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Egypt: NBK–Egypt Inks MoU with ILO in Cairo

12.06.2018

National Bank of Kuwait – Egypt (NBK – Egypt) has signed a memorandum of understanding (MoU) with the  International Labour Organization (ILO)  to establish 100 biogas generation units in Minya governorate with technical support provided by “The Decent Jobs for Egypt's Young People Project” funded by the Canadian government.

The agreement was signed by Dr. Yasser Hassan, Managing Director of NBK-Egypt and the Director of the International Labor Organization Office in Cairo, Mr. Peter Van Guey, in the presence of the Minister of Investment and International Cooperation Dr. Sahar Nasr and NBK executives and Egyptian government officials, in addition to the Canadian Ambassador, Mr. Jesse Dutton, and Chief Technical Advisor of “The Decent Jobs for Egypt's Young People Project”. Ms. Amal Mowafy.

As per the terms of the MoU, NBK shall support the achievement of sustainable social and economic development of rural communities in Egypt by providing financial support to five startups aimed at facilitating the construction and operation of 100 biogas units in Minya villages. ILO shall provide the technical support required for those biogas units.

Key Projects

Commenting on the signing of the MoU, Minister Sahar Nasr stressed that this initiative is one of the most important projects for the ministry because it provides employment opportunities for Egyptian youth and contributes to achieving sustainable economic development, noting that the ministry is keen on supporting youth through the funding or grants offered to the ministry.

Nasr pointed out that the ministry seeks to involve the private sector in developmental projects and strives to provide full support to facilitate its vital role in community development. She also praised the role played by NBK- Egypt within the framework of is social corporate responsibility.

Sustainable Development

“Signing of this MoU comes in line with NBK’s social and national responsibility, as it strives to continuously play a key role in achieving sustainable social and economic development," said Dr. Hassan. He also pointed out that NBK is fully aware of the importance of this project in providing renewable energy sources. In addition to that, NBK actively participates in numerous projects to serve the community throughout various sectors, including health, environment and youth development, as part of its contribution towards reducing poverty and developing the Egyptian society.

Hassan stressed that this approach should be followed by all civil society organizations in Egypt, through supporting state institutions and assisting different community sectors that need attention. He also stated that NBK-Egypt carries on its prominent leadership role in supporting communities’ development throughout all the geographical locations where it operates.

Meanwhile, Director of the International Labor Organization Office in Cairo, Mr. Peter Guey highlighted the leading role played by NBK-Egypt in financing development projects in Egypt, praising the collaboration between both parties in supporting public-private cooperation to provide jobs for Egyptian youth while supporting environmentally friendly green jobs.

The initiative aims at supporting bioenergy technology to help achieve sustainable social and economic development in rural communities by training young engineers to build and maintain biogas production units and to install home units to generate bioenergy, which will help to reduce poverty, provide employment opportunities, and improve living conditions in certain targeted villages in Minya governorate.



Egypt: Zewail City of Science and Technology and NBK ink EGP 6.25 million cooperation protocol

13.08.2018

Zewail City of Science and Technology and National Bank of Kuwait inked a cooperation protocol worth EGP 1.25 million annually for a term of 5 years to provide 10 scholarships to the City’s students in 2018.

The protocol comes in line with the strategy adopted by both parties aimed to support and develop scientific research and to empower innovative scientists by providing all the required prerequisite for success to develop the Egyptian society, in line with the Sustainable Development Strategy: Egypt's vision 2030. One of the main objectives of Zewail City is aimed at keeping abreast of scientific development and contribute towards scientific research to propel Egypt to a leading position among developed countries in the areas of science and research. Meanwhile, NBK is a firm believer that advanced education is the first step on the road to promote the country and head towards a better future, in addition to the importance of education for the Egyptian society’s progress and advancement.

The protocol was signed by Zewail City’s Executive President, Prof. Sherif Sedky and the Managing Director at National Bank of Kuwait – Egypt, Dr. Yasser Hassan. The signing ceremony was attended by a number of Zewail City faculty members and management, as well as representatives of the National Bank of Kuwait.

The protocol stipulates that a number of students shall be selected to benefit from receiving the scholarships according to a specific criteria in order to ensure equal opportunities for all qualified students, and to provide a continuous resource to benefit them. Additionally, students are required to maintain academic excellence and outstanding academic performance throughout their term at the university.

"Research has shown that there is no higher return on investment than science and scientific development, but we have to admit that no matter how large budgets get, Zewail City won’t be able to accomplish this difficult task on its own" said Zewail City’s Executive President, Prof. Sherif Sedky “Hence we are witnessing today the importance of the close cooperation between the private sector represented by National Bank of Kuwait and civil society organizations represented by Zwail city, as a scientific research institution that promotes scientific research and innovation, in line with the objectives set forth by the higher education system and scientific research in order to achieve sustainable development in society”.

Prof. Sedky expressed his happiness for signing the protocol and stressed on the importance of such steps as a milestone toward the successful completion of the project that Dr. Ahmed Zewail had long dreamed of establishing to be a beacon for research in the Middle East responsible for graduating highly educated cadres with heightened awareness towards science and technology so that they would contribute to the development of the Egyptian economy and face its challenges. It also strives to propelling Egypt to a leading position among developed countries in the areas of science and research.

Moreover, Prof. Sedky highlighted that this partnership complements Zewail City’s cooperation efforts with private and public institutions and civil society organizations. He also expressed his hopes for continuous flow of support to complete the various stages of the city and achieve a breakthrough in the scientific research arena both in Egypt and the Middle East.

Meanwhile, Dr. Yasser Hassan said that signing this agreement comes in line with NBK’s corporate social responsibility aimed at carrying out the bank’s prominent role to serve the society by directing its support and contributions to many non-profit organizations aimed at developing the society and the people through various means.

Dr. Hassan explained that the University of Science and Technology at Zewail City of Science, through its free scholarships program, sets an ideal model of trustworthy institutions that strive to utilize the support and assistance they receive in the best way possible. He added that this initiative constitutes an important part of NBK’s social corporate responsibility program as the bank strives to support such constructive developmental activities to enrich the community and contribute towards the advancement of its skillful students to showcase their scientific talents and enrich them academically in one of the best scientific research hubs in the country.

