The Gold's There. Look Closer.
According to the informed sources of Al Watan, a European Group is now bidding to acquire a significant/meaningful share in Gulf Bank through the services of a Kuwaiti intermediary. And is therefore bidding against the Qatari Group.
The article goes on to say that GB is expected to declare a profit of KD35 million for the first nine months of 2010. 3Q10 provisioning is expected to be much less than during the first two quarters this year because GB has provisioned 100% of Saad and Al Gosaibi exposure (KD 120 million!) plus 100% for The Investment Dar, 50% for Global, and 50% for Aayan Leasing and Investment.
Anyone out there know if the provision levels for TID, Global, and Aayan are Central Bank mandated? Or if they're just GB's calculations.
I guess Global may be among the worlds leading investment banks for M&A as Mr. Al Sumait said not so long ago (a post is coming on that topic) but seems to be in rather poor company with respect to its loan repayment prospects. Half full or half empty? But nonetheless better than some others.
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2 comments:
"bidding against the Qatari group" - can you clarify that please?
Anonymous
The article states that there is an unnamed group from Qatar bidding for the GB shares.
I'm not sure who that is. Someone with Vision and a high risk tolerance I'd venture to guess.
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