By NNN-KUNA,
Kuwait : The government of Kuwait has said it was ready to contribute to Gulf Bank’s capital increase if shareholders fail to secure the money needed.
“The government is willing to contribute to increasing capital of the (Gulf) bank in case the necessary (financial) cover from the shareholders is incomplete,” Minister of Finance Mustafa Al-Shimali said in a statement Tuesday.
The government’s move aims at supporting the Gulf Bank’s financial status and to safeguard its credit rating, said Al-Shimali.
The government is committed to guaranteeing shareholders’ equity prior to Oct 23, 2008, underlined Al-Shimali.
The government has already announced it was guaranteeing the money of clients of Gulf Bank.
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