Dr. Hassan stressed that all civil society institutions in Egypt should extend their support and develop governmental institutions to aid them in supporting the citizens who need them the most, especially at this crucial time in the country’s history as it seeks to pave the way for a brighter future.

He also added that NBK Group’s overall policy, on the local, regional and international levels, is focused on social corporate responsibility covering the fields of education and health care as it firmly believes in their important role in building societies, developing nations and the prosperity in various fields and aspects.

Zewail City of Science and Technology is a nonprofit, independent institution of learning, research and innovation. Its strategy is to build a new generation of leaders, scientists and entrepreneurs capable of having a significant impact on society. It also aims to introduce new cutting-edge fields of endeavor. The City has established a five-component structure consisting of the he University of Science and Technology, Research Institutions, the Technology Pyramid, the Academy, and the Center for Strategic Studies. Zewail City has been able to register about 380 research papers and obtain 12 patents in the fields of health and environment, which is no small feat by any means.

NBK-Egypt (previously known as Al-Watany Bank of Egypt) is a member of NBK Group and was established in 1980. The bank has a network of 45 branches situated at various strategic locations across Egyptian governorates and cities including Cairo, Giza, Alexandria, Delta, Sinai, the Red Sea, and Upper Egypt, as well as industrial areas like Sixth of October, and Tenth of Ramadan. NBK-Egypt is also one of the few banks licensed to offer Sharia compliant solution in addition to the conventional products through its two Islamic branches.



Egypt: NBK – Egypt achieves EGP 988.8 million in net profits for 1H 2018

05.08.2018

Total assets reached EGP 65.12 billion as of the end of June 2018 up 10.37% compared to EGP 59.06 billion for the end of December 2017. Total customers deposits grew by 16.34% for the same period to reach EGP 47.54 billion, compared to EGP 40.86 billion for the end of December 2017. While customer loans and advances reached EGP 38.39 billion as of end 1H 2018, growing at 13.20% year-on-year, compared to EGP 33.91 billion for the end of December 2017.

Isam Jassim Al-Sager, NBK’s Group Chief Executive Officer and NBK-Egypt Chairman said that the strong growth achieved by NBK-Egypt is a testament to the success of its vision aimed at affirming its position in the Egyptian market, which is one of the main growth markets for NBK Group, given its promising growth opportunities and positive prospects.

Mr. Al-Sager pointed out that the strength of NBK-Egypt’s profits stems primarily from being operationally driven by improved business environment, reflecting the stability of the economic scene in Egypt. He indicated that this stability will create new investment and financing opportunities for the bank, which in turn will contribute to improving the level of product integration between NBK-Egypt and the Group, thus strengthening its position in the Egyptian market.

Al-Sager confirmed that NBK Group's investments in Egypt are of strategic and long-term nature. NBK-Egypt is considered one of the most important branches for the Group as the branch provides almost third of the profits attributed to international branches, reflecting NBK Group’s confidence in the Egyptian market and its desire to further expand its presence as part of the Egyptian banking sector.

Meanwhile, Managing Director of NBK-Egypt, Dr. Yasser Hassan highlighted the bank’s continuous growth and solid performance across all financial indicators driven by its conservative strategy as part of NBK Group and its business model based on the diversification of its income and credit portfolio while offering flexible financing solutions and providing innovative financial products at the same time to cater to its customers actual needs derived through detailed in-depth market studies. This is in addition to the bank's solid financial position, strong balance sheets and stable management.

Dr. Hassan added that most of NBK-Egypt’s profits are driven by corporate credit services, with a highly diversified portfolio drawing on the diversification of the Egyptian economy itself. He also added that the bank strives to strengthen its position in retail banking as well over the coming period.

He further added that NBK-Egypt has a wide network of 45 branches spread over premium locations in various Egyptian governorates and cities including: Cairo, Giza, Alexandria, Delta, Sinai, Red Sea and Upper Egypt, in addition to the industrial zones in 6th of October and 10th of Ramadan cities. The bank is also privileged to be among the elite banks within the Egyptian market that hold an Islamic banking license in addition to its conventional licensing. It has two Islamic branches, one in Cairo and the other in Alexandria, thus enabling the bank to offer a comprehensive selection of Sharia compliant products and services in addition to its traditional offerings.

National Bank of Kuwait was incorporated in 1952 as the first local bank and the first shareholding company in Kuwait and the Gulf region. 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 strong financial indicators, asset quality, high capitalization in addition to its highly recognized and very stable management team, as well as and its disciplined approach to risk management and prudent lending policies. NBK was also named among Global Finance’s list of the 50 safest banks in the world for the twelfth consecutive time. NBK enjoys the widest banking presence with a local and international network of 153 branches reaching 4 continents. NBK’s international presence spans many of the world’s leading financial centers including the United States of America, Europe, GCC, Middle East, China as well as Singapore.



Bahrain: NBK-Bahrain reports net profits for the first half of 2018, up 19.4 % y-o-y

01.08.2018

National Bank of Kuwait-Bahrain (NBK Bahrain), the branch of NBK Group in Bahrain, reported net profits of BHD 55 million (equivalent to KD 44.3 million) for the first half of 2018 compared with BHD 46.1 million (equivalent to KD 37.1 million) for the same period of 2017, a growth of 19.4 % year-on-year.

NBK-Bahrain’s total assets increased by 13 % y-o-y to BHD 6.048 billion (equivalent to KD 4.866 billion), compared with BHD 5.359 billion (equivalent to KD 4.312 billion) for the same period of previous year. While total shareholders’ equity increased by 18 % y-o-y to BHD 642.330 million (equivalent to KD 516.729 million) compared with BHD 545.482 million (equivalent to KD 438.818 million) for the same period of previous year. Customer deposits increased by 24 % y-o-y to BHD 3.244 billion (equivalent to KD 2.609 billion) compared with BHD 2.611 billion (equivalent to KD 2.100 billion) for the same period of previous year.

