Currency and Banking
Kuwaiti banks have established banking relationships throughout the West. Full correspondent relationship, which include deposit account services, are more limited and concentrated in large regional banks.
Several American banks provide a wide range of correspondent services. In addition, many non-US banks also share firm correspondent relationships with Kuwaiti banks.Kuwait has seven commercial banks of which one, the Bank of Bahrain and Kuwait, is a foreign joint venture bank. Apart from this exception, foreign banks are not allowed to operate within Kuwait or to hold shares in Kuwaiti banks. Kuwait has a number of specialized banks. The Kuwait Finance House is a commercial bank that carries out Islamic financial transactions. The Industrial Bank of Kuwait and the Kuwait Real Estate Bank function much like American investment banks.
© 2000 Mena Report (www.menareport.com)
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