Gulf Bank Wins 2012 J.P. Morgan Quality Recognition Award
Gulf Bank received the J.P. Morgan Award for its operational excellence and has qualified for the Elite Quality Recognition Award.
Kuwait, July 22, 2012: Gulf Bank, the second largest bank in Kuwait, announced today that it has received the ‘J.P. Morgan Quality Recognition Award’ for its operational excellence in MT103 and MT202 commercial payments for 2012 for the third consecutive year. Mr. Asif Raza, Managing Director, Head of Treasury & Securities Services – MENA, Mr. Ali Moosa, Managing Director, Head of Middle East and North Africa Region, and Mr. Sherif Abdelsalam, Vice President – Financial Institutions, Treasury Services, Middle East, presented the award on behalf of J.P. Morgan to Mr. Khaled Al-Mutawa, General Manager, International Banking and Investments, Mr. Carlos Ribeiro, Chief Financial Officer & GM, Finance & Support, Mr. Faisal Al Marzouq, Assistant General Manager, International Banking & Investments, Mrs. Mona Mansour, Deputy General Manager, Operations at Gulf Bank and Mrs. Ma’ab Al Qassem – Manager, International Banking & Investments, on Tuesday, 17 July 2012.
“This award confirms Gulf Bank has the best-in-class straight-through processing (STP) rates and it is evidence to the hard work and dedication of our operations team in achieving the best in class in processing and solutions to meet customers’ financial needs. This award reinforces our reputation as a market leader in operations, service and quality.”
Khaled Al-Mutawa, General Manager, International Banking and Investments at Gulf Bank, commented: “We are proud to be acknowledged by such a renowned financial institution as J.P. Morgan. This award confirms Gulf Bank has the best-in-class straight-through processing (STP) rates and it is evidence to the hard work and dedication of our operations team in achieving the best in class in processing and solutions to meet customers’ financial needs. This award reinforces our reputation as a market leader in operations, service and quality.”
Gulf Bank achieved an STP rate of 99.50% for the MT103 category of payments, exceeding J.P. Morgan’s stringent STP performance standards. In doing so, it’s qualified for the Elite Quality Recognition Award for the third consecutive year in the MT103 Elite category.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.3 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the worlds most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
This press release has been issued by Gulf Bank.