Isam Al-Sager, NBK Group Chief Executive Officer said “Once again, NBK Group proves its dominance in the regional market and solidifies its leadership position through the outstanding performance of yet another one of its regional branches, NBK-Bahrain. These solid results come in line with the Group’s strategy aimed at strengthening its position throughout MENA region to diversify its revenue stream”.

 “We have been increasingly focused on our international operation and the numbers have definitely reflected the successful route we have been following. During the 1H2018, our international business continued to grow, strongly contributing close to 30% of the Group’s bottom line”. Al-Sager commented.

Al Sager also added that the improved profit performance was attributable to increased operating banking revenues despite the challenging operating environment.

Moreover, Al-Sager affirmed that NBK-Group will continue to focus on its international operations and foster external growth in order to complement its local dominance.

Ali Fardan, NBK-Bahrain General Manager, said “We continue to draw on NBK-Group’s clear strategy to focus on our core business to consistently drive solid results. In addition to that, we have a very talented and experienced team that backs our operations year after year. I am confident that we are set to achieve further growth in the remaining part of 2018 and beyond.”

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 twelve consecutive times and was awarded as the Best Bank in Kuwait in 2017 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, Singapore and China; in addition to its presence in MENA.



Egypt: Under the auspices of the Ministry of International Cooperation, NBK Egypt signs an MOU with ILO to establish 100 biogas units in Minya

26.06.2018

Dr. Yasser Ismail Hassan, Managing Director of the National Bank of Kuwait - Egypt (NBK-Egypt) and Mr. Peter van Goy, the Director of the International Labor Organization (ILO) Office in Cairo, signed a Memorandum of Understanding (MOU) for the establishment of 100 biogas plants in Minya Governorate.

The MOU was signed under the auspices of the Minister of Investment and International Cooperation Dr. Sahar Nasr who attended the event and in the presence of Mr. Essam Badawi the Governor of Minya, Mr. Jamal Al-Din Abul-Magd, the Head of Minya University, Mr.Jess Dutton, Canada's ambassador to Cairo, and Ms. Amal Mowafy the Chief Technical Advisor of ILO “Decent Jobs for Egypt's Young People” and a representatives of the Ministry of Manpower.

Under the MoU, NBK-Egypt will be supporting sustainable social and economic development of rural communities in Minya through the financial support of five start-up companies concerned with the construction and operation of 100 domestic biogas units in Minya villages. Biogas units are being implemented with the technical support of the ILO project “Decent Jobs for Egypt's Young People” funded by the Canadian Government

The initiative aims to support biotechnology to achieve sustainable social and economic development for rural communities by training young engineers to build and maintain biogas production units, as well as installing biogas production units to generate energy and organic fertilizers. 

The Minister of Investment and International Cooperation stated that the initiative helps reduce poverty, create jobs and improve living conditions in the targeted villages of Minya. Accordingly, it is one of the most important project that is given top priority by the ministry. 

The Governor of Minya, stated that the ILO has submitted several projects during the last period, including this project, which was approved by the governorate. The President of Minia University stated that the university provides technical and scientific support to young people who are implementing the biogas project.

The Director of the International Labor Organization (ILO) Office in Cairo stated that job creation for young people is one of the means that contributes to inclusive economic growth in Egypt, where the organization is working with the public and private sectors to provide jobs for young people by supporting green jobs.

"Investment is very important in Egypt, and Canada wants to play an active role in supporting Egypt’s development, as one of Canada's priorities is targeting inclusive growth through entrepreneurship," said the Canadian ambassador to Cairo.

NBK- Egypt Managing Director stated that the bank chose to participate in this project based on its previous success in Port Said that offered creative solutions to community problems namely, animal wastes, clean energy sources unemployment. NBK-Egypt has been keen to serve the Egyptian community through focusing on the development interventions, which come in line with Egypt’s Sustainable Development Goals (SDG) including economic empowerment, education, health and environmental care.



Kuwait: NBK leads the way in Kuwait in a partnership with RippleNet to offer instant cross-border payments to customers

29.05.2018

The National Bank of Kuwait (NBK) continues to introduce innovative and the newest technology solutions to meet the needs of customers, having partnered with RippleNet to offer customers a fast, safe and convenient cross border payments service, and making NBK the first bank in Kuwait to join the growing network of RippleNet globally.

NBK’s RippleNet solution brings innovation to the fundamentals of international remittances since the bank is in the process of applying this service in Kuwait as well as in its branches abroad after obtaining the necessary approvals from the regulatory bodies, led by the Central Bank of Kuwait.

NBK Deputy Group CEO Mrs. Shaikha Al Bahar said: “We are delighted to join RippleNet and access the fast-growing network that connects the network members and other financial institutions. This solution will improve our customers experience dramatically where we will be able to provide instant fund transfers with end-to-end tracing and tracking solutions which is available currently in global and some GCC markets including UAE and Saudi Arabia. This is also in-line with National Bank of Kuwait (NBK) strategy to adopt the latest technologies which mutually benefits both the bank and our esteemed clients.”

“This announcement represents NBK commitment to adopt the latest practical solutions and reflects our ability to transform NBK to digital bank with world class services and solutions, and yet we are still maintaining our corporate identity and without affecting our regulatory compliance”, Al Bahar added.

Managing Director of Southeast Asia and MENA, Ripple, Mr. Navin Gupta said:” We are glad to have NBK join our network as the first banking partner in Kuwait. It holds a reputation of providing innovative services that comply with international standards all while ensure safe transactions to their customers. This agreement will enable NBK to use innovative blockchain technology to support speed and secured remittances both for domestic & International destinations.”

“By joining Ripple’s growing,  global network, financial institutions like NBK can process their customers’ payments into and out of Kuwait instantly, reliably and cost-effectively, as well as expand their payments solutions into new markets - including those that are otherwise too difficult or expensive to reach”, he added.

“With offices in San Francisco, New York, London, Sydney, India, Singapore and Luxembourg, Ripple already has more than 140 customers around the world. Joining RippleNet enables banks to process cross-border payments in real time with end-to-end tracking and certainty of settlement”, Gupta said.

National Bank of Kuwait continues to collectively enjoy the highest credit 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. NBK also maintains its position among the 50 safest banks in the world for the twelfth consecutive year.

