National Bank of Kuwait
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National Bank of Kuwaitبنك الكويت الوطني
|Traded as||Kuwait Stock Exchange|
|Founders||Consortium of Kuwaiti merchants|
|Headquarters||Kuwait City, Kuwait|
|Salah Al Fulaij (CEO)|
|Products||Credit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, savings, Securities, asset management, wealth management|
|Revenue||US$ 3.21 billion (2016)|
|US$ 1.49 billion (2013)|
|US$ 931,3 million (2016)|
|Total assets||US$ 79.22 billion (2016)|
Number of employees
The National Bank of Kuwait (NBK) was incorporated in 1952 as the first local bank and the first shareholding company in Kuwait and the Persian Gulf region.
History and profile
The foundation of National Bank of Kuwait started in 1952 when a prominent Kuwaiti merchant[who?] went to the British Bank of the Middle East to open a letter of guarantee for the amount of 10,000 Indian rupees, (which is equivalent today to 50 KD). Much to his surprise, his request was rejected, unless he provided 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, Abdullah Al Salem Al Sabah, who congratulated them on the idea and promised them his complete support. An Amiri decree was issued on 19 May 1952 to establish the National Bank of Kuwait, and NBK started operating through a small branch on 15 November 1952 within a total space of three shops and a handful of employees relying on traditional and manual banking tools. Today NBK is one of the largest and most profitable banks in the region.
NBK reported net profits of USD 844 million (KD238.1 million) in 2013. Today, NBK, which is the largest financial institution in Kuwait with effective market dominance in the commercial banking market, boasts the largest presence in Kuwait with 67 branches, which together with its growing international representation adds up to more than 163 branches worldwide. NBK also stands out in terms of its local and international network, which includes branches, subsidiaries and representative offices in Geneva, London, Paris, New York, Singapore, and China, alongside its regional presence in Lebanon, Jordan, Iraq, Egypt, Bahrain, Qatar, Saudi Arabia, UAE, and Turkey.
- Bank Boubyan is 58.6% owned by the Bank. It was established in 2004.
- NBK (International) PLC (United Kingdom) is a wholly owned subsidiary of the Bank with two offices in London and one in Paris which provides retail, private and corporate banking, treasury and trade finance related services.
- 'NBK (Lebanon) S.A.L. (Lebanon) is 85.5% owned by the Bank and provides retail, commercial and private banking and real estate related services through a network of ten branches.
- NBK Banque Privee (Suisse) S.A. (Switzerland) is a wholly owned subsidiary of the Bank headquartered in Geneva. In addition to traditional banking services, it provides portfolio management services, family trust, advisory and custody services to individuals with high net worth.
- Credit Bank of Iraq S.A. (Iraq) is 75% owned by the Bank and provides retail and commercial banking services through a network of fourteen branches in Iraq.
- NBK Investment Management Limited (United Kingdom) is a wholly owned subsidiary of the Bank and provides asset management services to Kuwaiti government agencies and high-net-worth customers.
- National Investors Group Holdings Limited (Cayman Islands) is a wholly owned subsidiary of the Bank and was established as an investment company.
- NBK Capital Company (Kuwait) is 99.9% owned by the Bank and was established in July 2005 as a subsidiary of NBK. NBK Capital focuses on four principal lines of business: Alternative Investments, Asset Management, Brokerage & Research and Investment Banking. Offices in Kuwait, Dubai, Turkey, and Cairo.
- Al Watany Bank of Egypt S.A.E. is 98.5% owned by the bank and provides retail, private and corporate banking, treasury and trade finance related services.
- Watani Financial Brokerage Company is 86.7% owned by the bank and provides brokerage services.
Investment in associates
- International Bank of Qatar (IBQ), the affiliate of NBK in Qatar, is owned 30% owned by the Bank. It is one of the oldest financial institutions in Qatar and celebrated its 50th anniversary in 2006. It has a network of many branches and service centers, and ATMs in strategic locations throughout Qatar. It offers a range of corporate, private and retail banking products and services. This operation was sold early in 2015.
- Turkish Bank is 30% owned by the Bank.
NBK International Advisory Board
NBK was the first bank in the Middle East to establish an international advisory board, setting a precedent for banks and financial institutions in the region. The Bank’s International Advisory Board, which was established in 2007, brings together an impressive array of distinguished world figures in the fields of politics, economics and business and the Bankers’ Roundtable has evolved into a significant subgroup in its own right, comprising the banking and financial specialist contingent of the parent Advisory Board.
1952–1955 - Khalid Al Zaid Al Khalid 1956–1958 - Ahmed Saud Al Khalid 1959–1964 - Abdulaziz Hamad Al Sager 1965–1979 - Yaqoub Youssef Al Hamad 1980–1992 - Mohammed Abdulmohsin Al Kharafi 1993–2014 - Mohammed Abdulrahman Al Bahar 2014– Nasser Mousad Al Sayer