Without a close followup on the news, I’ve been hearing quite a lot about banks going bankrupt in Kuwait, and how only two or three will manage to stand up. Gulf Bank was the first to shout ou loud “We Are Sinking!”, something which forced th Central Bank of Kuwait to freeze Gulf Bank stock from trading, and I guess opening the door for more similar cases, and perhaps increasing demand for the close of whole stock market, which is something completely out of logic if you ask me. This is the market, you know the rules, you know the risks. At least, you should’ve known before you go into it. Don’t try to change the rules during the game.
So anyways, I read yesterday Central Bank is issuing guarantees to cover up bank losses, in an attempt to calm down people who are rushing to take out all their money. Regardless of this guarantees I say, if a bank is not capable enough of staying in business, they should step a side and make room for others. That same bank offered me 50 times my salary loan one year back. Tells the whole story doesn’t it?
A relative of mine went today to Gulf Bank to withdraw some money, and the bank said we don’t have money. You should’ve come earlier! Now that’s more than a good enough reason to pull my money out permanently, and it’s no rumors anymore. The bank is not capabale of giving back people’s money. Either that, or they are trying to trick people into it. At all rates, a bank at these conditions should not be running such type of ads:
Ironically, those type of ads are still running online.
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