NBK Group has the widest banking presence in four continents 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 Saudi Arabia, UAE, Bahrain, Lebanon, Egypt, Jordan, Iraq, and Turkey.

For more information about the latest technology solutions and services offered by NBK, please visit: NBK.com



Kuwait: NBK named Best Bank in Kuwait 2018 by Global Finance

26.05.2018

National Bank of Kuwait (NBK) has been named the Best Bank in Kuwait 2018 by the international financial publication Global Finance.

NBK was chosen the Best Bank in Kuwait based on input from industry analysts, corporate executives and banking consultants. Criteria for choosing the winners included growth in assets, profitability, strategic relationships, customer service, competitive pricing, and innovative products.

“We have selected the winners based on performance over the past year, as well as subjective criteria, including reputation and management excellence,” said Global Finance.

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 twelve consecutive times and was awarded as the Best Bank in Kuwait in 2017 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).



Egypt: National Bank of Kuwait - Egypt achieves a net profit of EGP 496. 6 million(KD 8.5 million) by the end of the first quarter of 2018

15.05.2018

National Bank of Kuwait - Egypt, a subsidiary of  the National Bank of Kuwait Group, reported a net profit of EGP 496.9 million as of the end of the first quarter of 2018 (KD 8.5 million), compared to EGP 329.54 million (KD 5.8 million) for the same period last year, with a growth of 50.78%.

The total assets grew by 12.81% reaching EGP 59.51 billion as of the end of March 2018, compared to EGP 52.75 billion for the same period last year. Moreover, the total customer deposits during this period increased by 13.23% reaching EGP 44.02 billion compared to EGP 38.87 billion for the same period last year, while net customer loans and facilities rose as of the end of March 2018 by 42.80% to reach EGP 35.77 billion compared to EGP 25.01 billion for the same period last year.

The Group Chief Executive Officer at National Bank of Kuwait and Chairman of the National Bank of Kuwait – Egypt, Mr. Isam Jassem Al-Sager, stated that the strong growth achieved by the bank in Egypt reaffirms its continued success in enhancing its position in the Egyptian market. This market represents one of the main growing markets of NBK Group, given the promising growth opportunities and positive prospects of this market.”

He pointed out that the strength of the profits of National Bank - Egypt stems from the fact that they are operational profits resulting from the improvement of the business environment, which reflects the stability of the economic situation in Egypt. He indicated that this stability will create for the bank new opportunities (investment and financing), which will contribute to improving the level of product integration between the bank and the group, thus strengthening its position in the Egyptian market.

Al-Sager affirmed that NBK Group investments in Egypt are strategic long-term investments. NBK - Egypt is deemed one of its most important affiliated foreign branches. The profits generated by the Bank's operations in Egypt represent approximately one third of the profits of the Group's foreign branches, which indicates its confidence in the Egyptian market. Therefore, the Group is firmly committed to expanding this market among banks in the Egyptian banking sector.

Financial indicators

For his part, the Managing Director of National Bank of Kuwait – Egypt, Dr. Yasser Hassan, said:”  As the Q1 results showed, the bank continues its strong performance by achieving high growth rates in all its financial indicators. These results are due to its prudent policy as a member of the group, and its business model which depends on diversifying and balancing the sources of income and loan portfolio, and  providing more flexible financing solutions. Also, based on careful and in-depth market research, the bank offers innovative banking products to meet the actual needs of customers,  as well as the bank has a robust financial position, budgetary strength, successful strategy, and solid management.”

He added that most of NBK-Egypt profits stem from credit operations with the corporate sector, where the bank's credit portfolio includes a wide variety of companies that deal with it, thus reflecting the diversification of the Egyptian economy. He pointed out that the bank seeks to strengthen its position in the retail sector of individuals during the coming period.

He indicated that the bank now has 43 branches spread throughout the Egyptian governorates and that it seeks to increase their number to 60 branches over the next three years. This network spreads in the most vital locations in the various governorates and cities of Egypt, including: Cairo, Giza, Alexandria, Delta, Sinai, the Red Sea and Upper Egypt, as well as industrial areas such as: the cities of the Sixth of October and the tenth of Ramadan. NBK- Egypt is also one of the few banks in the Egyptian market that have an Islamic license in addition to the conventional license. It has two Islamic branches in Cairo and Alexandria, which allow the bank to offer Sharia compliant products as well as conventional products.

It is worth mentioning that the National Bank of Kuwait, established in 1952 as the oldest national bank and financial institution in the State of Kuwait and the Arabian Gulf region, is one of the largest and most prominent Arab banks and it has the highest credit rating in the Middle East. The global agencies Moody's, Standard & Poor's, and Fitch unanimously confirm the robustness of its financial indicators, the quality of its high assets, its strong capitalization, the experience of its management, the clarity of its strategic vision and the availability of a stable funding base. The National Bank of Kuwait also maintains its position among the top 50 safest banks in the world for the twelfth consecutive year. NBK Group today has the largest network of local and international branches, reaching 153 branches and subsidiaries covering four continents around the world and spread across the United States, Europe, the Gulf States, the Middle East, China and Singapore.



Kuwait: National Bank of Kuwait and Mastercard make GCC debut of pioneering biometric solutions

14.05.2018

Answering the market’s growing demand for increased convenience and security associated with biometric technology, National Bank of Kuwait and Mastercard announced two pioneering biometric solutions designed to improve online and in-store shopping at a press conference held at NBK Head.

Mr. Isam J. Al-Sager, Group Chief Executive Officer, National Bank of Kuwait, National Bank of Kuwait, and Mr. Mohammed Al Othman, General Manager of Consumer Banking Group, National Bank of Kuwait attended the event. Mr. Khalid Elgibali, Division President – Middle East and North Africa represented Mastercard at the event which started with the announcement of the new biometric solutions and was followed by a showcase at NBK museum. Journalists were invited to test drive the Identity Check online authentication solution along with other innovative banking technologies NBK has introduced including Video Chat, Quick Pay, Ask Me and the advanced Online Banking and Mobile Banking app services.

