Al Sayer: Our presence in the Kingdom is a strategic decision due to the Kingdom's unique banking and financial environment.
Dabdoub: NBK has the largest banking network covering major financial and business markets regionally and internationally
Under the auspices of HE Sheikh Hamad Bin Saud Al Sayari, Governor of the Saudi Arabian Monetary Agency, National Bank of Kuwait, the highest credit rated bank in the ME, inaugurated today its first branch in the Kingdom of Saudi Arabia, making it the first Arab and Middle Eastern bank to open in Jeddah and the first Kuwaiti bank to open in Saudi Arabia.
Attending the event were Mr. Nasser Al Sayer, NBK’s Vice Chairman, Mr. Ibrahim Dabdoub, NBK’s CEO, Mr. Issam Al Sager, NBK’s Deputy CEO, and Mr. Nabil Al Ajroosh, NBK Jeddah General Manager, in addition to other dignitaries, clients, and officials from both countries.
“The new presence of National Bank of Kuwait in the Kingdom of Saudi Arabia reinforces the Kingdom’s strategic importance in general and the city of Jeddah in particular as an international financial center with many financial institutions including NBK”, said the SAMA Governor Mr. Al Sayari during the inauguration ceremony.
Highlighting the significance of the branch in Jeddah, NBK’s Vice Chairman, Mr. Nasser Al Sayer confirmed that the NBK’s presence in the Kingdom is a strategic decision due to the Kingdom's economic and financial prominent position. With the growing importance of the Saudi market which is considered the largest and most competitive market in the region, it is the right decision at the right time." He further added, "The Kingdom has been witnessing significant economic developments over the past few years under the wise leadership of the Custodian of Two Holy Mosques King Abdullah bin Abdulaziz Al Saud."
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 which includes individual and corporate customers with businesses in the Kingdom
NBK Jeddah will offer a wide range of financial products and service which include current and savings accounts, fixed deposits, international currency trading, corporate loans, treasury and commercial financing services, 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 females.
On the other hand, NBK’s CEO, Mr. Ibrahim Dabdoub stated that the NBK’s branch in the Kingdom comes as part of the Bank's successful expansion strategy in the region which the Bank initiated years ago. He indicated that the Bank has 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, Iraq, and Saudi Arabia. NBK also plans further expansion step in the ME.
Dabdoub added that the banking industry in the Kingdom deserves the respect and appreciation of all financial and banking institutions regionally and internationally while highlighting the strong bilateral relations that link the State of Kuwait and the Kingdom of Saudi Arabia.
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 said that the National Bank of Kuwait in Jeddah will serve in the first place the Bank's customers including businessmen, Kuwaiti businessmen with business ties with the Kingdom and will 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 stands out in Kuwait and among Arab banks in terms of its regional and international network, which includes branches, subsidiaries and representative offices in New York, London, Paris, Geneva, Lebanon, Jordan, Bahrain, Qatar, Iraq, Singapore, Vietnam and Shanghai, with other ambitious plans for continued regional expansion. NBK will be inaugurating its first branch in the Kingdom of Saudi Arabia this month.
NBK has consistently earned the highest credit ratings in the Middle East by international agencies including Moody's, Standard & Poor's and FitchRatings, in recognition of its healthy performance, fine asset quality and solid capital base. Rating agencies also praise the depth and stability of NBK's management and its clear strategy as fundamental pillars for the Bank's superior ranking. NBK's total assets reached USD 24.4 billion (KD 7.1 billion) at the end of March 2006, while its shareholders' equity stood at USD 2.4 billion (KD 706 million).
• About National Bank of Kuwait (NBK):
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 effective market dominance in the commercial 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 New York, London, Paris, Geneva, Lebanon, Amman, Bahrain, Qatar, Iraq, Singapore, Vietnam and Shanghai, with other ambitious plans for regional and global expansion. NBK reported profits of USD 704 million during 2005, among the highest in the Arab world.
NBK’s Long-Term Rating:
• Moody’s A2
• FitchRatings A+
• Standard & Poor’s A
