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Kuwait: NBK marks The Avenues 10 year anniversary with 10,000 Reward Points Prize

29.05.2017

National Bank of Kuwait celebrated The Avenues 10 year anniversary by awarding 10,000 Reward Points to 10 lucky NBK credit card holders. NBK announced the names of the winners on Thursday, 11 May at the NBK booth in The Avenues.

The 10 winners of the NBK 10,000 Reward Points are: Sathyamurthy Prabhakaran, Ahmed Waseem Al-Orabi, Muhammed Salman Muhammed Ayoob, Kholoud Khalid Abdulaziz Al-Saqoubi, Hussain Abbas Mandani Edan, Mohamad Aziz Al-Husari, Abdulkarim Abdul Aziz Ali Abul, Abeer Fahah Abdulaziz Al-Muzaini, Mona Ahmed Taher Al-Baghli and Essa Abdulrahman Al-Essa.

“NBK prides itself on offering our customers one of the best rewards programs in the entire region as a way to thank them for their loyalty and confidence in us,”

Located in the Grand Avenue Lake Area, the NBK booth offered customers instant prizes upon showing their NBK credit cards, engaged customers with interactive games and instant prizes and provided information on Reward Partner participating outlets. The Avenues is Kuwait’s most popular shopping, dining and entertainment destination. It is home to hundreds of NBK Rewards Program partner outlets.

During the campaign period, customers received one entry into the draw for every KD 10 spent using any of the following NBK credit cards: NBK Titanium Mastercard, NBK Laki Titanium Mastercard, NBK Platinum Mastercard, NBK Visa Platinum, NBK World Mastercard, NBK Miles World Mastercard, NBK Visa Signature, NBK World Elite Mastercard, NBK Visa Infinite, NBK Diners Club credit cards, NBK Classic Credit cards and NBK Gold credit cards.

The National Bank of Kuwait Rewards Program is the largest loyalty program in the country, with more than 600 participating fashion, restaurants and lifestyle outlets.

To learn more about the NBK Rewards Program, visit www.Kuwait.NBK.com

 



Kuwait: Minister Al-Harbi inaugurates stem cells unit at NBK Pediatric Hospital

05.06.2017

 Minister of Health Jamal Al-Harbi inaugurated Sunday a unit for cancer treatment using stem cells transplant at the National Bank of Kuwait Pediatric Hospital at Al-Sabah Medical Area in Shuwaikh.
Speaking at the inaugurating ceremony, minister Al-Harbi pointed out that the unit was built on an area of 7,000 square meters at total cost of KD 6 million (roughly USD 23 million).
He lauded the unit as a great addition to the integrated healthcare system for cancer prevention and treatment among children.
Al-Harbi said the three-storey building includes nine outpatient clinics, an isolation unit, a six-room parenteral nutrition unit and three chemotherapy rooms.
The stem cell unit will give patients two stem cells monthly at 48 cases per year, the minister said.
He described the inauguration of the stem cell unit a good step forward in the treatment of children blood diseases and cancer.



Kuwait: NBK organizes SME seminar for local entrepreneurs

04.06.2017

National Bank of Kuwait organized a ground breaking business seminar to promote small and medium business development in Kuwait.

Attendees participated in a seminar on “How The Way You Think Can Make Or Break Your Business,” conducted by life coach Sundus Al Shayji, offering local small and medium business entrepreneurs an opportunity to envision their road to success and add strategic thinking and leadership skills to their repertoire of business acumen.

With the representation of key executives from the Kuwait National Fund, the seminar aimed to help SME entrepreneurs in Kuwait identify and manage various challenges that can hinder success. Held at the beautiful Dar Hamad, itself a local business success story, attendees were encouraged to expand their horizons by thinking ‘outside the box.’

“NBK greatly values the contribution made by local SME entrepreneurs to develop Kuwait’s economy,” noted Bader Al Ansari, Business Banking Team Manager, National Bank of Kuwait. “This is why we continue to provide first class opportunities for our business banking customers to grow their business with a strong, strategic vision through our various products and services.”

Bader Al-Mutairi, Director for Public Relations and Communication at the Kuwait National Fund introduced attendees to the various levels of support that the KNF offers small and medium enterprises. He explained how they can obtain funding to support their business dreams, how the application process works as well as offered advice on best practices for SMEs in Kuwait.

Local business owners were invited to ask questions and discuss ideas related to developing a strategic vision for their companies with life coach Sundus Al-Shayji.

NBK provides a full suite of business banking solutions for SME local business owners including direct client support with dedicated relationship officers. Business account holders can avail business banking credit cards designed to specifically provide the financial flexibility needed for today’s highly competitive market.

Other key services include employee payroll processing and online salary portal for managing employee salaries and perks in real time. NBK also offers business loans, trade finance, letters of credit and guarantee as well as merchant services including point of sale terminals and e-commerce options to facilitate SME clients in the market.



Kuwait: NBK supported the humanitarian campaign

04.06.2017

NBK supported the humanitarian campaign hashtag ابشروا بالخير# which aims to support students who are unable to pay their tuition fees and to support low-income families by paying their rents for one year.

NBK’s participation in this campaign is part of their corporate social responsibility towards unfortunate families And youth aspiring to achieve a better future.



Kuwait: NBK successfully issues USD 750 million Senior Unsecured Notes

24.05.2017

National Bank of Kuwait (NBK), the largest and highest-rated bank in Kuwait (Aa3 by Moody’s, A+ by S&P and AA- by Fitch), successfully issues USD 750 million five-year Senior Unsecured securities under Rule 144A/Regulation S. This debut issue comes under NBK’s new USD 3.0 billion Global Medium-Term Note (GMTN) Program.  The issued Notes came at a re-offer yield of 2.860% (mid-swap plus 100 bps). The notes are expected to carry a rating of Aa3 by Moody’s and AA- by Fitch, in line with NBK’s ratings, highlighting the underlying credit strength of the Bank.

The issuance will be used to further boost liquidity, diversify funding sources and increase liability durations.

This is the first issue since 2009 from a Middle East bank to target the US market under Rule 144A of the US Securities Act as NBK targets a larger institutional investor base as part of its aim to diversify funding sources.

The transaction was very well received by both regional and international investors, with the Order Book peaking in excess of USD 2.5 billion. The Order Book closed at USD 2.2 billion after price revisions translating to around 2.9 times oversubscription for the deal. The issuance followed an extensive series of meetings with potential investors across the Middle East, Europe and the United States.

US-based investors dominated the deal with 57% share of the issuance, followed by MENA investors at 26%, European investors at 13% and 4% from Asia. The strong demand along with the diversified, high-quality investor base are testimony to NBK’s superior name in international markets and how it is perceived as being a top-quality bank by international investors.

Citigroup, HSBC Bank, JP Morgan and NBK Capital acted as Joint Global Coordinators while Citigroup, First Abu Dhabi Bank, HSBC Bank, JP Morgan, NBK Capital and Standard Chartered Bank acted as Joint Lead Managers on the issuance.

NBK continues to enjoy collectively one of the highest ratings among all banks in the Middle East from the three international credit-rating agencies Moody’s, Fitch Ratings and Standard and Poor’s. The Bank’s ratings are supported by its high capitalization, prudent lending policies, and disciplined approach to risk management, in addition to its highly recognized and very stable management team. NBK has also been named among Global Finance’s list of the 50 safest banks in the world for the eleventh consecutive time and won the awards of the “Best Bank in Kuwait in 2016” from the Banker, Euromoney and Global Finance.

NBK enjoys the widest banking presence with a local and international network reaching 4 continents. NBK’s international presence spans many of the world’s leading financial centers including the U.S. (New York), Europe, GCC, Middle East, Singapore as well as China (Shanghai).



Kuwait: Enjoy your summer holiday with travel discounts from NBK and Emirates Airline

23.05.2017

Enjoy your summer holiday with special travel discounts from National Bank of Kuwait in partnership with Emirates Airline. NBK customers have a special opportunity to enjoy discounts up to 10% when they book flights on Emirates Airline.

“NBK customers travel frequently, especially during the summer, so we’ve partnered with Emirates to offer this exciting and valuable discount for our credit card and Shabab prepaid card holders,” said Hanadi Khazal, AGM Consumer Banking, National Bank of Kuwait.

Card holders will receive a 10% discount on Business Class and 7% discount on Economy Class (full fare) Emirates flights booked for travel between 1 May to 30 November 2017. NBK card holders are eligible for discounts (5% on Business and 3% on Economy Class seats) on promotional fares during the offer period. All flights must be booked through the dedicated Emirates page, https://www.emirates.com/kw/kwbanknbk.

The offer is available for NBK credit card and Shabab prepaid card holders and their immediate family members when all flights are booked using the NBK customer’s card. Offer valid until 19 June 2017. Offer is valid on all Emirates destinations excluding Jeddah and Madinah in Saudi Arabia. Other conditions may apply.

NBK credit cards and prepaid cards provide a safe, convenient way to pay while abroad. Fly to more than 150 destinations and explore the world while earning discounts and rewards with your trusted financial partner, NBK.

        



Egypt: NBK – Egypt closes US $300 million loan agreement with SUMED for landmark energy infrastructure project

20.05.2017

National Bank of Kuwait – Egypt signed a US$300 million credit facility agreement with Arab Petroleum Pipelines Company (SUMED) on 18 May 2017. SUMED will receive the total amount of the loan over a period of two years, with repayment spread over six years.

“Projects such as these demonstrate Egypt’s continued progress in rebuilding its economy,” said Tariq Al-Mulla, Egyptian Minister of Petroleum and Mineral Resources at the signing ceremony. “We support SUMED and NBK-Egypt in their efforts to developing Egypt’s national energy infrastructure. We also thank the SUMED shareholders and Arab brothers in Kuwait, Qatar, Saudi Arabia and the United Arab Emirates for bringing this project to implementation and strengthening Egypt’s achievements.”

The loan will help SUMED to finalize its 4 million square kilometer expansionary project in Ain Sukhna which includes the construction of nine 295,000 cubic meter petroleum storage tanks, facilities to service the tanks, an LNG tank marine berth, floating vessels and loading and offloading facilities. The landmark Red Sea project is set for completion first quarter 2019.