Isam Al-Sager, NBK's Group Chief Executive Officer, said: “Our long-standing partnership with MasterCard enables us today to introduce the most advanced and first of its kind service in the Middle East, allowing customers to use the Selfie Pay service as well as biometric cards. These new services come in line with NBK’s endeavors to offer the latest technologies in the banking sector as demand for easier and safer banking services continue to increase.”

           

Al-Sager added: “We continue to focus on bringing innovative and unique services to our NBK customers through our partnerships with leading and internationally renowned companies such MasterCard. Leading the way with technologically advanced services is a strategy that falls in line with our long-term strategy to improving mobile services that satisfy the needs of our customers.”

 

NBK customers will be the first in the Middle East and Africa (MEA) region to experience Mastercard’s Identity Check online authentication solution, while a pilot program for an innovative biometric card with an embedded fingerprint sensor will be a first for the GCC.

Mastercard Identity Check is an advanced authentication solution that uses biometric identifiers such as fingerprint, facial and voice recognition to verify users’ identity through their mobile devices when shopping and banking online. The solution works across multiple devices and platforms, simplifying consumers’ lives by eliminating the need to enter a password or answer security questions.

Following the official launch, the Mastercard and NBK co-branded app, ‘Mastercard Identity Check for NBK ’, will be available from the Apple App Store and Google Play Store. Consumers can download the application and register their biometrics – whether fingerprint or face – securely on the smartphone.

Once registered, users will receive a notification through the app prompting them to authenticate their identity using their preferred choice of biometrics to complete the transaction when making online purchases.

National Bank of Kuwait and MasterCard also announced the GCC region’s first pilot program for a biometric card to conveniently and safely verify the cardholder’s identity for in-store purchases. When shopping and paying in-store, the biometric card works like any other chip card. The cardholder simply dips the card into a retailer’s point-of-sale terminal while placing their finger on the embedded sensor. The fingerprint is verified against the template stored on the card and – if the biometrics matches – the transaction can then be approved with the card never leaving the consumer’s hand.

The biometric card works with existing EMV card terminals globally, so cardholders can use it wherever cards are accepted, without any new hardware or software upgrades required from merchants.

Mr. Dimitrios Kokosioulis, Head of IT & Operations Group, National Bank of Kuwait commented: “NBK endeavors to deliver innovative, powerful and distinctive value propositions to our consumers. Working with Mastercard, we are introducing solutions in the region for the very first time, meaning our customers can experience the latest and most advanced authentication technology available today. The adoption of this technology is also fully aligned with our ‘mobile-first strategy’, which outlines a roadmap to a more convenient future for our customers.”

“We are excited to build on our long-standing partnership with NBK as we debut groundbreaking biometric technology in the region for the very first time. Our joint research with the University of Oxford has proven that 93% of consumers prefer using biometrics to remembering passwords. These next-generation authentication solutions are no longer based on what you remember, but who you are – a fundamental difference that brings new levels of convenience to consumers, while further enhancing security. The development of these innovative solutions marks an important step in our ongoing quest to fulfill the needs of consumers and drive change across the region’s constantly evolving payments ecosystem,” said Khalid Elgibali, Division President, MENA, Mastercard.



Kuwait: NBK and Boubyan Bank in the MENA Financial Crime Compliance Group meeting held in collaboration with Wolfsberg Group in Paris

05.05.2018

The National Bank of Kuwait (NBK) and Boubyan Bank participated in the MENA Financial Crime Compliance Group (MENA FCCG) meeting held in collaboration with the Wolfsberg Group in Paris, France to bring collective action in the fight against Money Laundering and Terror Financing.

The objective of this private event was to raise confidence in MENA’s Financial Sectors by sharing compliance best practices, whilst exchanging concerns with regards to correspondent banking relationships; relaying MENA banking sectors’ commitment to safeguarding credibility, integrity, and trust in it.

Among the distinguished guests, MENA FCCG was honored to have the participation of the Chairman of the Union of Arab Banks, H.H. Sheikh Mohamed Al-Jarrah Al-Sabah, and the Chairman of the US-MENA Private Sector Dialogue initiative, Dr. Muhammad Baasiri.

NBK and Boubyan Bank’s participation came in line with their status as founding members of the MENA FCCG.

Commenting on the participation, Mr. Walid Gamal El Din El Seyoufi, Deputy General Manager for Group Risk Management and Compliance at National Bank of Kuwait (NBK), said: “The meeting is a landmark event held in the collaboration with the world's largest financial institutions with an objective to improve the abilities of member-banks to overcome the challenges of the banking sector as well as to build stronger relations between participating banks. NBK’s participation in the meeting comes in line with its leadership in adopting international best practices in risk management.”

El Seyoufi added that meeting comes at a time when banking and financial institutions are fighting Money Laundering and Terror Financing, stressing that NBK has adopted a solid strategy to reduce risks affecting its various activities, and therefore focusing on the quality of customers, services and banking products offered to them while providing maximum protection to the Bank.

He pointed out that NBK has successfully mitigated risks that are driven by different work environment throughout the Bank’s large and diversified network which expands over four continents, thanks to policies consistent with international best practices.

On his part, Mr. Nadim Safa, Head of Compliance at Boubyan Bank, said that the meeting is the first of its kind for the members of the Wolfsberg Group and representatives of Middle Eastern banks. The meeting enables member-banks from coordinating and exchanging with the Group, as well as hold meetings that aim to facilitate financial relations with other banks of the Group which are among the largest and most important correspondent banks in the world.

He added that the participation of Boubyan Bank reflects the Bank's commitment to strengthening its relations with major banks and to ensure it works by the international standards in fighting all types of financial crimes.

Established in 2016, MENA FCCG consists of 12 proactive leading private financial institutions from various Arab countries, comprising NBK, Boubyan Bank, Abu Dhabi Commercial Bank, Arab Bank, Al Baraka Banking Group, Arab Banking Corporation, Bank Audi, Bank Muscat, Commercial Bank of Qatar, Emirates NBD, Mashreq Bank, National Bank of Egypt, as well as the Union of Arab Banks (UAB) and Thomson Reuters as Strategic Partners.

In collaboration with the Wolfsberg Group, MENA FCCG hopes to facilitate for smaller MENA Banks the filling of the Wolfsberg updated Due Diligence Questionnaire via a series of webinars and dedicated trainings.

