National Bank of Kuwait (NBK), the Emirate’s largest financial institution, received the approval of the Saudi Cabinet to open a branch in the Kingdom of Saudi Arabia (KSA). NBK will aim at playing an active role in the Saudi banking market, NBK Chairman Mohamed Abdel Rahman Al-Bahar stated.
The move is part of NBK's regional expansion strategy. The bank’s international network currently includes Bahrain and Lebanon in the Arab region, London, New York, Geneva, Paris, Thailand, Singapore and Vietnam internationally.
NBK was founded in 1952 as the first indigenous bank and the first joint stock company in Kuwait and the Gulf. It is by far the largest financial institution in Kuwait with effective market dominance in the commercial banking market.
NBK reported a net profit of $188 million for first half of 2002. In July 2002, FitchRatings upgraded the long-term foreign currency rating of NBK to A+, following another upgrade by Moody's to A2 in May.
NBK‘s international network includes branches, subsidiaries and representative offices in London, New York, Paris, Geneva, Bahrain, Beirut, Singapore, Vietnam and Thailand, with other ambitious plans for regional expansion. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