“We are proud to support Egypt’s plans to develop the country’s infrastructure, including energy, roads and water facilities,” said Dr. Yasser Hassan, with NBK-Egypt Managing Director. “Egypt is going through an historic moment of rebuilding and at this time, National Bank of Kuwait-Egypt stands ready and determined to help Egypt’s economy grow and prosper.” Dr Hassan noted that NBK-Egypt aims for a long term partnership with the Egyptian government to help finance and develop the nation’s mega infrastructure projects.

 “These projects are of great importance in developing Egypt’s economy and attracting foreign investments while strengthening Arab cooperation,” noted Eng. Mohamed Abdelhafez, SUMED Chairman and Managing Director during the signing ceremony. “We are glad to partner with NBK-Egypt for this historic project and look forward to many future opportunities to build Egypt’s national infrastructure and economy.”

NBK-Egypt, a subsidiary of the NBK Group, was established in 1980 and has a branch network comprised of 41 branches situated at strategic locations across Egypt.

National Bank of Kuwait, one of the leading regional banks, has consistently been awarded the highest credit ratings by major international rating agencies: Moody’s, S&P and Fitch, attesting to the strength of its financial indicators, asset quality, and solid capitalization. NBK has the widest local and international  banking presence, with more than 153 branches and subsidiaries spanning four continents including GCC, MENA, Europe, UK, USA, China and Singapore.

The Arab Petroleum Pipelines Company (SUMED) was established in 1974 as an Egyptian joint stock company. SUMED provides storage services for major crude oil trading companies and pipeline services for ships transiting the Suez Canal. It has three main locations: Ain Sukhna, Dahshour and Sidi Krir Terminal.



Kuwait: National Bank of Kuwait Redefines Storage Infrastructure with Dell EMC

19.05.2017

Dell EMC announced that the National Bank of Kuwait (NBK), the first indigenous bank in the state of Kuwait, has selected Dell EMC’s all-flash storage solutions to further strengthen their agility and highly available foundation to power “round the clock” applications and service delivery.

 

NBK was amongst the early adopters in the Middle East to successfully deploy Information Life Cycle Management (ILM) as its strategy for proper data governance. In line with this, NBK aims to facilitate smarter decision-making and enhance their commitment to service excellence in this hyper connected, digitized era. This deployment has reinforced NBK’s leading position on the map as a leader in all-flash storage technology for mission critical applications in the Middle East and Africa, asserting its pioneering position in the banking and finance industry.

NBK has selected Dell EMC VMAX3 All Flash Array (AFA) which features software-defined reliability, availability and serviceability (RAS) technology to create the right IT environment to better support consistently increasing data streams and enable maximum application availability, while significantly reducing the response time.

With over 200 mission and business critical applications on the network, NBK will further reinforce these deployments with Dell EMC’s Non-Disruptive Migration (NDM) technology. NDM technology is specifically developed to ensure seamless data mobility between storage systems with zero impact on the hosted applications. Thus, making NBK the first organization in the Middle East to successfully perform a non-disruptive migration of critical applications to the new VMAX All Flash without any down time or services interruption.

Customer benefits:

Improved Performance:With Dell EMC’s VMAX3 All Flash Array storage solutions, NBK has created a highly resilient and performance driven environment which has significantly reduced application response time for internal users and customers by 50%. This allows NBK to meet the demands for higher data availability and ensures information readiness for faster and smarter decision making.

Storage Efficiency: VMAX has enabled NBK to decrease application and data storage utilization by 25% and improved the performance of operational data storage (ODS) by an average of 62%. This has resulted in enhancing the overall storage performance and facilitating immediate availability of storage resources for hosting additional applications and provisioning new service requirements.

Fueled Reliability: By leveraging Dell EMC’s Non-Disruptive Migration (NDM) technology and software-defined reliability, availability and serviceability (RAS) technology, NBK has successfully facilitated 99.9999% of application and data availability, while ensuring Intelligent Data Mobility allowing seamless transfer of workloads between its storage systems.

Simplified Management: VMAX3 All Flash Array has helped NBK to simplify management of its storage environment by consolidating the high volume of application services into a particular storage system, resulting in a simpler infrastructure to support business operations.

Customer challenges:

Since its incorporation in 1952 as the first indigenous bank in the state of Kuwait, and the first shareholding company in the entire Gulf region, NBK has always succeeded in building an advanced banking institution. NBK offers a full spectrum of innovative and unrivalled financial and investment services to individuals, corporate and institutional clients, both for the local market in Kuwait, and globally. As the keystone of the country’s economy, the bank projects an ambitious roadmap as it continues to introduce a host of best-in-class products and services to enhance overall customer experience and become the premier bank in the Arab world.

Acknowledging the critical importance of the right storage infrastructure to manage and protect a wealth of over 200 organically grown mission critical data and applications, improve scalability and reliability to meet the needs of their rapidly expanding customer base, the bank aimed to establish a truly integrated infrastructure.  

Deploying the powerful combination of Dell EMC’s VMAX3 All Flash Array storage solutions together with Non-Disruptive Migration technology has resulted in accelerated performance benefits, seamless data mobility between storage systems, enhanced replication control and simplified administration of the increasing data and applications.

With VMAX3 all flash storage, engineered for highest industry possible performance, in addition to its proven 6x9’s reliability, availability and serviceability (RAS) features, NBK successfully reduced the application response time from 40 millisecond to 20 millisecond. This also resulted in achieving increased levels of business agility and storage optimization. Dell EMC’s trusted VMAX storage has enabled NBK to reduce application and data storage utilization by 25%.

In addition, VMAX3 helped NBK to consolidate its mission and business critical application services and data into a particular storage system. This resulted in simplifying the management of higher workloads allowing NBK to plan new services and reduce time-to-service, while optimizing performance at the lowest cost across all applications and driving both workflow efficiency and productivity.

 

This deployment provides the scale, management simplicity and efficiency that NBK needs to cope with enormous amounts of data and applications. Together with Dell EMC, NBK has powered a performance backed infrastructure to guarantee customer uninterrupted and trusted access to globally recognized products and services while ensuring their data and financials remain protected.

 

Customer quote:

Nikolaos Sfikas, Group Head of IT at National Bank of Kuwait

 “As a leader in the global financial services industry and cornerstone of Kuwait’s economy, we at NBK constantly strive to create a leading, service oriented architecture for our customers in Kuwait and across the world. Data and application availability remain at the very core of everything we do as customers continue demand seamless access to financial products and services anytime, anywhere. We’re pleased to have selected Dell EMC as our trusted partner and proud to showcase an advanced, resilient environment that is designed to provision the efficiency, agility and performance required to power our business operations and growth strategy. Dell EMC’s VMAX3 All Flash Array (AFA) has resulted in significantly improved performance of both mission critical applications and storage systems. Most importantly, the new environment brings tighter control and integration, creating a powerful and safe environment for both NBK employees and customers.”

Dell EMC Executive quote

Habib Mahakian, Vice President, Gulf at Dell EMC

“NBK continues to revolutionize standards across the financial services sector and with a remarkable growth trajectory, the institution has worked to create a transformation driven environment to offer customers the very best in financial products and services. We are pleased to be the trusted partner of choice for NBK in their endeavor to lead their position as among the world’s highest rated and premier banks and look forward to expanding this alliance to bring innovation and agility at the heart of financial services in Kuwait and across the world.”

Dell EMC

Dell EMC, a part of Dell Technologies, enables organizations to modernize, automate and transform their data center using industry-leading converged infrastructure, servers, storage and data protection technologies.  This provides a trusted foundation for businesses to transform IT, through the creation of a hybrid cloud, and transform their business through the creation of cloud-native applications and big data solutions.  Dell EMC services customers across 180 countries – including 98% of the Fortune 500 – with the industry’s most comprehensive and innovative portfolio from edge to core to cloud.

 



Kuwait: NBK Collaborates with PAAET to support youth

16.05.2017

National Bank of Kuwait signed a cooperation agreement with the Public Authority for Applied Education & Technology (PAAET) to collaborate in supporting Kuwait’s youth.

“NBK supports the education and development of our youth through programs like our collaboration with PAAET,” said Salah Al-Fulaij, Chief Executive Officer for NBK-Kuwait. “We work continuously with key partners to provide the best banking and financial solutions for all of Kuwait and are honored to be working with the Ministry of Education and PAAET to support our youth.”  The aim of the agreement is to support and develop academic cooperation and student activities.

NBK will provide youth attending the institutions managed through PAAET with various forms of support including dedicated sales assistance to open Al Shabab accounts.  Al Shabab accounts gives students access to easily manage their student allowances, have a prepaid credit cards as well as access to other financial tools, benefits and offers.

National Bank of Kuwait provides Al Shabab account holders with a range of benefits including discounts at more than 600 merchants including restaurant, fashion and lifestyle choices through the NBK Rewards program. Al Shabab account holders have access to NBK’s Online and Mobile Banking as well as its vast network of ATM and CDM machines for cash withdrawals and deposits for fast, convenient and secure banking.

“We are proud to partner with NBK to support financial literacy for our students,” said Dr. Ahmed Al Athari, Director General, Public Authority for Applied Education and Training. “PAAET works closely with local firms to encourage our students to participate in and help develop the economy for Kuwait’s long term growth and future.”

NBK’s Tap & Pay service, available on thee Al Shabab debit and prepaid cards, enables customers to do transactions up to KD10 without entering their PIN – contactless cards only needs to be tapped on the contactless enabled POS.  Through this offer, NBK is keeping up with changes in the needs of young customers and ensuring that the bank is future safe.



Kuwait: NBK reports net profits of KD 85.4 million for 1Q 2017

16.04.2017

National Bank of Kuwait (NBK) reported net profits of KD 85.4 million (USD 280.1 million) for the first quarter of 2017 compared with KD 78.9 million (USD 259.0 million) for the same period in 2016.

