An executive from the magazine attributes this achievement to NBK's diversified earning base, financial strength and growing regional influence. In investment banking, NBK, the largest financial institution in Kuwait, is one of the only GCC banks capable of structuring and underwriting large regional capital markets transactions, he says.
NBK reported a net profit of US$ 188 million (KD.56.6 million) for first half of 2002 despite an extremely challenging environment. NBK has long been distinguished by having the highest financial strength rating among all Arab as well as Emerging Market banks from international rating agencies including Moody's, Standard & Poor's and FitchRatings. In July, FitchRatings upgraded the long term foreign currency rating of NBK to A+, following another upgrade by Moody's to A2 in May.
The Banker, established in 1926, has been a trusted source of global financial intelligence. Its exclusive bank listings and banking coverage give it a unique perspective to reward excellence and innovation in banking.
'The Banker' awards NBK 'The Bank of the Year 2002 in the Middle East'
The Banker, the leading international Financial Times Business magazine, names National Bank of Kuwait (NBK) 'The Bank of the Year 2002 in the Middle East' for the second consecutive year. NBK is also awarded the Best Bank in Kuwait together with Gulf Bank.
- Kuwait: Sunday, August 25 - 2002 at 09:42
- PRESS RELEASE
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About National Bank of Kuwait SAK:National Bank of Kuwait (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 an effective market dominance in the commercial banking market. NBK stands out in Kuwait and among Arab banks in terms of its local and international network, which 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.
For more information, news, products, and services from NBK, please visit our site on the web at www.nbk.com
NBK Press Office
P.O. Box 95, Safat 1300, Kuwait
Tel: (965) 2460 168 - Fax: (965) 2465 190
Posted by Anne-Birte Stensgaard, News EditorSunday, August 25 - 2002 at 09:42 UAE local time (GMT+4)
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This Article was updated on Thursday, September 18 - 2003
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Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
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