The Wolfsberg updated Due Diligence questionnaire (CBDDQ) aims to set an enhanced standard for Correspondent Banking Due Diligence, that, if adopted across the industry, will create efficiencies, raise the bar on fighting financial crime, and make the international financial system stronger.  As a result, costs of compliance could be trimmed, the speed of new on boarding reduced but, more importantly, a transparent global standard established so that Correspondent Banks can operate, more than ever, on a more level playing field, mitigating de-risking.

The Wolfsberg Group is an association of thirteen of the most influential global banks, gathering financial institutions from North America, Europe and Asia. Among its renowned achievements, the Group publishes and updates a series of principles which are known as “The Wolfsberg Standards”; banking guidelines that are recognized and applied by a vast regulatory and financial community across the world.



Kuwait: NBK reports net profits of KD 93.6 million for 1Q 2018

09.04.2018

National Bank of Kuwait (NBK) reported net profits of KD 93.6 million (USD 312.2 million) for the first quarter of 2018 compared with KD 85.4 million (USD 284.8 million) in 2017, growing 9.6% year-on-year.

Total assets as of end of March 2018 reached KD 26.8 billion (USD 89.4 billion) up 7.8% compared end of March 2017, while total shareholders’ equity increased by 3.0% to KD 2.9 billion (USD 9.7 billion). Customer loans and advances reached KD 14.8 billion (USD 49.5 billion) as of end of March 2018, 5.6% up from last year’s levels. Customer deposits grew by 8.6% year-on-year to reach KD 14.3 billion (USD 47.6 billion) as of end of March 2018.

Asset quality metrics remained strong with NPL/Gross Loans ratio at 1.38% as of end of March 2018, and NPL coverage ratio at 274%; reflecting NBK’s resilient risk management approach.

Nasser Al-Sayer, NBK Group Chairman said “NBK recorded strong performance in 1Q 2018 demonstrating the resilience, quality and diversity of earnings in a globally challenging operating environment. The Group maintained its leadership in Kuwait while successfully strengthened synergies between its international operations to deliver an ultimate customer experience”.

“The Group’s net operating income grew by 9.2% year-on-year to KD 213.4 million (USD 712.1 million), reflecting healthy growth trends driven by all business lines and segments” Al Sayer added.

Al-Sayer also added that “Economic indicators remained positive in Kuwait as capital spending continued to be a key driver of economic activity for the domestic market. Kuwait’s fiscal position is better than peers given the substantial buffers and strong sovereign ratings; creating room for acceleration in spending despite lower oil prices”.

NBK’s robust financial position, strong franchise, diversified business model in addition to its regional and global presence, has positioned the Bank as the country’s foremost financial provider and the largest beneficiary of the growing government expenditure”. “Additionally, and in line with our commitment to the economic development of Kuwait; NBK remains highly committed to its corporate social responsibly being consistently the largest contributor to the community year after year”. Al-Sayer highlighted.

Isam Al-Sager, NBK’s Group Chief Executive Officer said; “the solid results of NBK reflect a period of strong growth and robust operating performance. Given the Bank’s adequate capitalization, stable funding and ample liquidity conditions; NBK continues to benefit from emerging opportunities locally and regionally, affirming the Bank’s income diversification strategy and improved profitability trends”.

“Islamic banking remains a key element in the Group’s growth and diversification strategy. Our unique Islamic banking presence has further strengthened our position across business segments in Kuwait as Boubyan Bank continues to drive the growth on the Islamic Banking front. The acquisition of a 58.4% stake in Boubyan Bank in 2012 was a long-term strategic move by NBK. Boubyan Bank can serve NBK’s Islamic banking ambitions globally as we continue to see very positive momentum at Boubyan Bank.

“On the other hand, NBK prides itself to be a well-diversified financial institution; not only by product offerings but also by geography. NBK’s International operations remained highly profitable contributing 27% of the Group’s total profits in the first quarter of 2018. This affirms the Bank’s consistency with its strategic outlook towards income diversification. All of our key markets have been strongly performing with the integration and cross selling opportunities emerging in different areas”. “Our key growth markets regionally are KSA, UAE along with Egypt and we continue to identify organic growth opportunities in international markets. In 2018, we plan to expand our branch network in Saudi Arabia to three branches from one branch currently, in addition to offering wealth management services in the Kingdom through a Saudi CMA licensed entity.

The Group maintained best in class capitalization positions. As of end-March 2018, NBK’s capital adequacy ratio (CAR) reached 17.3%, 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 twelve consecutive times and was awarded as the Best Bank in Kuwait in 2017 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, Singapore and China; in addition to its presence in MENA.

----- END -----

About National Bank of Kuwait (NBK):

NBK was founded in 1952 as the first indigenous bank and the first joint stock company in Kuwait and the Gulf Region. NBK reported net profits of USD 1,068.3 million (KD 322.4 million) for 2017. NBK's total assets were USD 86.3 billion (KD 26.0 billion) at the end of 2017, while shareholder equity stood at USD 9.5 billion (KD 2.9 billion).

NBK is the largest financial institution in Kuwait with effective market dominance in the commercial banking market and has been consistently awarded the highest credit rating of all banks in the region from Moody's, Standard & Poor's, and Fitch Ratings. NBK also stands out in terms of its local and international network, which includes branches, subsidiaries and representative offices in China, Geneva, London, Paris, New York, and Singapore alongside its regional presence in Lebanon, Jordan, Egypt, Bahrain, Saudi Arabia, Iraq, Turkey, and the UAE.

NBK’s Long-Term Rating:

Fitch RatingsAA-

Standard & Poor’sA+



Kuwait: NBK appoints Mohamed Al Othman as General Manager, Consumer Banking Group

07.04.2018

National Bank of Kuwait (NBK) announced the appointment of Mr. Mohammed Al Othman as the General Manager, Consumer Banking Group after receiving the necessary approvals from the Central Bank of Kuwait (CBK).

Al-Othman's appointment as General Manager, Consumer Banking Group is a testimony of the stability and readiness of the bank's management team in preparing its succession strategy. It also shows at the same time NBK’s continued commitment to supporting young national leaders and promoting them to positions that matches their abilities and expertise.

