Notifications

  • Prevention Guide from COVID-19

    You Awareness Guide About the Virus Read More

Who We Are

Profile

Since its incorporation in 1952 as Kuwait’s first indigenous bank and the first shareholding company in the entire Gulf region, NBK has been known as ‘The Bank You Know and Trust’. Thanks to the recognized excellence of its very stable management along with its unequivocal strategy, consistent profitability, high asset quality and strong capitalization, NBK, throughout the years, succeeded in building an advanced banking institution that offers a full spectrum of innovative and unrivalled financial and investment services and solutions to individual, corporate and institutional clients. NBK enjoys a dominant market share with a large and ever-expanding local and regional clientele. NBK also boasts Kuwait’s largest overseas branch network spanning many of the world financial and business centers.

Vision & Mission

Our vision

The NBK vision is to be the trusted bank of choice, building on our core values, people and expertise.

Our mission

To deliver world-class products and the highest quality service to our customers.

To attract, develop and retain the best banking talent in the region.

To support the communities in which we operate.

To adhere to our core values of passion, integrity, conservatism and knowledge.

In following our mission, we believe that we will be able to achieve consistently superior returns to our shareholders.

History

The National Bank of Kuwait (NBK) was established in 1952 when a prominent Kuwaiti merchant went to the British Bank of the Middle East to open a letter of guarantee for the amount of 10,000 Indian rupees, (which is equivalent today to 750 KD). Much to his surprise, his request was rejected, on the condition that he provide a guarantor. This well-known merchant was shocked and appalled by the treatment that he had received, and news of this was all over town. 

This incident gave rise to the question and the idea of having a Kuwaiti bank with a mission to serve citizens’ needs as its priority, stimulate the economic growth of the country, and look after the savings of its clients. In fact, a meeting was held with the late Amir of Kuwait, H.H. Sheikh Abdullah Al-Salem Al-Sabah, who congratulated them on the idea and promised them his complete support. An Amiri decree was issued on May 19, 1952 to open the National Bank of Kuwait, and NBK started operations on November 15th 1952.

The founders of NBK are:

•    Khalid Zaid Al-Khalid
•    Ahmed Saud Al-Khaled
•    Khalifa Khalid Al-Ghunaim
•    Khaled Abdullatif Al-Hamad
•    Sayed Ali Sayed Sulieman Al-Rifai
•    Yousef Abdulziz Al-Fulaij
•    Yousef Ahmed Al-Ghanim
•    Mohamed Abdulmohsen Al-Khorafi
•    Abdulaziz Hamad Al-Sager


NBK was the first national bank in Kuwait and the entire Arabian Gulf region. All the board members and the founders of NBK were renowned merchants of Kuwaiti origin. NBK was established with a capital of 13,100 shares, each valued 1,000 Indian rupees – equivalent to 75 Kuwaiti dinars today. Over the years NBK has proved itself to be a financial leader in the Arab world.

 

Chairman's Statement


“NBK delivered another set of healthy results, strengthening profitability while investing in business growth in various geographies, and executing against an ambitious digitisation roadmap.”


On behalf of the Board of Directors, it is my pleasure to introduce National Bank of Kuwait’s 2019 Annual Report. Navigating market headwinds, NBK delivered another set of healthy results, strengthening profitability while investing in business growth in various geographies, and executing against an ambitious digitisation roadmap. We remain a highly diverse banking group, and this plays a significant role in protecting and enhancing the quality of our income. The Bank is on the right path to future growth, and the pages that follow will offer in-depth analysis of our activities and performance for the year, with an informative view on the years to come.

Operating environment
Geopolitical tensions and the ongoing US-China trade war have proved disruptive to global growth and in MENA the continuation of a low oil price environment and political instability has put pressure on oil exporting economies. GDP growth in Kuwait was below expectation in 2019, due to lower oil output resulting from compliance with OPEC-imposed production cuts.

