Gulf lender GIB launches region's first online-only retail bank

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By Reem Shamseddine KHOBAR, Saudi Arabia, Jan 10 (Reuters) - Gulf International Bank (GIB) has launched the Middle East's first online-only consumer banking business, seeking to diversify after almost collapsing during the global financial crisis and to tap into a young, tech-savvy population. Until **w, GIB has been solely a wholesale bank - which provides services to big companies and financial institutions. It needed a bailout from the Saudi government after suffering $757 million of losses in 2007 from investing in complex debt instruments linked to the U.S. subprime housing crisis. ...

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