Net operating income grew at 9.0% year on year to reach KD 195.4 million (USD 641.1 million).

Total assets as of end of March 2017 reached KD 24.8 billion (USD 81.4 billion) up 0.6% compared to end of March 2016, while total shareholders’ equity increased by 6.8% to KD 2.8 billion (USD 9.3 billion). Customer loans and advances reached KD 14.0 billion (USD 46.1 billion) as of end of March 2017, growing at 3.6% year-on-year, while customer deposits grew by 7.2% for the same period to reach KD 13.2 billion (USD 43.2 billion).

 

NBK asset quality remained exceptionally strong with NPLs/Gross loans at 1.27% as of end of March 2017 compared to 1.32% a year ago, and NPL coverage increasing to 348% from 335% in March 2016.

 

Nasser Al-Sayer, NBK’s Chairman, said “NBK’s first quarter profits reflects the continuation of the improving operating environment along with NBK’s strong financial position, conservative management and clear market dominance.”

Al-Sayer affirmed that the strong set of results in 1Q 2017 are driven mainly by operating and fundamental banking revenue, confirming the Bank’s strong position to seize growth opportunities locally and regionally.

 

Al-Sayer also added that “Kuwait has not suffered from a slowdown in economic activity similar to regional economies due to the large drop in oil prices. The need for infrastructure projects led to accelerated capital spending activity and strong macro-economic outlook backed by ample buffers and liquidity in the system which filtered down directly to creating business opportunities for banks.”

 

Isam Al-Sager, NBK’s Group Chief Executive Officer said “A competitive advantage that NBK embraces is having access to conventional banking in addition to Islamic banking in Kuwait since turning Boubyan bank into a fully consolidated subsidiary of NBK Group in 2012 with a 58.4% ownership.  Boubyan Bank is a key element of the Group’s strategy going forward as we focus on diversifying income sources and expanding market share. Boubyan Bank will continue to focus on implementing NBK’s culture whereas NBK commits to fully support Boubyan to increment and strengthen market position while preserving the independence of both banks.”

 

Al-Sager also added that our non-Kuwait business delivered solid and sound financial performance and increased its contribution to NBK Group’s total profits. Our International asset push was focused on profitable and stable markets with most of our operations creating added value to the Group. Contribution from outside Kuwait reached 28.4% of total Group profits in 1Q 2017 affirming the Banks’ successful strategy of regional and international diversification.  

 

“We continue to see selective opportunities in some of the markets we operate in and continue to strengthen our position in those markets focusing on promising growth opportunities to achieve complementarity and integration across international operations” Al-Sager added.

 

During 2016, NBK increased its capital base through a 6.5% rights issue. The issuance is in line with the bank’s plans to maintain healthy capitalization ratios following the implementation of Basel III and the regulations of the Central Bank of Kuwait (CBK) in this regards. Also, this increase will allow the bank to continue capturing growth opportunities, especially in Kuwait as the government’s capital spending plan remains intact and as NBK continues to be the market leader in the project finance segment.

 

As of end-March 2017, NBK’s capital adequacy ratio (CAR) reached 17.8% comfortably exceeding regulatory requirements.

 

NBK continues to enjoy collectively one of the highest ratings among all banks in the Middle East from the three international rating agencies Moody’s, Fitch Ratings and Standard and Poor’s. The Bank’s ratings are supported by its high capitalization, prudent lending policies, and its disciplined approach to risk management, in addition to its highly recognized and very stable management team. NBK was also named among Global Finance’s list of the 50 safest banks in the world for the eleventh consecutive time and was awarded as the Best Bank in Kuwait in 2016 by the Banker, Euromoney and Global Finance.

 

NBK enjoys the widest banking presence with a local and international network reaching 4 continents. NBK’s international presence spans many of the world’s leading financial centers including New York, Europe, GCC, Middle East, Singapore as well as China (Shanghai).



Kuwait: NBK Offers Its Expat Customers Exceptional Offers When They Transfer Their Salaries to the Bank

27.03.2017

We launched an innovative promotion that entitles its expatriate customers living in Kuwait to win over 60 valuable prizes and instant gifts annually, as part of the bank’s ongoing efforts to reward its existing and new customers who transfer monthly salary to their NBK’s account and also aimed to attract those who seek the best services and distinctive products offered by the bank.

 

NBK directs its new campaign, that extends until December 31, 2017, to all expatriate customers, giving them a chance to enter a draw on numerous valuable gifts; including airline tickets to their home country, cash prizes up to KWD 500, free NBK Visa Signature Credit Card for two years, and other instant prizes, in addition to other privileges as part of the bank’s pursuit to build bridges to its expatriate customers, living up to its motto “NBK with you here and at home”.

 

There will be 40 winners    from the new customers who transfer their salaries to NBK. The prize consists of a round trip airline ticket fare to their home country which is presented through NBK Gift Card. The draw for the airline ticket will be held quarterly.

 

As for Thahabi existing and new customers, they will have a chance to enter a draw to win a KD500 cash prize, offered through a free NBK Visa Signature Credit Card for the first year. Once the campaign’s conditions are met, the Visa Signature Credit Card will be free for a second consecutive year. In total, there will be 20 winners during this year; the draw will be conducted quarterly.

 

Meanwhile, new Privilege Banking customers who transfer their salaries to NBK will get an instant prize, available for a limited time, in addition to a free NBK Visa Signature Credit Card for two years.

 

NBK is committed to provide the best innovative services and products in the market, to match the unique needs and life style of each market segment. This new campaign demonstrates the bank’s commitment and keenness to offer a wide selection of exclusive offers and privileges to reward its customers’ loyalty and trust. The list of benefits extended by NBK to its expat customers who transfer their salaries to NBK accounts includes an enormous array of exclusive services, like free online money transfer to their home country, fast salary transfer, instant issuance of debit and credit cards, which are free of charge for the first year. In addition to the bank’s numerus services offered at its wide local network, including branches, Automated Teller Machines (ATM) and Point of Sale (POS), as well as around the clock access to NBK’s branch at the airport which is open 24/7 to serve our customers. Last but not the least, “NBK Online Banking” and “NBK Mobile Banking” put secure banking in the palm of our customers’ hands.

 

Moreover, Privilege Banking customers enjoy numerous exclusive services including; a dedicated Relationship Manager to cater to their unique banking needs, priority in finalizing banking transactions, premium in branch Banking Teller Service, Priority routing through NBK call center and much more. Besides, NBK Credit Cards offer exclusive benefits; including complementary access to luxury lounges across airports worldwide, local and international concierge service, free travel insurance coverage, and free valet parking services, in addition to NBK Rewards Program, the largest loyalty program in Kuwait with more than 600 participating outlets and commercial brands.

 

NBK continues to enforce its leadership across the banking sector, demonstrating the quality of its highest internationally standard services and products, in its continuous pursuit to meet and further exceed the customers’ ever-growing needs and expectations. For more information contact NBK Call Center at 1801801, or visit our website at ww.nbk.com.    



China: NBK is the First GCC Bank to Open a Branch in People’s Republic of China

26.03.2017

National Bank of Kuwait opened its new branch in People’s Republic of China, holding a ceremony at Shangri-La Hotel in Shanghai attended by the Kuwaiti Ambassador Samih Jawhar Hayat and the bank’s top executives, led by Mr. Isam Jasem Al Sager, NBK Group Chief Executive Officer and Ms. Shaikha Khaled Al Bahar, NBK Deputy Group Chief Executive Officer.

NBK has previously set up a representative office in Shanghai in 2005. The bank’s activities were limited to non-operational activities such as client referral, information gathering, and market research.
 Since then, NBK decided to expand its presence in China through transforming its representative office into a branch, becoming the first GCC bank to launch a fully-fledged branch in China. This step positions NBK to seize expansion opportunities and to reinforce mutual investment cooperation between the MENA region and China.

The Kuwaiti Ambassador Samih Jawhar Hayat highlighted the importance of Kuwait-China long-standing diplomatic relationship since the 70s, the importance of encouraging private sector investments and trade between the 2 countries, and the support and excitement on “the one belt one road” vision of China.

He also mentioned that Kuwait Investment Authority (KIA) has a significant presence in China, and that Shanghai is the main hub for business in Asia.

The Kuwaiti Ambassador appraised the strength and history of NBK, and the importance of the opening of a branch in China, He thanked also the Chinese and Shanghai authorities.

He ended his speech by wishing good luck and expressing his full support and help for the Bank.

Mr. Isam Jasem Al Sager, NBK Group Chief Executive Officer said: “NBK carries on its regional and international expansion policy, aiming to strengthen its position in the local and international banking arena. Moreover, opening a branch for NBK in China adds a new milestone in the bank’s series of expansions”. He also noted that NBK will continue during the upcoming period to focus on strengthening its position in the GCC markets, as well as Egypt, due to the promising growth opportunities that those markets reflect. 
Al Sager pointed out that NBK has become a leading regional group, with over USD79 billion in assets. Launching a new branch in China establishes NBK’s presence in the Chinese banking market, in which the bank has been present through its representative office since 2005, thus becoming the first GCC bank to open a fully-fledged branch in China. NBK’s presence in China aims to fulfill the needs of a growing customers’ base, reflecting NBK’s prestigious position and the strength of its brand name which represents quality, trust, and safety.

Al Sager highlighted that China is the largest trading partner of the MENA region among the Asian countries at present. As business ties between China and the MENA countries are expanding, trade and commercial activities between China and MENA are growing in tandem, making China a strategic market for NBK to set up a branch presence.

Ms. Shaikha Khaled Al Bahar, NBK Deputy Group Chief Executive Officer Said” Today marks a milestone for NBK. The vision that we had is being realized in a country that embodies culture, civilization, dignity, might, perseverance, knowledge and technology in a history that traces back to thousands of years.”

Al Bahar Added” opportunities in China are boundless, and we are confident of our ability to handle all financial and banking requirements of our customers in Kuwait and China.  Around 20 Chinese construction companies operate in Kuwait.  Our own new headquarters is being constructed by a Chinese company.  The growth in business volumes necessitates full-fledged operation than just a representative office.  Our solid banking and financial dealings combined with an impeccable reputation and track record landed us in China, where the highest standards of professionalism are required”.

