BMA Governor inaugurates NBK branch

NBK is the largest financial institution in Kuwait and the fourth largest in the Arab world, with assets worth US$17.6 billion and a paid up capital of US$1.8 billion.

The bank has been operating an offshore banking unit (OBU) in Bahrain since 1977. The Bahrain branch is NBK's only operation in the GCC region, outside Kuwait.

Shaikh Ahmed welcomed the expansion of the bank's operations in Bahrain.

"The growth and expansion of individual financial institutions reflects the continued advancement of Bahrain's financial services industry as well as the increasing maturity of the Kingdom's 30-year financial leadership in the Middle East region," he said.

The inauguration of NBK's new branch comes during a particularly special week for Bahrain, Shaikh Ahmed pointed out.

"We have had the honour of welcoming several central bank governors, and several hundred banking experts, professionals and scholars for three major events, the Islamic Financial Services Board (IFSB) meeting, the BMA-HSBC workshop and the World Islamic Banking Conference," said Shaikh Ahmed.

Such gatherings, coupled with the presence in Bahrain of highly prestigious financial institutions, such as NBK, reinforce the Kingdom's status as the financial capital of the Middle East, he said.

Bahrain's financial sector currently comprises 355 banks, insurance firms and other financial services institutions, representing a blend of local, regional and international names.

On its part, BMA has spared no effort in applying a clearly defined regulatory and supervisory framework consistent with the highest international standards.

As a result, the Kingdom continues to attract international financial institutions and investors of repute.

Shaikh Ahmed was accompanied by HE Khalid Abdulla Al Bassam, Deputy Governor of the BMA; Dr Abdul Rahman Saif, Executive Director, Corporate Services and Mr. Yousuf Hassan, Acting Director, Banking Supervision.

They were welcomed at NBK premises, in the Seef Tower in Seef District, by Mr. Mohammed Abdul Rahman Al Bahar, NBK Chairman; Mr. Nasser Al Sayyer, Vice Chairman; Mr. Ibrahim Shukri Dabdoub, Chief Executive Officer; Mr. Isam Al Sagar, Deputy Chief Executive Officer and other senior executives.