Gulf Bank’s Strategy
The ambition of Gulf Bank is to be a dominant player in the Kuwaiti retail and commercial banking space.
The ambition of Gulf Bank is to be a dominant player in the Kuwaiti retail and commercial banking space. To reach this goal, Gulf Bank is required to increase its market share to 15%.
Michel Accad, CEO of Gulf Bank, says: “We had a two-year strategy to rebuild trust and restore profitability and I think we have essentially succeeded; the program was to end in 2011 and the crowning achievement of this program was the ‘We Promise’ campaign. Now, we have just finalized our strategy for the next four or five years and it is much more ambitious – it’s longer term and it’s about growth aspirations and gaining market share.”
Gulf Bank’s new strategy revolves around three main streams: The first is to “solidify our gains”, which means Gulf Bank will continue to work on the processes and infrastructure to ensure that no previous issues resurface.
The second is to “accelerate our growth” within the Gulf Bank’s core competencies.
Finally, the third stream is to surpass the bank’s limits by expanding the existing capabilities. A number of initiatives have been identified within these three streams.