NBK has a wide local and international network of branches across 4 continents, with its international presence extending to cover many of the world’s leading financial centers including, New York, London, Paris, Singapore and Shanghai. NBK also has a wide regional network covering Saudi Arabia, UAE, Bahrain, Iraq, Lebanon, Jordan and Turkey.

On the credit rating front, NBK continues to maintain the highest ratings amongst its peers in the Middle East, unanimously by the top credit ratings agencies; namely Moody’s, Fitch and S&P. NBK ratings are supported by its strong capitalization, prudent lending policies and its disciplined approach to risk management and sound credit risk policies, in addition to the expertize and stability of its management team. Moreover, NBK maintained its listing in The World’s 50 Safest Banks list for the 11th consecutive time and was awarded as the “Best Bank” in Kuwait in 2016 by the Banker, Euro-money and Global Finance.



Kuwait: NBK Launches the Foreign Currency Prepaid Card

24.03.2017

National Bank of Kuwait (NBK) has recently launched NBK Foreign Currency Prepaid Card; as part of its ongoing efforts to facilitate customers’ banking transactions while traveling abroad, enabling cardholders to pay using the hosting country’s currency. This new innovative card is the safest and most convenient means of payment, as it delivers a more secure and convenient experience for NBK customers during their travel, and gives them peace of mind knowing that they have recharged their prepaid cards before leaving home, thus avoiding any exchange fluctuation.

NBK Foreign Currency Prepaid Card is available in seven currencies: US Dollar, Euro, Pound Sterling, UAE Dirham, Egyptian Pound, Indian Rupee, and the Jordanian Dinar. Customers can recharge their cards through NBK Online Banking, NBK’s IVR, NBK Call Center, or any of NBK branches.  

Commenting on the newly launched card, NBK Assistant General Manager- Consumer Banking Group, Hanadi Khazal said that this card is ideal for frequent travelers as it provides a full range of benefits to NBK customers and facilitates their purchase transactions outside Kuwait. The new card is an example of leveraging innovation to deliver on client needs, and builds on NBK’s ongoing efforts to providing frequent travelers with the flexibility and security while paying for their purchases in any of the currencies provided by the card, be it for online shopping, point-of-sale, or ATM withdrawals.

Moreover, NBK Foreign Currency Prepaid Card offers a range of benefits including: Travel insurance of up to USD100,000, exclusive offers and rewards from Visa, SMS Service, in addition to easy login to your account via NBK Online Banking, and other benefits that meet travelers’ lifestyle and needs. In addition, customers can apply for the card with ease and convenience through NBK Online Banking or NBK Call Center, and the bank will deliver the card to them free of charge anywhere in Kuwait.

NBK Credit Cards are widely accepted worldwide and are the safest, most convenient and rewarding way to pay, offering value added features, numerous discounts, and excellent rewards. For more information contact NBK Call Center at 1801801, or visit nbk.com 

 



Kuwait: NBK and Mastercard offer cardholders opportunity to attend ‘UEFA Champions League Final Cardiff 2017’

12.03.2017

 

National Bank of Kuwait (NBK) has launched its annual campaign to reward NBK Mastercard Credit Cardholders by offering them four chances to win two tickets to the semi-final and final matches of ‘UEFA Champions League Final Cardiff 2017’ held in Whales. As the official sponsor of the UEFA Champions League, Mastercard will be sponsoring the tickets provided to winners.

The campaign, which runs through April 30, 2017, provides NBK Mastercard Credit Cardholders with the chance to be a part of the most popular sporting event in the world, with two winners getting the opportunity to attend the Semi-finals, and two winners attending the Final to be held on June 3, 2017. The fully-paid trips, which include a roundtrip airline ticket, hotel accommodation and game tickets, in addition to roundtrip transportation to and from the stadium, are all offered by Mastercard.

NBK Assistant General Manager- Consumer Banking Group, Hanadi Khazal, said that NBK is always keen on rewarding its customers by presenting them with the best exclusive and innovative services and products, and through its collaborations with the most prominent and leading companies worldwide. NBK is the only bank in Kuwait to run such a campaign for its cardholders.

Khazal added that this campaign is extremely popular in Kuwait and there is an ever-growing interest to follow its uniquely enthusiastic games. “Thanks to our exclusive collaboration with Mastercard, football fans will have an exclusive chance to attend the most sought-after final games of the UEFA Champions League, directly on the stadium’s grass field.”

Pankaj Kathuria, Area Business Head, Northern Gulf, Mastercard, said: “Mastercard has a rich history of supporting globally renowned football events, and we have always endeavored to bring cardholders unique experiences that take them to the heart of their favorite games. We are excited to offer our cardholders rewarding incentives that give them the opportunity to embark on exceptional and priceless experiences.”

NBK Mastercard credit cardholders will be entitled to one entry into the draw for every KD 1 spent using their credit cards locally, and three chances when they use their cards abroad during their travels outside of Kuwait or when they make a purchase online. Cardholders can boost their chances of winning by increasing the usage of their credit card during the length of the campaign.

NBK firmly establishes its leadership in the credit card domain in Kuwait through its continuous dedication to providing more preferential services and benefits to NBK Credit Cardholders, and its constant keenness for innovation and presenting rewarding offers that meet the expectations and aspirations of its clients. NBK credit cards have a worldwide global acceptance, as they are considered the most convenient method of payment, while providing numerous distinctive benefits, discounts, and rewards.

For more information, contact NBK Call Center at 1801801, or visit our website at nbk.com or NBK social media pages on Instagram @NBKPage and on Twitter @NBKPage.



Kuwait: NBK’s AGM Approves the Distribution of 30% Cash Dividends and 5% Bonus Shares

11.03.2017

Mr. Nasser Musaed Al–Sayer, Chairman of the National Bank of Kuwait said:” NBK has maintained its leadership position in the banking sector in 2016 through its strong performance and exceptional results, as the bank constituted 40% of the banking sector’s aggregate profits, positioning it to be the most profitable among Kuwaiti companies and one of the highest amongst all Arab banks.

This took place during National Bank of Kuwait’s Ordinary and Extraordinary General Assembly meeting for the year 2016, which was held today (Saturday, March 11, 2017), with a quorum of 79.52%. NBK’s AGM and EGM approved the Board of Directors’ recommendations to distribute a cash dividend equivalent to 30% of the nominal value of the share (30 fils per share) and 5% bonus shares (5 shares for every 100 shares) to shareholders.

Exceptional Performance

Al-Sayer added that NBK has continued its exceptional financial performance during 2016, reporting KWD295.2 million in net profits, up by 4.6% y-o-y. He explained that after adjusting for a one-off gain in respect to NBK’s exiting its investment in International Bank of Qatar (IBQ) in 2015, the net profits for 2016 represent an 11.2% increase y-o-y, once again reaffirming the success of NBK’s conservative strategy and its prudent risk management, as well as its commitment to the highest standards across all business lines.

Successful Strategy

Al-Sayer indicated that the bank has continued to implement its successful strategy aiming at reinforcing its leadership position in the banking sector, thanks to its strong financial position and its deep understanding of customers’ needs. This allows NBK to continuously offer innovative and diverse products, thus strengthening its leadership position in the local market. NBK also managed to maintain its prominent role in leading and financing large development projects.

He added that acquiring a stake in its Islamic subsidiary Boubyan Bank has reinforced NBK’s strategy aiming at diversifying income sources, as well as the services the bank offers its customers, in addition to expanding its client base. He emphasized on NBK’s commitment to support Boubyan Bank and to strengthen its position in the Islamic Banking market, while maintaining its independence at the same time.

On the regional front, Al-Sayer mentioned that despite the recent developments in the region, and the persistence of several operational challenges in various regional markets, NBK continued to focus on supporting the full integration of its international operations. This led to an increased contribution from subsidiaries and international branches towards the overall profits of the Group, thus reflecting the strength of our reputation and brand name across the region and worldwide.

He pointed out that NBK has always been the bank of choice for local and international corporations operating in the region, thanks to its in-depth knowledge of the regional markets, its strong financial position, and its prestigious reputation over the years. 

Financial Indicators

Meanwhile, Mr. Isam Jasim Al-Sager, Group Chief Executive Officer said: “NBK continued its solid performance and achieved a 4.6% growth in its net profits in 2016 y-o-y, reaching KWD295.2 million. NBK’s 2016 net profits jumps by 11.2% after excluding the one-off gain in respects to the NBK’s exiting its investment in IBQ in 2015.

He added that on similarly adjusted basis, the Group’s net operating income grew by 5.4% year-on-year to KD745.3 million. He also pointed out that the growth in Operating Income is primarily driven by higher Net Interest Income.

As for the bank’s operating performance, Al-Sager pointed out that the Net Interest Income and Net Income from Islamic Financing reached KWD570 million in 2016, up from KWD530 million in 2016 (7.5% year-on-year). Net Fees and Commissions also grew by 2.3% in 2016, reaching KWD133 million.

Al-Sager added that total Shareholders’ Equity increased by 4.3% in 2016, reaching KWD2.7 billion, compared with KWD2.6 billion in 2015. Total Assets also increased by 2.6%, reaching KWD24.2 billion as of year-end 2016.

He explained that 2016 financial results reflect NBK’s strong growth across all business sectors, and pointed out to the bank’s ability to achieve strong returns on its assets (ROA) and shareholders’ equity (ROE) in 2016, reaching 1.22% and 10.8%, respectively.

Assets Quality

Al-Sager carried on saying that NBK is keen on continuously enhancing its asset quality ratios, with NPL’s/Gross loans ratio at 1.28% by the end of 2016, down from 1.34% in 2015, and NPL coverage of 365% in 2016, compared with 322% in 2015.

