The National Bank of Kuwait (NBK), the emirate's largest bank, on Sunday launched an online brokerage, saying it was the first bank in the Middle East to introduce the service.
"The new service will enable NBK customers to trade shares on the US stock exchanges, and manage investment portfolios online with access to stock quotes, market news and charts," an NBK statement said.
NBK chief executive officer Ibrahim Dabdoub said it will enable "customers to transfer money online the same day to their brokerage account under strict privacy and security."
General manager for operations and e-business Simon Clements said "customers will have access to the latest and up-to-date market research analysis" from top reports.
The bank, founded by Kuwait's leading merchant families in 1952 as the Gulf state's first commercial bank, has one of the largest international networks among Arab banks.
The bank's total assets topped $13 billion on September 30 this year.
NBK announced a 12 percent increase in profits for the first nine months of 2000.— (AFP)
© Agence France Presse 2000
© 2000 Mena Report (www.menareport.com)