Mr. Al-Othman has 16 years of banking and regulatory experience which is a great asset to the bank in achieving its objectives and strategic plans to affirm its leadership position in the consumer banking sector. Al Othman graduated from Kuwait University in 2002 and started his career at one of the Kuwaiti banks before joining NBK as Branch Manager in February 2006. He was later promoted to Area Manager in February 2009, Assistant Branch Manager in January 2012, Branches Manager in January 2014 and Assistant General Manager of Consumer Banking Group.

Mohammed Al Othman was appointed as Assistant General Manager, Consumer Banking Group in August 2014, he is also the Chairman of the board of KNET since February 2015. Al Othman joined the Executive Leadership Training Program at Harvard School of Business in Boston in 2014-2015, in addition to receiving a Harvard graduate degree in 2017.

NBK maintains its continuous leadership through a line of successive generations of leaders who are always ready to assume leadership positions whenever needed. Since its establishment, NBK has set a unique model for national talents development. Several consecutive generations of banking executives in Kuwait have joined NBK, allowing the bank to leave its unique imprint as the leading financial and banking school where many of the banking leaders, now leading the local banking and financial institutions, have graduated.  



Kuwait: Global Finance awarded NBK “Best Private Banking Services” in Kuwait

25.03.2018

National Bank of Kuwait (NBK) has been awarded the “Best Private Banking Services for 2018” in Kuwait, in Global Finance’s Annual Survey on top global banks in wealth management and private banking services, for the second consecutive year.

Mr. Mahmoud Ezzedine, NBK's Deputy General Manager, Private Banking Group, Said “Global Finance’s Annual Survey data was compiled from the industry’s experts and analysts worldwide.

“Awarding NBK the title of "Best Private Banking Services" in Kuwait for the fourth consecutive year reflects the constant confidence the customers vest in NBK and their appreciation of the superb 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.”

Ezzedine 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.



Kuwait: NBK brings the SWIFT gpi service to Kuwait

24.03.2018

National Bank of Kuwait announces that it has successfully completed its SWIFT Global Payments Innovation (gpi) testing and is ready to launch the service. As a pioneer bank in Kuwait and the region, NBK joins the global gpi community consisting of more than 150 banks. NBK achieved this milestone after passing the rigorous testing phase.

SWIFT-gpi is the new payments standard for cross-border payments, that joins together all payment intermediaries via a cloud-hosted interface that makes it now possible to fully track and prove the time it takes for a payment sent from end client A to end client B through the gpi-active financial institutions involved in a payment chain.

Mohammed Al Khorafi, General Manager- Operations Group at NBK said: “This is another area of advancement of NBK in technology innovations and an assertion of our strategy to remain consistent with the most advanced international standards as the leading Bank in Kuwait.

He added It improves efficiency, it’s a step forward to better services for clients and better communication and reconciliation. NBK continues to enhance the excellence of the banking sector in Kuwait.”

Mr. Onur Ozan, SWIFT Head of Middle East, Turkey and North Africa, said: “We are delighted that NBK has completed the SWIFT gpi testing phase and is now ready to go live on the service. With SWIFT gpi, NBK will offer its customers more certainty, transparency and traceability in their cross-border payments. We look forward to seeing more Middle Eastern banks go live on SWIFT gpi in the months to come and encourage all banks in the region to adopt this new standard for cross-border payments.

This new messaging technology available to the SWIFT GPI community and member banks only, has led to a digital transformation of cross border payments and ultimately focuses on significantly improving customer service and satisfaction.  By connecting every intermediary in the payment chain, SWIFT- gpi grants each party visibility of a payment status, unaltered remittance information and transaction costs and also delivers greater traceability and transparency allowing banks to instantly check the status of payments.

NBK clients will benefit from same day transfer and use of funds, as well as reduced timelines and transparency on fees along with enhanced security. As a next phase of this initiative, NBK is working to extend this facility to its esteemed clients for self-service tracking of payments; this is good news especially for corporate clients as it reduces the time and costs spent on investigations, allowing them to speed up supply chain and reduce risk, track important payments and easily reconcile payments and invoices.

NBK constantly endeavors to adopt the latest innovations in technology to better service its clients worldwide. Launching SWIFT- gpi raises the standards of international payments, reduces operational burden and creates efficiency in treasury and reconciliation of payments.

It also increases security in cross border payments as it identifies the various steps that the payment is going through and ensures that transaction details are not altered.

The future direction of SWIFT- gpi to introduce capability to stop and recall payments immediately, reduces cases of errors and fraud, and will add more comfort to NBK’s clients and affirm the commitment of NBK to Kuwait’s Banking sector as the leading bank in Kuwait.

NBK continues to collectively enjoy the highest credit 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. NBK also maintains its position among the 50 safest banks in the world for the twelfth consecutive year.

NBK Group has the widest banking presence in 4 continents 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 Saudi Arabia, UAE, Bahrain, Lebanon, Egypt, Jordan, Iraq, and Turkey.



Kuwait: NBK awarded “Best Private Banking Services Overall in Kuwait” For 2018

11.03.2018

National Bank of Kuwait (NBK) has been awarded the “Best Private Banking Services Overall for 2018” in Kuwait in Euromoney’s Annual Survey surpassing global banks in wealth management and private banking services. NBK topped the list of nominees, outmatching local & 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 awards include: “Best Private Banking Services Overall in Kuwait”, “Best Asset Management in Kuwait, Best Investment Banking Capabilities in Kuwait, Best Commercial Banking Capabilities in Kuwait, Best Family Office Services in Kuwait, Best International Clients and “Best Private Bank for Super Affluent Clients in Kuwait”. Malek Khalife, NBK's 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 " Best Private Banking Services Overall for 2018" in Kuwait for consecutive 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 Khalife. “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.”

Khalife 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 Khalife.

“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 Khalife.

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 twelve consecutive times.

