The Kuwait News Agency says the chairman of the Gulf Bank has resigned in the wake of steep losses in the bank's derivatives
A statement from the bank says the board of directors accepted in an emergency meeting Tuesday the resignation of Bassam al-Ghanem as chairman and managing director as well as board member.
The board appointed Qutaiba al-Ghanem as new chairman Tuesday.
The losses prompted a halt in trading of Gulf Bank's shares Sunday, which spread panic through the Kuwait Stock Exchange and raised fears the country had finally been hit by the global financial meltdown.
No official figure has been given for the losses, which are reportedly at up to 200 million dinars ($746 million).