March 18, 2014 / 11:22 AM / in 4 years

UPDATE 1-Kuwait's Gulf Bank names Cesar Gonzalez-Bueno as CEO

* New CEO is from Spain’s Novagalicia Banco

* Replaces Michel Accad who stepped down for personal reasons

* Latest in a series of changes at regional banks (Adds details on new CEO)

DUBAI, March 18 (Reuters) - Kuwait’s Gulf Bank said on Tuesday it had appointed Cesar Gonzalez-Bueno as chief executive, replacing Michel Accad who resigned in October last year.

The appointment of Gonzalez-Bueno, former CEO of Spain’s Novagalicia Banco, was effective as of March 16, the bank said in a statement.

Gonzalez-Bueno, a Spaniard who also previously worked as regional head at Dutch financial services group ING, as well as for management consultancy McKinsey, “will add new energy and dynamism to the bank’s growth,” Gulf Bank said.

The bank, Kuwait’s fourth-largest, also reported a 4 percent rise in 2013 net profit to 32.16 million dinars ($113.9 million).

Former CEO Accad had resigned from his post for personal reasons, one of a series of recent CEO departures at banks in the region.

National Bank of Kuwait’s long-serving CEO announced his resignation in December and his replacement took over earlier this month.

Last year National Bank of Abu Dhabi, Qatar National Bank and Dubai’s Emirates NBD all announced new heads. (Reporting by Mirna Sleiman in Dubai and Sylvia Westall in Kuwait; Editing by Olzhas Auyezov and David Holmes)

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