The National Bank of Kuwait Accepts the Resignation of Its CEO

The National Bank of Kuwait announced today, Sunday, that it has accepted the resignation of Group CEO George Richani, effective Thursday, April 27. This was stated in a statement on the Kuwait Stock Exchange without further details. In June, the National Bank agreed to commence due diligence regarding a joint collaboration and a potential acquisition deal with Gulf Bank, with the possibility of converting one into a Sharia-compliant bank. Today's statement did not mention whether the potential deal with Gulf Bank is related to the resignation decision. The National Bank of Kuwait was established in 1967 and listed on the Kuwait Stock Exchange in 1984, with a paid-up capital of 178.5 million dinars, while Gulf Bank was established in 1960 and listed on the Kuwait Stock Exchange in 1984, with a paid-up capital of 320 million dinars.