National Bank of Kuwait (NBK), the leading bank in Kuwait and the highest rated bank in the Middle East, was recognized by pre-eminent international finance magazine Euromoney as the “Best Bank in the Middle East” as well as "Best Bank in Kuwait" at the Euromoney Awards for Excellence 2008 Middle East Dinner recently in Dubai.
The prestigious Euromoney award was presented to NBK Group CEO, Ibrahim S. Dabdoub at a glittering Dinner and Awards Ceremony held recently in Dubai, Madinat Jumerriah Hotel. At same event, NBK CEO – Kuwait Isam J. Al Sager also received the Euromoney 2008 "Best Bank in Kuwait" award.
Commenting on the occasion, Mr. Dabdoub said: "It is indeed an honor to be, once again, awarded this highly coveted and prestigious award. The Euromoney Best Bank in the Middle East-2008", which comes in recognition of NBK's unique and leading position in the market as well as its impressive achievements management expertise".
Euromoney described NBK as "a firm that is universally recognized as one of a handful of Middle East banks that sets the standard for others to follow" in its summation. Euromoney further noted that “In the 12 months between April 2007 and March this year profits hit $1.4 billion. Other impressive numbers include: a 29% jump in total assets in 2007 and a 65.8% increase in total shareholders’ equity. In regional corporate and investment banking, the firm successfully helped finance Zain (MTC) for its acquisition of the third telecom licence in Saudi Arabia and advised National Commercial Bank in its acquisition of Turkiye Finans".
In awarding NBK "Best Bank in Kuwait" Euromoney cited that "In its home market NBK continues to dominate the retail sector. It captured 58% of the total market growth of new loans, owing to products such as the bank’s recent auto finance scheme, which helped double its car loan portfolio. In credit cards, NBK’s market share rose to 53%."
Regarded as the benchmark awards for financial services globally, the Euromoney Awards for Excellence are now in their 16th consecutive year. This year’s awards process, which began in April, attracted over 600 submissions from the world’s leading banks and brokerage houses competing for the awards.
“The growth in innovation and the sophistication of the Middle East is one of the most exciting growth areas of the international capital markets. Euromoney is delighted to be hosting its fourth annual event in Dubai, one of the world’s fastest growing economies and rapidly becoming one of the regions financial hubs." said Euromoney Magazine CEO Simon Brady.
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, Lebanon, Jordan, Egypt, Bahrain, Qatar, Saudi Arabia, Turkey, Singapore, Vietnam, and China, with other ambitious plans for regional and global expansion. NBK reported profits of USD 1 billion for 2007, among the highest in the Arab world.
NBK’s Long-Term Rating:
Moody’s Aa2
Fitch Ratings A+
Standard & Poor’s A+
About Euromoney:
Euromoney Magazine is the flagship title of London based financial communications company Euromoney Instituional Investor PLC. Founded in 1969 by Sir Patrick Sergeant, Euromoney Magazine is the voice of the international capital markets and for 36 years has offered unparalleled coverage of the global bond, equity and foreign exchange markets Euromoney Institutional Investor PLC is a constituent of the FTSE-250 index and is listed on the London and Luxembourg Stock Exchanges.
