06/01/2025
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06/01/2025
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KUWAIT CITY, Jan 06: Gulf Bank has successfully concluded 2024, a year defined by innovation and growth, reinforcing its commitment to enhancing the customer experience. With a focus on delivering exceptional banking services, the Bank looks forward to achieving even greater milestones in the coming year.
Acting Chief Executive Officer at Gulf Bank, Mr. Waleed Khaled Mandani, commented on the Bank’s achievements, stating: “We successfully completed the second phase of our new core banking system, launched an upgraded version of the Gulf Bank mobile app, and finalized the establishment of Invest GB. Additionally, we introduced a flexible points program, refreshed our identity-driven banking services, and launched the Neo account for children, along with the Lulu Hypermarket credit card.”
He added: “This year, we unveiled our 2030 Environmental, Social, and Governance (ESG) strategy and made significant progress in converting our branches into eco-friendly spaces. Gulf Bank has remained at the forefront of community engagement by organizing a wide range of programs and events that reflect the aspirations of our customers and the public, particularly during Ramadan. We have also prioritized fostering a dynamic and rewarding workplace environment for our employees.”
Mr. Mandani highlighted that 2024 was a landmark year for Gulf Bank, with the AlDanah Millionaire account’s grand prize increasing to KD 2 million – earning the Bank a Guinness World Record for the second time.
The quarterly prize was expanded to reward 100 winners instead of one, enhancing customers’ chances of winning. Furthermore, Gulf Bank hosted the 10th edition of the Gulf Bank 642 Marathon, attracting 10,000 participants from Kuwait and abroad. Some of the major achievements of 2024 include:
Digital Transformation
As part of its ongoing efforts to establish itself as the bank of the future, Gulf Bank has launched the second phase of its new Core Banking Services system, marking a significant milestone in the bank's digital transformation journey. This move aims to enhance operational efficiency and ease banking transactions for customers. Gulf Bank is now equipped with cutting-edge technological infrastructure, making it one of the most advanced banks in the sector, fully prepared to meet customers' banking needs and provide innovative digital services.
In addition, Gulf Bank has completely redesigned its mobile app, marking a significant step forward in its digital transformation. This update has transformed a variety of services and banking transactions, making them more accessible, simpler to use, and available to everyone, anywhere, at any time, with an interface that is user-friendly, fast, and secure.
The app provides Gulf Bank customers with a wide range of exceptional banking services, some of which are exclusive to them, and the bank continues to innovate and expand these offerings. Gulf Bank’s digital transformation also extends to enhancing electronic services, branches, ATMs, and the Call Center, aiming to make Gulf Bank’s services among the most convenient, efficient, and highly rated in the banking sector, all while using technology that exceeds customer expectations.
New Products
In line with its commitment to offering the best services and products, Gulf Bank has introduced the Neo Kids Account, a revamped version of the “Nassour” account. This new account provides a simple and secure way for parents to build their children's financial future and teach them the value of saving and financial responsibility. The account is available for children up to the age of 14, and parents can open the account without a minimum balance or fees at any Gulf Bank branch.
Moreover, Gulf Bank has partnered with Lulu Hypermarket and Mastercard to launch a prepaid card, offering exclusive discounts and cashback of up to 5% at all Lulu Hypermarket branches in Kuwait. The card also provides cashback on local and international purchases, with an annual cashback of up to KD 600.
Gulf Points Program
Gulf Bank has introduced an upgraded version of its Gulf Points Program, raising the bar for loyalty rewards in Kuwait. Recognized as the fastest and most rewarding loyalty program in the country, the enhanced Gulf Points now offer outstanding benefits, including cashback, smooth airline and hotel bookings, and an innovative online store – a first in the banking sector. With more options available, customers can now personalize their rewards to better suit their individual needs.
New Identity for Private Banking Services
In a move aimed at enhancing customer experience and providing unprecedented levels of banking services, Gulf Bank has unveiled a fresh identity for its private banking services, aiming to enhance the customer experience and deliver exceptional banking solutions for high-net-worth individuals. This move reflects the bank’s dedication to redefining private banking and providing an unparalleled experience tailored to the unique needs of its affluent clients.
The updated identity is centered around three core principles: developing long-term wealth strategies, safeguarding assets, and ensuring seamless wealth transfer in line with clients’ personal preferences. Gulf Bank’s private banking services include family wealth planning, liquidity and financing options, global asset management, and a variety of other tailored solutions designed to grow and protect wealth.
