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Gulf Finance House transforms into GFH financial group

MANAMA, Nov 16 (KUNA) -- Gulf Finance House Board Chairman Ahmad Al-Mutawwa said Sunday the bank has underwent "exceptional transformation" to change its status from an investment bank to a new financial group with a new brand, GFH.
"The change is deeper than a new logo and it includes a new ownership, new investors and a new administrative system," Al-Mutawwa announced the new brand in a news conference.
GFH, which has around USD two billion in assets, will carry out a new program that will include take-overs of commercial banks and financial asset-management institutions, real estate and industrial companies, he added.
GFH CEO Hesham Al-Rayyes said the bank aimed at expanding and creating an integrated group offering financial, commercial and investment services.
This transformation, he told the same news conference, also aimed at boosting confidence of clients.
Gulf Finance House is listed in the stock markets of Kuwait, Bahrain, Dubai and London.
The bank achieved USD 15.6 million net profits in the first nine months this year, compared with USD one million in the same period last year. (end) mge.bs