Al-Sager pointed out that the growth in deposits reflects the Group’s strong brand name and its ability to attract depositors across all markets. Customers Deposits increased by 4.6% in 2016, reaching KWD12.6 billion, up from KWD12.05 billion in 2015. He explained that Loans, advances and Islamic financing to customers stood at KWD13.6 billion, changing marginally from last year’s level, due to larger-than-usual loan settlements, in addition to the free floatation of the Egyptian currency, resulting in a decline in the value of assets and liabilities of NBK Egypt (NBKE) when converted to Kuwaiti Dinars for Group consolidation purposes.

Capital Adequacy

Al-Sager indicated that NBK has always maintained high levels of capital adequacy, with a capital adequacy ratio of 17.7% by the end of 2016, in accordance to Basel III framework, and exceeding the regulatory requirements.

He also pointed out that NBK has always kept healthy capitalization ratios, through the implementation of Basel III capital adequacy framework and CBK’s requirements. NBK increased its capital base in 2016 through a 6.5% rights issue

Al-Sager emphasized that this increase will allow the bank to continue capturing growth opportunities, as the government’s capital spending plan remains intact and as NBK continues to be the market leader in the project finance segment. He also confirmed that this step comes in line with NBK’s plans to maintain healthy capitalization ratios.

Highest credit ratings and the safest bank

Al-Sager confirmed that despite the challenging operational environment, NBK continued to distinguish itself and maintained its leading position in the banking sector, as depicted in the bank’s high credit ratings from the leading agencies worldwide, like Moody’s, S&P, and Fitch, thus positioning NBK as one of the top-rated banks not only in the Middle East, but also worldwide.

Al-Sager explained that the consensus of those renowned credit rating agencies reflects the strong financial indicators of the bank, its high asset quality, strong capitalization, and its clear strategic direction. He also referred to NBK’s ability to continuously upkeep its prestigious reputation over the years thought its designation as the only Kuwaiti bank listed amongst the top safest 50 banks worldwide for the 11th consecutive time.

Investment Expenditure

In the meantime, Ms. Shaikha Khaled Al-Bahar, Deputy Group Chief Executive Officer said: “Despite the recent drop in oil prices, we still have a very optimistic outlook for the local economy, thanks to Kuwait’s strong financial position, its huge surplus, low sovereign debt, and its capability to issue debt instruments which ensures the stability of the country’s financial policy. Al-Bahar confirmed that the impact of the continuous drop in oil prices is still limited to the operating environment in Kuwait, as the government constantly confirmed its intentions to continue its capital spending program and to invest in mega development projects.

Al-Bahar pointed out that 2016 has witnessed a continuation of the government efforts in tendering and executing a number of development projects, with over USD10 billion in investment expenditures within the government’s development plan aiming to stimulate the business environment. This reflected positively on the local economic activities and credit growth.

She also pointed out to NBK’s prominent leading position which allows it to capture growth opportunities presented by such projects, as it played a major role in financing and arranging for credit facilities related to some of the largest governmental projects, including the development of Terminal (2) as part of Kuwait International Airport’s expansion plan, valued at KWD1.3 billion and Kuwait National Petroleum Company’s project to build the liquefied natural gas (LNG) import and regasification terminal for USD2.9 billion.

Income diversification

She indicated that NBK continued its strategy aimed to diversify the sources of its income, to support the bank’s financial positon and its ability to face market volatilties. It is worth noting that consumer and private banking contributed 33% of the total operating income, while contribution from Corporate Banking stood at 23%, Islamic Financing at 14%, International operations 25% and Investment Banking at 3%.

As for the diversification of operating income sources, Al-Bahar said:” Net Interest Income constituted 76% of the total Operating Income, while fees and commissions were 18% and gains from foreign currency contribution was 5%.

International Expansions

On the international operations front, Al-Bahar said: “NBK’s international branches and subsidiaries continue their solid performance, in a testament to our successful strategy aiming at diversifying the sources of income and our continuous pursuit to strengthen our position in the markets where we currently operate”.

She also pointed out that despite the existence of some operational challenges in several markets due to the decline of oil prices, NBK’s operations in GCC markets, especially Saudi Arabia and UAE, have shown strong resilience towards those repercussions and proved outstanding capability to capitalize on the growth opportunities those markets present.

Within the same context, Al-Bahar mentioned that following the implementation of the transition strategy at the beginning of 2015, NBK-Egypt (NBKE) managed to report remarkable growth in 2016. This growth helped the bank offset the drop in the Egyptian pound value post the currency free floatation. NBKE is expected to continue to grow positively benefiting from the stabilization of the country’s political environment and its economic reform program. The Group will continue to consider Egypt as a promising and strategic market in the long term.

International Markets

Al-Bahar noted that NBK continued its presence in the international markets through its wide international network spanning over 4 continents and providing banking services in 15 regional and international market. She confirmed that NBK’s International Operations continues to grow, reflecting NBK’s strong reputation and brand name.

She also highlighted NBK’s complementarity and integration of its international operations to widen its services across regional and international markets in which it operates. She pointed out that the bank’s branches in London, Paris, Geneva, New York, and Singapore are considered millstones, differentiating NBK’s with its widespread network compared to its regional peers, where strong influx of capital and deposits from high net worth individuals, financial institutions, oil companies, correspondent banks, and government agencies, all seeking the secure, stable, and distinctive financial services provided by NBK.

Best Financial Indicators

Mr. Salah Y. Al-Fulaij, Chief Executive Officer – Kuwait, indicated that NBK’s strength across all financial indicators confirms its leadership position amongst all local banks.

Al-Fulaji highlighted that NBK has confirmed its leadership as the most profitable and best performing bank with its increased profits compared to its peers. NBK also has the best financial indicators across the Kuwaiti banking sector.  He added that NBK counted for 40% of the total banking profits in 2016 and 45% of the banking system total distributions in 2016.

Leading development projects

On another topic, Al-Fulaij indicated that NBK is the largest financial institution in Kuwait, with over KWD24.2 billion in assets as of year-end 2016, far ahead of its rivals, and is considered one of the few banks in the region that has the capacity to lead and finance mega projects and transactions.

He pointed out that NBK enjoys supremacy as the bank of choice for major local and regional corporations seeking to expand, as it played a leading role in the financing required to meet their needs. 

On the oil and gas front, Al-Fulaij mentioned that NBK was mandated to lead a consortium of banks to provide the financing arrangement to a number of mega projects, including Kuwait National Petroleum Company's (KNPC) Clean Fuels Project (CFP), which is considered the largest Kuwaiti Dinar syndicated financing ever in Kuwait’s history. NBK also extended a credit facility to EQUATE Petrochemical Company to acquire ME Global to become one of the largest petrochemical producers worldwide.

He added that NBK has also extended a USD280 million credit facility to Kuwait Styrene Company, the largest bank contributing in EQUATE’s global bond issue, and acted as the mandated lead arranger and underwriter of KNPC’s Clean Fuel project.

Al-Fulaij also mentioned that NBK succeeded in providing credit facilities to KNPC through a number of local banks, as well as extending credit facilities to EQUATE Petrochemicals Company through a number of local, regional, and international lenders.

Az-Zour power plant

He added that the first phase of Az-Zour North Independent Water and Power Project (IWPP) was completed in 2016. This project is the first to be implemented under the public and private partnership program. NBK was one of the largest participating banks, and the only local bank within the international consortium of banks mandated to arrange the credit facility. NBK also acted as account bank and local security agent for the project.

 Human resources development

On a different note, Al-Fulaij indicated that NBK is proud to be the largest institution in Kuwait in terms of hiring Kuwaiti nationals, as the bank boosted its investment in the human resources development by hiring 311 new employees in 2016, including 279 Kuwaitis, thus bringing our Kuwaitization ratio to 66.4%, up from 66.1% in the corresponding period of last year. In addition to that, we announced 81 internal job opportunities to the bank’s employees to enable them to move between various departments during 2016.

Al-Fulaij added that the Group’s Human Resources Department provided around 2,370 training opportunities in 2016, out of which 75% were targeted to new employees, whereas around 57% of the training programs were directed towards specialized and technical skills.

/Human Wealth /

 

The largest contributor to the development of the society

Al-Sayer said that NBK holds a firm commitment towards the society to which it belongs, which makes the bank one of the largest contributors towards the development of the Kuwaiti society over the past decades, with a proven record of social initiatives across various domains and activities. NBK Children’s Hospital remains an icon of the Bank’s social contributions. The Bank continued with its commitments by establishing the first specialized center for marrow transplantation in Kuwait in the Children’s Hospital. Moreover, the Bank continued to support various charities and humanitarian organizations such as Bayt Abdullah for Children Hospice, Red Crescent and LOYAC.

He pointed out to NBK’s continuous contributions through support and assistance activities aimed at protecting and preserving the environment, in addition to educational and sports activities including NBK’s annual Walkathon, and its annual Ramadan Iftar Campaign.

Thanks and appreciation

Al-Sayer extend his sincere thanks and appreciation to His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, His Highness the Crown Prince, the Kuwaiti government, and the kind people of Kuwait. He also praised the efforts of official and governmental authorities, especially the Central Bank of Kuwait (CBK), for their continued support towards the stabilization and growth of Kuwait’s economy.

He also extended his heartfelt gratitude towards shareholders and customers for their continued support and belief in NBK as the leading Kuwaiti bank and the top financial institution in the region. Al-Sayer also praised NBK’s employees, led by executive management, for their huge efforts and contributions towards the continuous promotion of the bank and its financial results, promising to keep up NBK’s prominent leadership.

 

NBK’s Leadership

The largest financial institution in Kuwait and the oldest bank in the GCC.

Highest profits amongst Kuwaiti companies and among the highest in the region.

Highest credit ratings in the Middle East.

One of the safest 50 banks in the world for the 11th consecutive time.

The largest local financial network, and one of the largest across the world spanning over 4 continents worldwide.

The most valuable brand name in Kuwait and among the best regionally.

The biggest contributor in the development of Kuwait’s society, and one of the largest recruiters for nationals.

