The news comes following a statement from the bank's new chairman Qutaiba al-Ghanim, in which he says that the exact losses at Gulf Bank will be revealed by the end of October.
The losses relate to trades on the euro-dollar exchange rate, which clients of the bank refused to settle.
This forced Gulf Bank to approach the Central Bank of Kuwait to help fill the funding shortfall (MEED 28:10:08).
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