Kuwait-based Gulf Bank has signed up as a client of network firm Instimatch Global, marking the latter’s first foray into the country.
Instimatch offers what it claims to be “global” execution via a cloud-based network connecting borrowers and lenders within unsecured money markets.
Gulf Bank will be using its network as part of its treasury operations to “source additional money market opportunities with full control over counterparties.”
Daniel Sandmeier, CEO of Instimatch Global, says that the deal marks “another important milestone” in the firm’s development in the Gulf region. “
“Kuwait offers a uniquely attractive opportunity for lenders on our platform, as the Kuwaiti government guarantees deposits.”
Earlier this month, Instimatch joined the Qatar Financial Centre (QFC) platform, a business and financial centre located in Doha, providing legal and business infrastructure for financial services.
Gulf Bank, founded in 1960, is one of the largest in its home country, and operates around 58 branches with a total assets under management of $19.7 billion.
It offers a variety of products in consumer banking, wholesale banking, treasury, and financial services.