CBB licence for NBK Investment Services

Bahrain-incorporated investment business firm, NBKIS is being established by NBK as the provider of securities deal arrangement services to the bank's clients. The new firm will be NBK's hub for advising and placing securities deals for the bank's client base throughout the GCC and wider Middle East and North Africa (MENA) region.

NBK is Kuwait's largest bank with assets of $35bn and shareholders equity of $4.4bn. The bank enjoys a credit rating of A+ from international rating agency, Standard & Poor's (S&P).

The licence for NBKIS is the third to be granted by the CBB to NBK, which has operated a wholesale branch in Bahrain since 1977 and a retail bank since 2002.

"Bahrain continues to be a magnet for leading financial institutions wishing to do business in the MENA region," said Mr. Ahmed Abdul Aziz Al Bassam, Director, Licensing & Policy, at the CBB.

Investment business, in particular, has become one of the fastest growing segments of the financial services industry, with equity investment, private equity, mergers & acquisition, sukuk issuance, and fund management showing robust growth, he said.

"Firms such as NBKIS, backed by NBK's huge client base, will add value to the burgeoning market for investment business," said Mr. Al Bassam.