National Bank of Kuwait
|
Native name
|
بنك الكويت الوطني |
|---|---|
| Public | |
| Traded as | |
| Industry | Financial Services |
| Founded | 1952 |
| Founders | Consortium of Kuwaiti merchants |
| Headquarters | Kuwait City, Kuwait |
|
Key people
|
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$ 2.22 billion (2013) |
|
US$ 1.49 billion (2013) |
|
|
US$ 964,5 million (2016) |
|
| Total assets |
US$ 79 ,1 billion (2016) |
| Website | www.nbk.com |
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.
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 50 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,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.
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
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Wikipedia