The Banker magazine has granted the National Bank of Kuwait (NBK) the Middle East Bank of the Year Award, reported a press release.
NBK is maintaining its predominant position in Kuwait and the region amid increasing competition at home and abroad, the Banker said. Few banks worldwide can match NBK's expanding 25.7 percent return on average capital and in 2002, despite political turmoil in the area, the bank produced yet another strong performance and put into place parts of its regional expansion strategy.
While few banks can claim to have put together a comprehensive pan-Middle East footprint, NBK is making progress. Having received the necessary approval, it is due to open branches in Jordan and Saudi Arabia this year and its Bahrain offshore entity is to be converted into a full service onshore facility. The bank is also actively seeking a physical presence in Qatar, Egypt and other regional markets.
In 2002, NBK continued to expand its regional financing role, advising on major telecoms deals in Jordan and Bahrain and generally using its strong balance sheet to capitalize on the overall opening up of the Gulf Cooperation Council (GCC) financial sector.
With its broad international network covering Singapore, Paris, London, New York, Geneva and Beirut, NBK is well positioned to provide a full range of wholesale, corporate and private banking services to customers across the Middle East and expansion plans in the Gulf especially will enhance this. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
