S&P Upgrades GIB Currency Rating

MANAMA, 25 April 2005 — The international credit rating agency Standard & Poor’s has upgraded Gulf International Bank’s (GIB) long-term foreign currency rating to “A-” from “BBB+”. At the same time Standard & Poor’s has reaffirmed GIB’s short-term foreign currency rating at “A2”. The outlook is stable.

A statement issued by Standard & Poor’s explained that: “The upgrade reflects GIB’s enhanced merchant banking franchise in the Arabian Gulf, improving profitability, streamlined strategy, and improving asset quality”. Standard & Poor’s further commented that: “We expect GIB to continue to benefit from the commitment of its shareholders and a strong commercial position in the regional banking market”.