Bank of choice for oil companies and international corporations operating in Kuwait

Leadership role in financing mega development projects in Kuwait

Bank of choice for the largest local and international companies seeking to finance their expansion plans

In a prominent position to capitalize on growth opportunities presented by the development plan



Kuwait: NBK hosts Al-Bayan Bilingual School students

06.03.2017

National Bank of Kuwait (NBK) recently hosted students from Al-Bayan Bilingual School, as part of NBK’s corporate social responsibility efforts.

NBK public relations team accompanied the students on their tour of the bank’s various departments including the banking hall and different banking units to learn about the banking industry and the dayـtoـday work of the bank’s various departments. Students also were introduced to NBK’s safety deposit boxes.

The students had the chance to learn about the broad range of NBK financial and banking products and services. As part of the tour, the students visited NBK museum where they had the chance to learn about Kuwait’s history and important national historical events in addition to NBK’s establishment story.

The tour is part of NBK’s ongoing commitment to its corporate social responsibility program and to promoting the education and development of the country’s youth. NBK regularly hosts students on field trips from both public and private schools in Kuwait and provides them with information about the banking industry and career opportunities.



Kuwait: NBK awarded “Best Private Bank for 2017 in Kuwait”

01.03.2017

For the 9th year in a row, National Bank of Kuwait (NBK) has been awarded the “Best Private Bank for 2017 in Kuwait” in Euromoney’s Annual Survey surpassing global banks in wealth management and private banking services. NBK topped the list of nominees, outmatching renowned international banks in the field of Private Banking Services. 

Euromoney’s Annual Survey data is compiled from the industry’s experts and analysts worldwide. NBK’s Best Private Bank award include: “Best Private Bank in Kuwait”. Mahmoud Ezzedine, NBK's Deputy General Manager, Private Banking Group, received the awards at a glittering dinner and awards ceremony recently held in London. 

“Awarding NBK the prestigious title of "the Best Private Banking Services in Kuwait” for another year, surpassing renowned global banks and financial institutions, reflects the constant confidence the customers vest in NBK and their appreciation of the outstanding quality of its services and products,” said Ezzedine. “This award is another testimony of NBK`s leading position as the highest-rated bank in the Middle East and among the 50 safest banks in the world.”

He added “the excellent, strong and durable relationships NBK has always maintained with its high net-worth customers, enabled the bank to assume a unique and leading position in the field of wealth management and private banking on both local and regional markets. NBK also succeeded in maintaining the highest service quality standards while consistently endeavoring to provide the most innovative spectrum of investment and wealth management products and solutions to satisfy the increasingly changing needs of customers.”

“Thanks to its largest local and international network strategically located in the major world financial centers, NBK has always maintained a dominant and advanced position to provide the best banking and investment solutions that covers a wide range of international markets, taking into consideration the specific profile of each and every customer,” noted Ezzedine.

“I take this opportunity to express my sincere thanks and gratitude to both the trust of NBK clients as well as the invaluable efforts of the Private Banking team at NBK that enabled the bank to win such a prestigious title,” said Ezzedine.

Euromoney is a leading British Financial magazine that organizes annually this event. The Private Banking Awards event covers over 60 countries each year. The results are voted by experts and analysts worldwide. The results are also based on other major criteria such as the services provided, asset management, wealth management and client relationship management. For more information on this award please visit www.euromoney.com;

NBK continues to enjoy collectively the highest credit ratings in the region from the three international rating agencies Moody’s, Fitch Ratings and Standard and Poor’s. The Bank’s ratings are supported by its high capitalization, prudent lending policies, and its disciplined approach to risk management, in addition to its highly recognized and very stable management team. NBK was also named among Global Finance’s list of the 50 safest banks in the world for the eleventh consecutive time.

NBK enjoys the widest banking presence with a local and international network reaching 4 continents. NBK’s international presence spans many of the world’s leading financial centers including New York, Europe, GCC, Middle East, Singapore as well as China (Shanghai).



Bahrain: NBK-Bahrain reports net profits of BHD 73.415 million (KD 59.638 million) for 2016, up 14% y-o-y

27.02.2017

National Bank of Kuwait-Bahrain (NBK Bahrain), the branch of NBK Group in Bahrain, reported net profits of BHD 73.415 million (KD 59.638 million) for the year 2016 compared with BHD 64.207 million (KD 52.158 million) in 2015, a growth of 14% year-on-year.

As of end of 2016, NBK-Bahrain’s total assets increased by 28% y-o-y to BHD 5.117 billion (KD 4.157 billion), compared with BHD 4.004 billion (KD 3.253 billion) in 2015. While total shareholders’ equity increased 23% y-o-y to  BHD 500.4 million (KD 406.5 million). Customer deposits increased by 20% y-o-y to BHD 2.742 billion (KD 2.227 billion).

Isam Al-Sager, NBK Group Chief Executive Officer said “NBK-Bahrain continues its solid performance despite the challenging operating environment. The Bank’s strong results affirm the success of NBK Group’s regional expansion strategy that is built on a culture of prudence and strict risk management practices.”

“We are successfully proceeding in strengthening our position as a leading regional bank,” Al-Sager added. “NBK’s subsidiaries continue to deliver strong results contributing positively to the Group’s profitability and adding value to the growth in our business.”

Ali Fardan, NBK-Bahrain General Manager, said “This strong performance reflects our conservative management as we have consistently focused on our core business and ways to diversify sources of income. We continue to grow our operations locally by developing new products to serve our customers benefiting from the support of NBK Group.”

NBK has been present in Bahrain since 1977 and enjoys strong and historical relationships with the major Bahraini and international companies. Al Fardan added.

NBK continues to enjoy collectively one of the highest ratings among all banks in the Middle East from the three international rating agencies Moody’s, Fitch Ratings and Standard and Poor’s. The Bank’s ratings are supported by its high capitalization, prudent lending policies, and its disciplined approach to risk management, in addition to its highly recognized and very stable management team. NBK was also named among Global Finance’s list of the 50 safest banks in the world for the eleventh consecutive time and was awarded as the Best Bank in Kuwait in 2016 by the Banker, Euromoney and Global Finance.

NBK enjoys the widest banking presence with a local and international network reaching 4 continents. NBK’s international presence spans many of the world’s leading financial centers including New York, Europe, GCC, Middle East, Singapore as well as China (Shanghai).



Kuwait: NBK sponsors “Dasman Talks”: A Youth Forum for secondary school students

18.02.2017

Organized by Dasman Bilingual School under the patronage of Undersecretary of the Ministry of State for youth Affairs, Sheikha Al-Zain Al-Sabah, National Bank of Kuwait (NBK) sponsors the Youth Forum for secondary school students “Dasman Talks”, as part of its commitment toward corporate social responsibility.

NBK's sponsorship and support to Dasman Bilingual School comes in line with the bank's commitment to corporate social responsibility as well as the vital role it plays in supporting all students, youths and educational initiatives.

The forum sheds the light on encouraging young people to build their public speaking skills and focus on the required tools to create an environment ripe for their leadership. It aimed at empowering youth and the development of their vision, creative power, and drives to make the future an inclusive, sustainable place for themselves and coming generations.

NBK is committed to supporting youths and empowering them to realize their potentials. NBK provides career and training opportunities to encourage youths to assume roles and obtain the required tools to create an environment ripe for their leadership.”

It is worth mentioning that Dasman Model Bilingual School serves the interests of students with different learning abilities.

 

 



Kuwait: NBK Hosts Al Amal Students

17.02.2017

National Bank of Kuwait (NBK) recently hosted students from Al Amal School, as part of NBK’s corporate social responsibility efforts.

NBK Communications team accompanied the students on their tour to the bank’s various departments including the banking hall, and different banking units to learn about the banking industry and the dayـtoـday work of the bank’s various departments. The students also were introduced to NBK’s safety deposit boxes.

The students had the chance to learn about the broad range of NBK financial and banking products and services through trained staff who communicated with them in sign language. It’s worth mentioning that some of NBK’s branches are fully-equipped branches to serve people with special needs as per the highest international standards from the moment they arrive until the moment they leave.

As part of the tour, the students visited NBK museum where they had the chance to learn about Kuwait’s history, key national historical events in addition to NBK’s establishment story.

The tour is part of NBK’s ongoing commitment to its corporate social responsibility program and to promoting the education and development of the country’s youth. NBK regularly hosts students on field trips from both public and private schools in Kuwait and provides them with information about the banking industry and career opportunities.

 



Kuwait: NBK offers NBK Miles World Mastercard Credit Cardholders exciting opportunities by adding NBK Rewards Program

15.02.2017

National Bank of Kuwait (NBK) has recently added a new feature to its NBK Miles World Mastercard Credit Card, by enabling customers to earn NBK Rewards Points for transactions conducted at more than 600 participating NBK Rewards partner outlets. 

NBK customers can reward themselves more when using their NBK Miles World MasterCard credit card by earning points for every day spends.  Customers not only earn NBK Miles Points but also NBK Rewards Points for the same transaction at any of the 600 NBK Rewards partners giving them the freedom to choose their favorite destination from a wide selection at more than 800 airlines including Emirates, Etihad, British Airways, Jazeera Airways and Fly Dubai with no blackout dates as well as free stays at more than 150 000 hotels around the world, as well as the opportunity to enjoy the service of major international car rental companies. NBK Miles Points expire after 3 years. Importantly, if the cardholder has enough Miles Points for an airline ticket, the airline tickets are redeemable without paying any additional taxes as the Miles Points are used for paying taxes as well. In effect, they will receive free air tickets when redeeming their Miles Points.

This move comes in line with NBK’s drive to provide unique solutions to frequent travelers, offering them both the flexibility and the convenience they need to choose the airline and destination of their choice. In addition to that, NBK Miles Points provide customers with various other travel related benefits such as free travel insurance when purchasing airline tickets with up to USD 2 million in annual coverage, free access to more than 500 airport lounges at 300 airports worldwide on top of access to local and international concierge services, , free valet parking services, and many special offers at local and international hotels, restaurants, and stores.

NBK Miles World Mastercard Credit Cardholders are immediately rewarded with 10,000 free points, credited to their NBK Miles Points balance as soon as they use the card for the first time regardless of the amount spent. Clients also earn NBK Miles Points every time they use their card in Kuwait, and can even get more points using the card abroad or for online purchases.

