National Bank of Kuwait (NBK), the largest financial institution in Kuwait and the highest-rated bank in the Middle East will be inaugurating its first branch in Kingdom of Saudi Arabia-Jeddah on Saturday May 6.
Highlighting the significance of the branch in Jeddah, NBK Deputy Chief Executive Officer Isam Al-Sager said that with the opening of the Jeddah branch NBK will position itself strategically in the Saudi and the Gulf market. He further said, with the growing importance of the Saudi market which is considered as the largest and most competitive in the region, it is the right decision at the right time.
In addition to the opening of the branch, the aim is to enhance mutual trade and investment relationship between the two countries.
Al-Sager added that the Jeddah branch will offer a wide range of financial products and services. The focus in the beginning will be on the local and international companies and, at a later stage NBK will offer its services to individual customers.
In terms of local and international network NBK stands out in Kuwait and Arab banks throughout the region. NBK branches, subsidiaries and representative offices are in London, New York, Geneva, Paris, Singapore, China, Lebanon, Amman, Bahrain, Qatar and Iraq in addition to other 50 local branches.
Al-Sager concluded that this move comes as part of NBK’s regional expansion strategy in the gulf