The National Bank of Kuwait (NBK) has been selected within a consortium of more than a dozen international banks led by JP Morgan to run the newly created Trade Bank of Iraq to finance imports and exports.
The Trade Bank of Iraq will initially work with the government, but is expected to expand to handle private-sector projects as well. Operating the Trade Bank of Iraq will give banks access to the financial system of Iraq, the world's second-largest holder of oil reserves, where foreign banks have not operated since 1950's and 1960's.
Other members of the winning consortium that includes 13 banks from 14 countries are Australia and New Zealand Banking Group, Standard Chartered, Bank of Tokyo-Mitsubishi, Bank Millennium, Royal Bank of Canada, Credit Lyonnais, and others.
NBK, the only Arab bank in the winning consortium, was founded in 1952 as the first indigenous bank and the first joint stock company in Kuwait and the Gulf Region. It is by far the largest financial institution in Kuwait with an effective market dominance in the commercial banking market. It enjoys a capital base of $1.8 billion and assets of $17.6 billion. — (menareport.com)
© 2003 Mena Report (www.menareport.com )