Although Kuwait’s near-term growth outlook remains modest, there has been a good deal of positive news concerning structural reforms and business conditions. Kuwait jumped 8 places to 46th (out of 141 countries) in global competitiveness rankings compiled by the World Economic Forum, thanks to significant improvements in sub-categories including ICT, health and labour markets. Perhaps most pleasingly, Kuwait ranked joint first in the world for ‘macro stability’, thanks to low inflation and healthy debt dynamics.

NBK still benefits from a stable macroeconomic operating environment and will continue to contribute to its growth and stability during the coming years.

Institutional strength
With a 67-year history as a national champion in Kuwait, the strength of the foundations of our institution are what provide us with such a solid platform for growth. Having expanded our franchise to over 150 branches in 15 countries across 4 continents, we have a truly diverse global presence; and with operations across consumer and private banking, corporate banking, Islamic banking and investment banking and asset management, we have a genuinely wide-reaching portfolio of services. This diversity further supports the robust character of our institution.

In 2019, our institutional strength was confirmed by the world’s 3 top credit rating agencies – Moody’s, Standard & Poor’s and Fitch Ratings – who reaffirmed their strong credit ratings for NBK with stable long-term outlooks. The assurance provided by these agencies is further demonstrated by the trust that customers and shareholders place in the Bank, and we have made it our mission to continue earning it.

Commitment to stakeholders
The Board of Directors continued to perform its duties in 2019, providing advice and feedback to Management. NBK’s General Assembly meeting
for 2018 was held in March 2019, at which there was a quorum of 79.97%. The AGM approved

the Board of Directors’ recommendation to distribute a cash dividend of 35 fils per share, representing 35.0% of the nominal share value in addition to 5% bonus shares. The Board and its Committees held a total of 54 meetings during 2019. The Board of Directors will recommend a dividend distribution of KD 226.4 million for 2019 equivalent to 35 fils per share at the Annual General Meeting that will be held in March 2020. The proposed cash dividend represents 56.4% of NBK Group’s Net Profit for 2019. The Board will also recommend the distribution of 5% bonus shares.  As at 31 December 2019, the Bank’s total market capitalisation was KD 6.9 billion.

A robust and comprehensive Corporate Governance framework is essential for establishing and maintaining the trust we seek from stakeholders. Healthy governance is, as such, the cornerstone of a sustainable bank. We continue to build on our governance processes and practices, with scheduled review and enhancement of the Board Charter and Corporate Governance policies, in addition to Board Effectiveness Evaluation.

We are of the belief that our Board is staffed by members possessing the correct range and balance of expertise and professional qualities – challenging and supporting executive management in the appropriate manner.

Gratitude
On behalf of the Board of Directors, our thanks are due to NBK’s Executive Management, as they consistently delivered on their role of pursuing the Bank’s strategic objectives and creating new opportunities for growth.

We would also like to extend our sincerest gratitude to NBK’s customers in Kuwait and around the world, for the commitment that they have shown to our Bank; and our thanks are equally due to the staff who serve them.

We are grateful to the Central Bank of Kuwait and the Capital Markets Authority, for their efforts in making our country and our industry attractive to investors.

Finally, we thank our shareholders for the trust they have placed in our business. We will continue to earn this trust in the years to come.  


“We have a genuinely wide reaching portfolio of services, and this diversity supports the robust character of our institution.”


