to listen it would not have even gone that far….. one thing that spreads like wild fire here in Kuwait are rumours, believe it or not it was the first message I got this morning…..

Sure I feel sorry for the real estate company, and I honestly hope that the people responsible at Gulf Bank will be held liable for such negligence, it’s not the first time they have made mistakes everyone makes mistakes, the sad truth is, Kuwait law protects the banks in every possible way, so sure let them screw up at the expense of others…. about time someone passed on this message even though it was a false rumor am sure the panic must have costed them more then they were willing to risk in the first place…..we at kuwait are good at pointing fingers… but we do not assume any responsability, take the stock exchange as an example, everytime some one there cries out am broke, the government intervenes, talk about baby sitting….

Guess the war after all has not taught us much.. apart from being in denial all the time…..

By: gargoyle

gargoyle — Sun, 26 Oct 2008 23:40:43 +0000

trouble is, it tends to come out pretty much overnight.
those who think it would be safer to withdraw then do it, and if everyone wants to withdraw 2moro they should be able to as it is their money.

never trusted banks, my salary comes out, withdraw save it in my draw.

By: shaikhoon

shaikhoon — Sun, 26 Oct 2008 21:07:19 +0000

all I can say is allah ekoon eb3onhum…poor thing (elmowathafeen)

By: RaZ

RaZ — Sun, 26 Oct 2008 20:47:21 +0000

Yes CBK will guarantee each persons deposit, but the hysteria which is forcing everyone to withdraw their money will kill the bank. Banks in general can not liquidate 100% of the deposited money, so if everyone withdraws their money then the GB will be in trouble with or without the CBK. So everyone just needs to chill ………..

By: Explorer

Explorer — Sun, 26 Oct 2008 20:36:14 +0000

there are too many banks in Kuwait anyway… there should be 3 or 4 max

By: the smoking gnu

the smoking gnu — Sun, 26 Oct 2008 20:33:52 +0000

an update – Central Bank just opened their vaults for Gulf Bank earlier tonight, and told them to take as much cash as they need. People will be able to withdraw as much paper money as they want tomorrow morning – glad someone stayed up late to get this done :)

@croco -

if the market was dropping ridiculously fast that could happen, but that’s really an extreme case and you’d have to be really unlucky. And 5 bps is way too much even then, if one of the big banks is doing the trading for you. Anyway, there is still a ceiling on how much losses they could have made. So instead of 100mil, 105mil? Anyway there is no way to hide a loss like that, we will all find out exactly how much pretty soon. NBK’s CEO is the one who came up with the KD 200Mil number, I hope he’s just trying to scare people…

By: gman

gman — Sun, 26 Oct 2008 20:25:47 +0000

No comment.

By: Mark

Mark — Sun, 26 Oct 2008 20:24:22 +0000

So you think discussing the Gulf Bank crisis is going to make people want to withdraw all their money?

By: gman

gman — Sun, 26 Oct 2008 20:22:42 +0000

actually they cause damage…. what will happen if avery customer wants his money tomorrow?

By: Mark

Mark — Sun, 26 Oct 2008 20:19:30 +0000

The people here aren’t causing any damage. The people here just want to understand whats happening.