National Bank of Kuwait (NBK), and the United Education Company, owner of the American University of Kuwait (AUK), have signed a memorandum of understanding establishing a 5-year strategic alliance between the two institutions. The alliance is designed to deliver sustainable social and educational benefits to the community.
As part of the agreement, NBK will be providing a specially tailored comprehensive package of products and services to furnish AUK with full banking services. The package includes tailor-made customer accounts, consumer credit and electronic facilities, and intensive banking training programs for selected University students. The training element will help to produce a new generation of banking professionals in Kuwait.
Sheikha Khaled Al-Bahar, Group General Manager Corporate Banking at NBK, explained the logic behind the move:
“This agreement highlights NBK’s strategic support of building the participation of the private sector in the Kuwaiti Economy. Statistics show that almost 55% of the Kuwaiti population is under 20 years of age. As Kuwait’s largest and oldest bank, we are delighted to become involved with the education sector in Kuwait with this innovative partnership. NBK has been always, and will always, maintain its leading proactive role as the driving force for all economic sectors.”
Shaikha Dana Nasser Sabah Al-Ahmed Al-Sabah, Chairwoman of United Education Company emphasized the importance of this strategic alliance with NBK which is one of the pre-eminent Banking Institutions in Kuwait and the Middle East. Furthermore, she highlighted the value of the services offered by NBK to the AUK community, particularly the banking training opportunities provided to AUK’s new generations of students who will be offered a vital learning environment rooted in the liberal arts tradition and will be exposed to the values inherent in NBK- the oldest bank in Kuwait.
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 London, New York, Paris, Geneva, Qatar, Bahrain, Lebanon, Amman, and Singapore, with other ambitious plans for regional expansion in KSA, Iraq and China. NBK reported profits of USD 515 million during 2004, among the highest in the Arab world.
NBK’s Long-Term Rating:
• Moody’s A2
• FitchRatings A+
• Standard & Poor’s A
• Capital Intelligence A+
