MAS awards NBK wholesale banking license in Singapore

The Monetary Authority of Singapore (MAS) awarded National Bank of Kuwait (NBK), the largest financial institution in Kuwait, a wholesale banking license last Thursday as part of its efforts to liberalize the banking industry.

Kuwait: Monday, May 12 - 2003 at 13:26
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In addition to NBK, seven other international banks including HSBC (Suisse), Fortis Bank and Royal Bank of Scotland were awarded this wholesale banking license.

Commenting on the new license, Ibrahim Dabdoub, CEO of NBK, said that Singapore is the headquarters for NBK for the Asia Pacific Region and while our current business profile is of a wholesale nature, the new license granted by MAS will provide us with a broader range of products and services to offer our customers. The upgrade to a wholesale license is a welcome development that will facilitate the growth of our business in Singapore and the region. 'We look forward to making the most out of this new privilege under the license to better serve the needs of all our customers', added Dabdoub.

NBK has been awarded this license because of its financial strength, ratings, reputation and commitment to the region. MAS assessed applicants for the wholesale banking license using several criteria including financial strength, contributions and developmental commitment to Singapore's financial sector.

NBK stands out in Kuwait and the region 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. NBK received last year approval from Monetary authorities to open branches in Saudi Arabia and Jordan.

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About National Bank of Kuwait S.A.K.

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. 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. With capital resources in excess of KD 380 million ($1.3 billion), NBK is ranked amongst the top 300 banks in the world and the fourth amongst Arab banks. In 2002, NBK reported a record net profit of $355 million (one of the most profitable banks in the Arab World) with a return on average equity of 25.4% and total assets of $14.6 billion. It has consistently received the highest all-round credit rating awarded to any bank in the Middle East by the major rating agencies including Moody's, Standard & Poor's, FitchRatings, and Capital Intelligence. A recent upgrade by Moody's now makes NBK the highest rated bank for financial strength among all Emerging Market banks.

P.O. Box 95, Safat 1300, Kuwait
Ahmed Hafez
Tel: (965) 2460 168 - Fax: (965) 2465 190
http://www.nbk.com

Posted by Anne-Birte Stensgaard, Senior News Editor
Monday, May 12 - 2003 at 13:26 UAE local time (GMT+4)

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This Article was updated on Thursday, September 18 - 2003

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