JEDDAH, 7 May 2006 — National Bank of Kuwait (NBK) opened its first Saudi branch on Andalus Street here last night, with Saudi Arabian Monetary Agency Governor Hamad Al-Sayari cutting the ceremonial ribbon in the presence of officials, SAMA and bank executives, Kuwaiti Consul General Ali Al-Nikhailan as well as the business community.
This marks a new chapter for the Kingdom’s banking industry as well as for NBK, as this is the first Arab and Middle Eastern bank to open its branch here, Al-Sayari said congratulating the Kuwaiti banking giant.
“The new presence of NBK reinforces the Kingdom’s strategic importance in general and the city of Jeddah in particular as an international financial center with many financial institutions,” Al-Sayari added.
“Our presence in the Kingdom is a strategic decision due to the Kingdom’s unique banking and financial environment,” said NBK’s Vice Chairman Nasser Al Sayer.
Highlighting the significance of the branch, Al Sayer confirmed that NBK’s presence here was a strategic decision due to the Kingdom’s prominent economic and financial position.
“With the growing importance of Saudi Arabia, which is considered the largest and most competitive market in the region, it’s the right decision at the right time,” Al Sayer said, adding that the Kingdom has been witnessing significant economic developments over the past few years under the wise leadership of Custodian of the Two Holy Mosques King Abdullah,
This is reflected on the development and boom of the economic and commercial activities in the area, in addition to financing large-scale projects, supporting economic and commercial ties and mutual trade between both countries and serving the bank’s customers who include individuals and corporate entities with businesses across the Kingdom.
NBK’s new branch will offer a wide range of financial products and services, which include current and savings accounts, fixed deposits, international currency trading, corporate loans, treasury, and commercial financing and private banking services, in addition to consultation services.
The commercial division of the bank will offer special banking services to a wide range of high net-worth customers and corporate clients with complete discretion and privacy as part of the bank’s strategy, in addition to a special branch for women.
“NBK’s first branch in the Kingdom comes as part of the bank’s successful expansion strategy in the region, which it initiated years ago,” its CEO Ibrahim Dabdoub said.
He indicated that the bank had the highest Arab and international presence among Arab banks covering major financial capitals including London, Geneva, Paris, New York, Singapore, China, Lebanon, Bahrain, Qatar, Jordan and Iraq. “NBK also has further expansion plans across the Middle East,” he added.
Dabdoub highlighted the strong relations between the two countries and said that the banking industry in the Kingdom deserved the respect and appreciation of all financial and banking institutions regionally and internationally.
He underscored the bank’s keen interest in developing and supporting national talent and building their banking skills through a series of courses and training programs while carefully supervising their performance within the bank and making use of NBK’s experience.
Dabdoub added that the NBK in Jeddah would serve in the first place the bank’s customers including local businessmen and their Kuwaiti counterparts and support the commercial activities between both countries, in addition to customers who come to the Kingdom regularly due to the strong relations between both countries.
NBK has consistently earned the highest credit ratings in the Middle East by international agencies including Moody’s, Standard & Poor’s and Fitch, in recognition of its healthy performance, fine asset quality and solid capital base. NBK, whose total assets reached $24.4 billion at the end of March 2006 and its shareholders’ equity stood at $2.4 billion, was founded in 1952 as the first indigenous bank and the first joint stock company in Kuwait and the Gulf region.
NBK has the largest banking network covering major financial and business markets regionally and internationally,” said Issam Al Sager, deputy CEO of NBK which has Nabil Al Ajroosh as the Jeddah’s general manager.