Supporting SMEs
Gulf Bank remains committed to supporting and financing small and medium-sized enterprises (SMEs) by providing a wide range of banking services, either directly or through a dedicated online portal tailored to this sector. SMEs can apply for both cash and non-cash credit facilities without the need for a bank account. Available services include payroll transfers, ATM card issuance, point-of-sale and payment gateway registration, as well as logistics and consulting services. Additionally, Gulf Bank has partnered with Omnifintec to offer comprehensive advisory and commercial services, aimed at fostering SME growth.
Launch of Invest GB
After securing regulatory approvals, Gulf Bank has officially launched Invest GB, its investment arm with a capital of KD 10 million. Invest GB manages assets exceeding $3.2 billion and has forged successful strategic partnerships, including collaborations with Avaloq, a global leader in private banking and wealth management technology, and Investcorp, a prominent global alternative investment firm.
Sustainability Strategy
Gulf Bank has revealed its ambitious environmental, social, and governance (ESG) strategy for the period 2024-2030, outlining a clear roadmap and key performance indicators for the next six years. The strategy focuses on implementing sustainability standards and enhancing corporate governance practices that reflect the bank's core values and guide every aspect of its banking operations.
Green Branch Transformation
Gulf Bank has launched a plan to transform over 50 of its branches into eco-friendly branches, incorporating the latest technology and sustainable design principles. In 2024, the bank opened its newly renovated branch in Sabah Al Ahmad Residential Area, alongside several other refurbished branches, all designed to minimize energy consumption and incorporate solar panels, natural lighting, and thermal insulation.
AlDanah Millionaire Account Prizes
Gulf Bank has increased the grand prize for its AlDanah Millionaire Account to KD 2 million, up from KD 1.5 million. In addition, the quarterly prizes will now be awarded to 100 winners, rather than just one. The annual grand prize remains at KD 2 million, with a semi-annual prize of KD 1 million. Monthly prizes of KD 1,000 each will be given to 10 winners. This new prize structure provides customers with more opportunities to win.
Social Impact Initiatives
Gulf Bank has launched a variety of initiatives to promote social sustainability, including:
•tSponsoring “The Company Program” Competition for the eighteenth consecutive year, organized annually by INJAZ Kuwait.
•tHosting the third edition of the “Datathon” competition to empower data professionals, students, and individuals interested in the fields of data and analytics.
•tDistributing 100,000 reusable bags in collaboration with various cooperative societies and the Environment Public Authority in Kuwait. Additionally, the Bank has launched an initiative to transform street advertisements into reusable bags once their display period concludes.
•tSponsoring the “Kilmitain” forum to empower creative industries in Kuwait.
•tOrganizing numerous charitable events, including distributing thousands of Iftar meals during Ramadan, providing food baskets for the holy month, and donating to those impacted by the war in Gaza. The Bank also hosted "Nuqsat Al-Khamees" to support SMEs, along with other successful initiatives in collaboration with the "Sawa’ed Al-Khaleej" volunteering team.
•tSponsoring the 33rd Memorial Journey for Pearl Diving, organized by the Kuwait Sea Sport Club, as part of Gulf Bank's dedication to promoting sustainability and preserving Kuwaiti heritage.
•tIntroducing the “GB Talks” series as a platform to engage with employees and customers through a series of seminars across various departments.
•tOrganizing the second edition of the Fekrety Innovation Competition for 2024, aiming to foster innovation among staff. The Bank also continued its monthly meetings for the Women of Wisdom (WOW) Women Empowerment initiative.
•tOrganizing the 10th edition of the AJYAL training program, which attracts a new cohort of high-potential employees with less than five years of experience at the Bank. This program aims to refine their skills and support their professional and personal growth.
Global and Regional Awards
In recognition of its exceptional customer service, corporate social responsibility efforts, and commitment to empowering women and youth, Gulf Bank has received 13 international and regional awards.
Prestigious Rankings
Gulf Bank has been ranked among the top 100 companies in the region by Forbes and was recognized by The Banker as one of the top 100 Arab banks for 2024. The bank holds a prestigious "A" rating from all three major credit rating agencies, with total assets reaching KD 7.5 billion as of September 2024.
Financial Literacy Campaigns
For the fourth consecutive year, Gulf Bank has supported the "Diraya" financial literacy campaign, organized by the Kuwait Banking Association in collaboration with the Central Bank of Kuwait. Additionally, the Bank has launched the "A Step Towards Change" campaign, aimed at reducing plastic usage in society.
Two Marathons in One Year
In 2024, Gulf Bank successfully organized two editions of the Gulf Bank 642 Marathon, the only internationally recognized marathon in Kuwait. The ninth edition, postponed due to the war in Gaza, and the tenth edition, which saw the participation of 10,000 runners from both within Kuwait and abroad, reaffirming our commitment to supporting health and fitness in the community.
