Financial and Banking News
GIB Declares Unaudited Loss of $422mn, Prepares for New Life with GIC
Gulf International Bank (GIB) has declared an unaudited loss of $422mn for1990, after adding $465mn to its loan loss provisions. The loss has been coveredfrom shareholders' equity, with the result that the bank now has negative netreserves of $1,031mn, compared to $608mn at the end of 1989. Gulf InvestmentCorporation (GIC) injected $450mn in new capital on 6...