National Bank of Kuwait

National Bank of Kuwait

Type	Public
Industry	Banking
Founded	Kuwait City, Kuwait (1952)
Headquarters	Kuwait City, Kuwait
Revenue	$2.21 billion USD (2010)
Operating income	$1.77 billion USD (2010)
Net income	$1.07 billion USD (2010)
Website	www.nbk.com

The National Bank of Kuwait

The National Bank of Kuwait (NBK) was incorporated in 1952 as the first local bank and the first shareholding company in Kuwait and the Gulf region. Over the years, NBK has maintained its position as the leading bank in Kuwait and built a well-established banking franchise across the Middle East. NBK currently operates in 17 countries, boasting one of the largest overseas networks spanning many of the world’s leading financial and business centers. The bank has always been recognized for the excellence of its stable management team and its clear and focused strategy. NBK’s strength rests on its consistent profitability, high asset quality, and strong capitalization. The bank offers a full spectrum of innovative and unrivalled financial and investment services and solutions for individuals, corporate and institutional clients. NBK currently enjoys a dominant market share with a large and ever expanding local and regional client base. NBK has consistently been awarded the highest credit ratings of all banks in the region by the major international rating agencies: Moody’s, Standard and Poor’s, and FitchRatings. In 2010, NBK was named by Global Finance, The Banker and Euromoney as the “Best Bank in the Middle East” and was also ranked 38th in Global Finance’s list of the 50 safest banks in the world, for a second consecutive year.

History

Foundation of National Bank of Kuwait started in 1952 when a prominent Kuwaiti merchant went to the British Bank of the ME to open a Letter of Guarantee for the amount of 10,000 Indian Rupees, (which is equivalent today to 750 KD). Much to his surprise, his request was rejected, on the condition he provides a guarantor. This well known merchant was shocked and appalled by the treatment that he had received, and news of this was all over town. This incident gave rise to the question and the idea of having a national bank with a mission to serve the national needs as its priority, help the economic growth of the country, and look after the savings of its clients. In fact, a meeting was held with the late Amir of Kuwait, H.H. Sheikh Abdullah Al-Salem Al-Sabah, who congratulated them on the idea and promised them his complete support. An Amiri decree was issued on May 19, 1952 to open the National Bank of Kuwait, and NBK started operations on November 15th 1952. NBK founders are:

• Khalid Zaid Al- Khalid
• Ahmed Saud Al-Khaled
• Khalifa Khalid Al-Ghunaim
• Khaled Abdullatif Al-Hamad
• Sayed Ali Sayed Sulieman Al-Rifai
• Yousef Abdulziz Al-Fulaij
• Yousef Ahmed Al-Ghanim
• Mohamed Abdulmohsen Al-Khorafi
• Abdulaziz Hamad Al-Sager