NBK Credit Cards are widely accepted worldwide and are the safest, most convenient and rewarding way to pay, offering value-added features, numerous discounts, and excellent rewards. For more information contact NBK Call Center at 1801801, or visit our website at nbk.com. 



Kuwait: NBK and Loyac Concluded “Bridge” Training Program

13.02.2017

National Bank of Kuwait (NBK) and Loyac concluded the Training Program “Bridge”. More than 950 interns participated in this program that consisted of three training sessions.

“Bridge” Training Program aims at training Loyac interns on best customer service practices. NBK offered training material and trainers during the program that was launched last May.

NBK sponsored this program as part of its commitment to Corporate Social Responsibility as well as towards supporting students, youths and self-building initiatives in Kuwait.

Each session of the program featured a mixture of theoretical and practical training dedicated to provide the interns with invaluable knowledge on a variety of subjects related to service quality and customer service, in addition to helping them to have greater exposure to different work procedures.

Commenting on this occasion, Manal Al Mattar, NBK Assistant General Manager, Public Relations said “We are proud of the outcome of this program and the great number of interns who participated. NBK sponsorship to this program goes with our continuous support to Loyac’s activities and events.”

“NBK always strives to empower Kuwaiti youth to realize their potentials, providing career and training opportunities. Also, NBK develops the professional skills of young Kuwaitis as part of its strategy to develop national human resources,” Al Mattar added.

Fetouh Aldalaly, Loyac Board member expressed her gratitude to NBK for their continued support and involved in LOYAC’s programs that aim to provide the youth with unique opportunities such as the Internship program which offers the Bridge workshop as a prerequisite, enhancing the interns’ skills, and preparing them for bright and prosperous careers.

Aldalaly stressed the importance of development programs in shaping the youth and preparing them for the job market and even more so is the importance of employers supporting such programs.

“We thank NBK for allowing our youth to experience such unique opportunities, and we look forward expanding such opportunities through our ongoing partnership with NBK,” Aldalaly added.

NBK continues to promote a range of philanthropic missions and social welfare programs as part of its corporate social responsibility to assert its leadership in supporting Kuwait’s social development standing as a model in serving all aspects of the community.

 

LOYAC is a nonprofit organization that runs several programs for the youth to develop their professional skills, enhance their personal growth and help them find their sense of purpose by extending themselves to others.



Kuwait: NBK Most Valuable Banking Brand in Kuwait with a value of US$1.59bn

12.02.2017

National Bank of Kuwait (NBK) was recognized for the 3rd time in a row as the most valuable banking brand in Kuwait in 2017 according to Brand Finance, the renowned brand valuation agency. NBK ranks among the Top Tier of the Most 500 Valuable Banking Brands in the world.

According to Brand Finance, NBK’s Brand value reached USD 1.59 billion, up 15% year-on-year. Also, NBK’s brand rating is ranked AA, among the top in the region.

This recognition reflects customers and shareholders’ trust in NBK as well as the bank’s strong reputation locally and regionally. 

David Haigh, Brand Finance CEO, said: “NBK continues to demonstrate strong and consistent growth. For the third year in a row it is Kuwait’s most valuable banking brand with a value of US$1.59bn. Brand strength has also improved, reflecting NBK’s commitment to its customers and to reinforcing brand equity. With profits remaining high and revenues growing, 2017 looks bright.” After joining the ‘billion dollar brands club’, NBK has the potential to become one of the world’s top 100 banking brands too. In its home country, NBK is unrivalled. It has overtaken its competitors to become the nation’s premier banking brand.”

Brand Finance’s valuation assesses the dollar value of the reputation, image and intellectual property of the brand. It considers a number of relevant attributes such as financial performance, revenue forecasts, growth rates, brand strength index, sustainability and analysts’ insights, amongst others.

NBK continues to collectively enjoy the highest ratings from the three international rating agencies; Moody’s, Fitch Ratings and Standard and Poor’s. The Bank’s ratings are supported by its high capitalization, prudent lending policies, and its disciplined approach to risk management, in addition to its highly recognized and very stable management team. In 2016, NBK was also named among Global Finance’s list of the 50 safest banks in the world for the eleventh consecutive time.

NBK has the widest banking presence with more than 170 branches worldwide. NBK’s international presence spans many of the world’s leading financial centers including London, Paris, Geneva, New York and Singapore, as well as China (Shanghai). Meanwhile, regional coverage extends to Lebanon, Jordan, Iraq, Egypt, Bahrain, Saudi Arabia, the UAE, and Turkey.



Kuwait: NBK Grants Children’s Wishes: Victor Becomes a Real -Life Boxer

04.02.2017

National Bank of Kuwait (NBK) continues its “I Dream to Be” initiative, a first-of-a-kind initiative that aims at granting wishes for children with severe illnesses around Kuwait, giving them the chance to live their dreams.

Victor Abraham, who is undergoing treatment at NBK Hospital, has always dreamed of being a boxer. NBK and the Burrow Gym helped him make his dream come true.

NBK’s family organized a visit for Victor and his father to The Burrow Gym, where he was given special lessons and practices. The Burrow’s staff alongside with Victor’s family and the NBK team were given a tour of the area and learnt all the boxing techniques and trainings through participating in various activities, competitions and many other training techniques.

The Burrow’s team greeted Victor with a boxing show, giving him precious memorabilia that will help with his future as a boxer.

“Victor’s dream to become a boxer is yet another wish granted through NBK’s initiative “I Dream To Be”. We are proud to be a part of the children’s wishes and expand our support to them as much as possible to fulfill their dreams.” said Joanne Al Abdul Jaleel, NBK Public Relations Officer.

“I Dream To Be” initiative is a lifetime experience for children,” she added. “This initiative is a great way to spread joy and show that there’s always a positive side to a difficult situation.

NBK gives top priority to children through its commitment to its corporate social responsibility. NBK works closely with the Kuwait Association for the Care of Children in Hospitals (KACCH), Bayt Abdullah for the Care of Children in Hospice (BACCH) and several other special needs organizations to maximize its reach to all the children in numerous hospitals and schools.

NBK has been at the forefront of supporting Kuwait’s community through a range of initiatives towards education, health, sports and social responsibilities. The establishment of NBK’s Children Hospital for Oncology and Hematology at Al Sabah Medical Area stands as one of many ongoing corporate social initiatives towards health and children. “I Dream To Be” aims at focusing and supporting NBK’s efforts towards children and addressing their needs as much as possible.

 



Kuwait: NBK Launches a National Song as a Commemorative Gift for Kuwait on the National Day Occasion

01.02.2017

On the occasion of Kuwait's anniversary of independence and the anniversary of liberation, National Bank of Kuwait (NBK), in another first-of-its-kind initiative, launched a special musical production presented as a commemorative gift to Kuwait.

 

Titled “Baqoon”, the national production, consists of a series of tableaux that depict the social responsibility carried by Kuwait. The song is revealed on Al Rai and Kuwait TV stations as well as in cinemas. Social media followers can watch the song through NBK social media channels on YouTube NBKGroup and Facebook NBKGroup or Instagram @ NBKGroup and Twitter @NBKpage. Special competitions are held with valuable prizes for NBK social media followers.

 

It’s worth mentioning the participation of Kuwaiti swimming champion Fai Al Sultan and world champion in free skydiving Osama Najaf in this national production. Both heroes reflected the cultural progressive side of the country. Also, to be noted the efforts of the Ministries of Interior, Defense, the Red Crescent Society and many other partners who also had a remarkable contribution in this initiative.

Manal Al Mattar, NBK Public Relations Assistant General Manager said: "This unprecedented musical work featuring numerous cultural, community and social activities and charities carried by Kuwait is performed by the famous Kuwaiti singer Abdullah Al Rewaished as a commemorative gift for Kuwait and to raise awareness towards social responsibility and to encourage youth to volunteer."

 

“The unprecedented National song is a piece of art that is rich in connotations and invokes remarkably vivid community-related associations. It will be a part of NBK's social program on the occasion of National Day that includes a host of activities and functions that highlight the spirit of the celebration,” Al Mattar added. 

 

NBK reinforced its position as a lead contributor to the development of the Kuwaiti society through its commitment to corporate social responsibility.

 



Kuwait: NBK supports Jedareyat Initiative in Repainting the Orphans House Wall

30.01.2017

National Bank of Kuwait (NBK) supported new Jedareyat Volunteer Group initiative in transforming the wall of the Orphans House to a colorful painting, as part of a wider philanthropic scheme that include involvement of NBK in a series of cultural activities meant to encourage our community  to follow suit the influential  message of art and support young Kuwaiti talents.

More than 40 volunteers participated in this initiative which was held in cooperation with “Kiyan social care society”. The repainting of the Orphans house wall embraces creative colorful drawings in addition to NBK’s group emblem as an appreciation for the bank’s support and sponsorship.

Commenting on the occasion, NBK’s Public Relations Executive Manager, Abdul Mohsen Al Rushaid said that NBK's commitment to the community, which by far exceeds the role normally expected from a banking institution and embraces a broad spectrum of social and philanthropic involvement.

"NBK has a long tradition in the adoption and support of social and cultural initiatives. Our vision have met with Jedareyat, and here came this cooperation which we look through it to see a beautiful, colorful Kuwait signed by talented and ambitious young Kuwaitis," he added.

It is worth mentioning that NBK has undertaken several major initiatives to demonstrate its full support for society, including the creation of the NBK Children Hospital at Al Sabah Medical Area to provide medical attention for children suffering from chronic and incurable ailments, in addition to the annual budgets allocated for supporting the various charitable and philanthropic projects. 

 



Kuwait: NBK Shares Children at Dasman Bilingual School the Story of “Abdallah Wins”

29.01.2017

 

National Bank of Kuwait’s (NBK) family paid a visit to Dasman Bilingual School to share Kindergarten students a story telling session for its healing book “Abdullah Wins”.

