Gulf Bank says Saad exposure could be contained- KUNA

Kuwait's Gulf Bank said its exposure to Saudi Arabian conglomerates Saad and Algosaibi could be contained and dealt with, state news agency KUNA cited the bank's chief executive as saying on Monday.

"We are in continuous dialogue with the officials in both groups and the concerned supervisory parties in both countries to discuss how to deal with this issue," Michel Accad told KUNA. "But we must confirm we are in a better situation that allows us to contain the losses especially after (our) capital hike." He also said he sees 2009 as a tougher year on the bank than 2010.