Nasser Musaed Abdulla Al-Sayer
Chairman of the Board of Directors

Board Of Directors

Mr. Nasser Musaed Al-Sayer

Chairman

Mr. Ghassan Ahmed Al-Khaled

Vice Chairman

Mr. Hamad Abdul Aziz Al-Sager

Board Member

Mr. Yacoub Yousef Al-Fulaij

Board Member

Mr. Hamad Mohamed Al-Bahar

Board Member

Mr. Muthana Mohamed Ahmed Al-Hamad

Board Member

Mr. Haitham Sulaiman Al-Khaled

Board Member

Mr. Emad Mohamed Al-Bahar

Board Member

Mr. Talal Al Kharafi

Board Member

Executive Management

Mr. Isam J. Al-Sager

Group Chief Executive Officer

Ms. Shaikha K. Al-Bahar

Deputy Group Chief Executive Officer

Mr. Salah Y. Al-Fulaij

Chief Executive Officer - Kuwait

Mr. Sulaiman Barrak Al-Marzouq

Deputy CEO - Kuwait

Mr. Georges Richani

CEO - International Banking Group

Mr. Jim Murphy

Group Chief Financial Officer

Mr. Parkson Cheong

Group Chief Risk Officer

Mr. Emad Al-Ablani

General Manager - Group Human Resources

Mr. Malek Khalife

Deputy CEO - Head of Global Private Banking

Mr. Mohammed Al Othman

General Manager - Consumer Banking Group

Mr. Dimitrios Kokosioulis

Deputy CEO - IT & Operations Group

Mr. Ahmed Bourisly

General Manager - Corporate Banking Group

Mr. Pradeep Handa

General Manager - Foreign Corporate, Oil and Trade Finance Group

Dr. Soliman Abdel-Meguid

General Counsel to the Executive Management

Mr. Mohammed Al Kharafi

General Manager - Head of Operations

Mr. Mohammed Al Khonaini

General Manager - Head of Administration Services

Mr. Carl Ainger

Group Chief Internal Auditor

Dr. Saade Chami

Group Chief Economist

Mr. Ezzat Hallal

Chief Engineer

Mr. Mahmoud Ezzedine

General Manager - Head of Private Banking Kuwait

Mr. Nikolaos Sfikas

General Manager - Chief Information Officer

Dr. Galal Wafaa

General Counsel - Head of Legal Affairs Group

Mr. Jad Zakhour

General Manager - Head of Treasury Group

Awards & Recognition

BANK LEVEL

Global Finance

2008 - 2018, 2020

Best Trade Finance Bank in Kuwait

2013 - 2020

Best Foreign Exchange Provider in Kuwait

2019 - 2020

Best Foreign Exchange Provider in the Middle East

2006 - 2019

World’s Top 50 Safest Banks for 14 consecutive times

2019

Best Bank for Liquidity Management in the Middle East

2019

Best Bank for Cash Management in Kuwait

2019

Best Emerging Markets Bank Worldwide

2019

The Innovators - Real Time End-To-End Payment Tracking on Customer Payment

2014 - 2019

Best Bank in Kuwait

2015 - 2019

Best Private Banking in Kuwait

2018 - 2019

Best in Mobile Banking - Consumer in Kuwait

2018 - 2019

Best Consumer Digital Bank in Kuwait

2018

Best Mobile Banking App - Consumer in Kuwait

2013 - 2017

Best Foreign Exchange Provider in the Middle East

2010 – 2016

Best Emerging Market Bank in Kuwait

2016

Best Bank for Financial Risk Management Kuwait

2016

Best Bank for Financial Risk Management Middle East

2016

Best Innovator in Trade Finance

2015

Best Bank in the Middle East

2010 – 2013, 2015

Best Emerging Market Bank in the Middle East

2011, 2012

Best Provider of Money Markets Fund in the Middle East

Euro Money

2018

Best Cash Management for Non-Financial Institutions

1994 – 2018

Best Bank in Kuwait

2006, 2009, 2015 - 2018

Best Private Banking in Kuwait

2007, 2008, 2010, 2011, 2013

Best Bank in the Middle East

2012, 2013

Best Managed Company in the Middle East

2009

Best Investment Bank in Kuwait

2008

Outstanding Contribution to Middle East Banking

The Banker

2007, 2008, 2010, 2011, 2013 - 2019

Bank of The Year - Kuwait

2007, 2008, 2010, 2011

Bank of The Year - Middle East

2009

Best Customer Service and Project Finance in the Middle East

2007 - 2009

Best Deal of the Year in the Middle East

2001, 2002, 2004, 2005, 2007

Best Deal of the Year in Kuwait

Brand Finance

2015 - 2019

Number 1 Banking Brand in Kuwait

Ratings