The visit to the school was emotional and overwhelming for the children and NBK family, where they enjoyed an interactive book reading of the book. Interactive questions and answers occurred between the children and the storytellers to make them engage in the story and be familiar with cases. Free copies of the book were distributed, in addition to branded book marks in English and Arabic. Jammoul character was present to greet and interact with the kids.

Commenting on the visit, NBK Public Relations Officer Joanne Al Abdul Jaleel said, “This visit is part of our continuous and generous CSR initiatives. We are delighted to be the first bank to come out with this initiative to support children in their battle against cancer and give then hopes.

“Every time we arrange a story telling session, we look at the eyes of the children participating and feel happy to see all of this passion and belief in the strong will and confidence to overcome such a threatening disease.”, Al Abdul Jaleel added.

“Abdallah Wins” gives cancer patients a voice to show the whole world that they can. This healing book is part of NBK’s long standing support for sick children, from NBK’s Children Hospital and many other related initiatives towards education, health, sports and social responsibilities.  

 In addition to NBK Hospital to support cancer children, the establishment of NBK’s Children Hospital for Oncology and Hematology at Al Sabah Medical Area come in sequence to stand as one of many ongoing corporate social initiatives towards health and children, addressing their needs as much as possible to transform the hospital to the best specialized center in the region for children with severe illnesses.



Kuwait: NBK reports net profits of KD 295.2 million for FY 2016

23.01.2017

National Bank of Kuwait (NBK) reported net profits of KD 295.2 million (USD 964.5 million) for the year 2016 compared with KD 282.2 million (USD 921.9 million) in 2015, growing 4.6% year-on-year. The net profit in 2015 included an accounting gain in respect of the Group exiting its investment in International Bank of Qatar (IBQ). When compared to adjusted net profit for the year 2015, net profits in 2016 grew by 11.2%.

Total assets as of year-end 2016 reached KD 24.2 billion (USD 79.1 billion) up 2.6% compared to year-end 2015, while total shareholders’ equity increased by 4.3% to KD 2.7 billion (USD 8.9 billion). Customer loans and advances reached KD 13.6 billion (USD 44.5 billion) as of year-end 2016, marginally up last year’s levels mainly due to larger-than-usual loan settlements as well as currency devaluation in Egypt. Customer deposits grew by 4.6% year-on-year to reach KD 12.6 billion (USD 41.2 billion) as of year-end 2016. It is noteworthy that the free floatation of the Egyptian currency in November 2016 resulted in a decline in the value of assets and liabilities of NBK Egypt (NBKE) when converted to Kuwaiti Dinars for Group consolidation purposes.

NBK continued to improve its asset quality ratios with NPL/Gross Loans ratio dropping to 1.28% as of year-end 2016 down from 1.34% a year earlier, and NPL coverage ratio increasing to 365%, up from 322% at year-end 2015.

Total impairment charges amounted to KD 152.3 million (USD 497.7 million) during the year, down from KD 164.4 million (USD 537.2 million) in 2015.

NBK Board of Directors has proposed the distribution of 30 fils per share cash dividend, representing 30% of the nominal share value. The board has also proposed the distribution of a 5% bonus shares (5 shares for every 100 shares) for the year 2016.

Nasser Al-Sayer, NBK Group Chairman said “NBK continued delivering solid growth and healthy performance in 2016. Net profits in 2016 reached KD 295.2 million, 4.6% year-on-year growth. Adjusting for the exceptional gains from exiting the Group’s investment in IBQ, net profits grew by 11.2% year-on-year. This is a testimony to NBK’s strong financial position, its market leadership and the successful conservative strategy that the Bank has adopted since its founding in 1952”.

“On similarly adjusted basis, the Group’s net operating income grew by 5.4% year-on-year to KD 745.3 million (USD 2,435.3 million), primarily driven by higher net interest income and thus confirming NBK’s strong domestic and regional market positions and focus on core banking income.” Al Sayer added.

NBK has always held a leading position in the Kuwaiti market across all business segments. In 2016, in parallel with the pickup in business activity as the Government continues to award and execute mega projects, NBK played a major role in financing such transactions. “With the size of our balance sheet, regional & international presence and relationships, we proved to be the largest beneficiary of the growing government expenditure, leveraging the high growth opportunity in the project finance business.” Al-Sayer highlighted.

Al-Sayer also added that “The government has declared several times its intent to continue with its development plan despite declining oil prices. The ability of the government to finance projects is not in question, thanks to the sizeable reserves and ample liquidity which keeps Kuwait in a better position than neighboring countries.”

Isam Al-Sager, NBK’s Group Chief Executive Officer said; the solid results of NBK confirm the Bank’s resilience and its ability to continue to grow and progress. “We continue to emphasize on the Group’s strategy focusing on market leadership domestically and strong positioning regionally, all serving our efforts for better diversification and balancing of our sources of income”.

“Domestically, NBK continues to defend its market share in Kuwait, leveraging growth opportunities in all business segments. The acquisition of a 58.4% stake in Boubyan Bank in 2012 was a long term strategic move by NBK to strengthen its domestic market position. The Group continued to foresee very positive momentum at Boubyan Bank, with the subsidiary delivering around 13% of the Group’s profits in 2016.”

Al-Sager also added that in 2016, International operations delivered a solid and sound financial performance, increased its contribution to NBK Group’s total profits, and continued to support the diversification of income sources and the funding base of the Group. NBK Group generated 32% of the year’s profits from its branches, associates and subsidiaries outside Kuwait affirming the banks’ successful strategy of regional and international diversification.

Al-Sager also highlighted that the Egyptian market remains a key market for the growth of NBK on the back of improving business sentiment and political stability. “NBK Egypt (NBKE) in 2016 achieved remarkable growth following the transformation strategy implemented since the beginning of 2015. This growth helped the bank offset the drop in the value of the Egyptian pound following the recent currency free floatation. NBKE is expected to continue to grow positively benefiting from the country’s economic reform program. Nonetheless, the group will continue to closely monitor the dynamic economic situation until the recovery is more anchored”.

During 2016, NBK increased its capital base through a 6.5% rights issue. The issuance is in line with the bank’s plans to maintain healthy capitalization ratios following the implementation of Basel III and the regulations of the Central Bank of Kuwait (CBK) in this regards. Also, this increase will allow the bank to continue capturing growth opportunities, especially in Kuwait as the government’s capital spending plan remains intact and as NBK continues to be the market leader in the project finance segment. As of end-December 2016, NBK’s capital adequacy ratio (CAR) reached 17.7% comfortably exceeding regulatory requirements.

NBK continues to enjoy collectively one of the highest ratings among all banks in the Middle East from the three international rating agencies Moody’s, Fitch Ratings and Standard and Poor’s. The Bank’s ratings are supported by its high capitalization, prudent lending policies, and its disciplined approach to risk management, in addition to its highly recognized and very stable management team. NBK was also named among Global Finance’s list of the 50 safest banks in the world for the eleventh consecutive time and was awarded as the Best Bank in Kuwait in 2016 by the Banker, Euromoney and Global Finance.

NBK enjoys the widest banking presence with a local and international network reaching 4 continents. NBK’s international presence spans many of the world’s leading financial centers including New York, Europe, GCC, Middle East, Singapore as well as China (Shanghai).



Kuwait: NBK Dedicates 6 Fully-Equipped Branches to Serve Customers with Special Needs

11.01.2017

Driven by its mission to introduce the best banking solutions for customers and in support of the Central Bank of Kuwait instructions and regulations that urge banks to provide tailored services for the disabled, NBK has dedicated 6 fully-equipped branches in various governorates to accommodate people with special needs.

Mohammad Khaled Al Othman, NBK’s Deputy General Manager- Consumer Banking Group, stated that the bank is committed to develop inclusive banking services that cater to all segments, including customers with special needs; whether the blind, deaf or people with physical disability. That’s why 6 branches were fully equipped as per the highest international standards to welcome and accommodate customers with special needs from the moment they arrive until the moment they leave.

Al Othman added that the bank currently designated a couple of services in all branches for the special needs segment, like: reserved and clearly marked parking spaces, and wheelchair friendly access to the branch and ATMs. Yet, NBK has recently implemented additional tools and measures across selected branches, which are: Fahaheel Al Saheli, Mubarak Al Kabeer, Cinema Salmiya, Saad Al Abdullah, Rehab and Head Office. The 6 branches are fully equipped and managed by well-trained staff to communicate in sign language along with Braille proficiency, in addition to other services that will be provided shortly for the visually impaired customers such as Braille printing facilities inside the branch, and iPads with voice guidance to deliver critical information like terms and conditions in audio recordings with ultimate confidentiality and privacy.

Moreover, NBK’s ATMs are equipped with Braille keypads and headset jack for voice guidance commands to assist in conducting their transactions privately, as well as employing extra security measures inside the ATM room to guarantee customers’ safety at all times.

Al Othman concluded by affirming that this step stems from the bank’s strict adherence to CBK’s latest instructions and regulation to equip one branch in each governorate to serve people with special needs, as well as translates NBK’s mission to deliver world-class banking services that cater to all segments, with new additional services and solutions to be provided in the near future.



Kuwait: NBK sponsors Loyac’s trip to Sri Lanka

04.01.2017

National Bank of Kuwait (NBK) sponsors a camping trip for the secondary students to Sri Lanka organized by Loyac. This sponsorship comes in line with NBK’s commitment to its Corporate Social Responsibility as well as the vital role it plays in supporting students, youths and self-building initiatives in Kuwait.

This sponsorship goes with NBK’s support to Loyac’s activities and events for a whole year including the trip. More than 15 students are participating in this one-week trip which is designed to build the leadership skills in their personality

NBK always strives to empower Kuwaiti youth to realize their potentials, providing career and training opportunities. Also, NBK develops the professional skills of young Kuwaitis as part of its strategy to develop national human resources.

NBK continues to promote a range of philanthropic missions and social welfare programs as part of its corporate social responsibility to assert its leadership in supporting Kuwait’s social development, standing as a model in serving all aspects of the community.

LOYAC is a nonprofit organization that runs several programs for the youth to develop their professional skills, enhance their personal growth and help them find their sense of purpose by extending themselves to others