The Monetary Authority of Singapore (MAS) has awarded the National Bank of Kuwait (NBK) a wholesale banking license as part of its efforts to liberalize the banking industry. In addition to NBK, seven other international banks including HSBC (Suisse), Fortis Bank and Royal Bank of Scotland were awarded this wholesale banking license.
MAS assessed applicants for the wholesale banking license using several criteria including financial strength, contributions and developmental commitment to Singapore’s financial sector.
NBK 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 retail and corporate banking market. With capital resources in excess of 380 million Kuwaiti dinars ($1.3 billion), NBK reported a net profit of $355 million with a return on average equity of 25.4 percent and total assets of $14.6 billion. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