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 93.5 million (KD 74.9 million) for 2017, up 27% y-o-y

06.03.2018

National Bank of Kuwait-Bahrain (NBK Bahrain), the branch of NBK Group in Bahrain, reported net profits of BHD 93.5 million(KD 74.9 million) for the year 2017 compared with BHD 73.4 million (KD 58.9 million) in 2016, a growth of 27% year-on-year.

As of end of 2017, NBK-Bahrain’s total assets increased by 13% y-o-y to BHD 5.8 billion (KD 4.6 billion), compared with BHD 5.1 billion (KD 4.1 billion) in 2016. While total shareholders’ equity increased by 19.8% y-o-y to BHD 599.6 million (KD 480.7 million). Customer deposits reached BHD 3 billion (KD 2.4 billion), up by 10.4 % y-o-y.

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 twelve consecutive times and was awarded as the Best Bank in Kuwait in 2017 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 Wins Seventh Consecutive Service Hero Award 2017

01.03.2018

National Bank of Kuwait has won the prestigious Service Hero Award for Best Retail Bank in Kuwait for 2017. This is NBK’s seventh consecutive win in the category and reaffirms the bank’s lasting commitment to its customer-centric approach.

“NBK strives to provide the best customer service and being awarded the ‘Best Retail Bank in Kuwait’ for the seventh time in a row acknowledges the dedication of our staff who work with passion and commitment to offer the best customer service to our clients,” said Acting General Manager of Consumer Banking Group, National Bank of Kuwait Mr. Mohammed Al Othman.

NBK is once again the leader in the Retail Banks category in the Service Hero 2017 Customer Satisfaction Index (CSI) Kuwait. The award is based upon a 100% customer assessment of 300 companies in Kuwait. Service dimensions evaluated include: reliability, speed, product quality, value, location, staff quality, call center and website. The Index also rates overall satisfaction, loyalty and comparison to an ideal.

Customers are encouraged to vote on the Service Hero website as well as to post feedback on hundreds of brands in Kuwait. Service Hero then compiles and measures customer satisfaction via an index score. It is the Arab World’s only 100% consumer powered customer satisfaction index.

Service Hero partners with the American Customer Satisfaction Index, is a member of ESOMAR and is backed by an independent advisory council to ensure all results are impartial, objective and accurately reflect the voice of the customer.

A leading brand in Kuwait and the region, NBK is known for its commitment to understanding and anticipating customer needs. Products and services are designed with a customer-centric approach, ensuring customer satisfaction at every level.

NBK’s leadership team works hand-in-hand with staff to provide the support and professional development opportunities needed to guarantee consistent best-in-class customer service. The leadership teams considers staff true partners in generating ideas about how to continually improve customer service delivery. It is through the hard work, dedication and efforts of NBK staff that the bank continues to score top honors in service and banking across industry standards.



Egypt: NBK reports net profits of KD 322.4 million for FY 2017

22.02.2018

NBK-Egypt - a member of NBK Group – reported EGP 1,503 billion in net profits for FY2017 up 77.07% compared to EGP 849 million for the corresponding period in 2016.

Total assets as of FY 2017 reached EGP 59.01 billion up 9.23% compared to EGP 54.02 billion by the end of FY 2016. Total customers deposits grew by 7.24% for the same period to reach EGP 36.1 billion, compared to EGP 38.1 billion for FY 2016. While customer loans and advances reached EGP 33.91 billion as of end FY 2017, growing at 35.85% year-on-year, compared to EGP 24.96 billion in FY 2016.

Isam Jassim Al-Sager, NBK’s Group Chief Executive Officer and NBK-Egypt Chairman said that the strong growth achieved by NBK-Egypt confirms the success in affirming its position in the Egyptian market, which is one of the main growth markets for NBK Group, given its promising growth opportunities and positive prospects.

The strength of NBK-Egypt’s profits lies primarily from being operationally driven by improved business environment, reflecting the stability of the economic situation in Egypt. He indicated that this stability will create new (investment and financing) opportunities for the bank, which in turn will contribute to improving the level of product integration between the NBK-Egypt and the Group, thus strengthening its position in the Egyptian market.

Al-Sager confirmed that NBK Group's investments in Egypt are of strategic and long-term nature. NBK-Egypt is considered one of the most important branches for the Group as the branch provides almost third of the profits attributed to international branches, echoing NBK Group’s confidence in the Egyptian market and its desire to further expand its presence as part of the Egyptian banking sector. 

Meanwhile, Dr. Yasser Hasan, Managing Director of NBK-Egypt highlighted the bank’s continuous growth and solid performance across all financial indicators driven by its conservative strategy as part of NBK Group and its business model based on diversification of its income and credit portfolio while offering flexible financing solutions and providing innovative financial products at the same time to cater to its customers actual needs based on detailed thorough market studies. This is in addition to the bank's solid financial position, strong balance sheets and stable management.

He added that most of the bank’s profits are driven by corporate credit services, with a highly diversified portfolio drawing on the diversification of the Egyptian economy itself. He also added that the bank strives to strengthen its position in retail banking as well over the coming period.

He further noted that during NBK’s ten years’ journey in the Egyptian market since 2007 has witnessed a great development which has been reflected in its results and financial indicators, resulting from a complete restructuring aimed at developing its business and enhancing its presence in the Egyptian market through expansion and promotion of its geographical expansion and investment in IT to provide better service to our clients across all sectors and segments (big corporations - SMEs - individuals - and financial institutions due to NBK-Kuwait’s its high credit rating).

Al Hassan also stressed on NBK-Egypt had solid performance across all financial indicators despite the challenging environment facing the Egyptian economy with the bank’s profits growing by 517% in 2017 compared to the results it achieved in its first year in Egypt in 2007, total assets grew by 375%, total deposits were up by 304% and shareholders’ equity was up by 265%.



Kuwait: NBK Welcomes the 19th Batch of Trainees

06.02.2018

The National Bank of Kuwait (NBK) Academy recently received the 19th batch of new employees.

 They met the conditions of selecting young Kuwaiti graduates to undergo special four-month training course on banking skills such as banking principles, risk management, team work, financial accounting, marketing, negotiation, consumer and corporate loans and practical training in various bank departments with the aim of working in NBK.

On this occasion, Mr. Emad Al-Ablani Group General Manager-Human Resources, stressed that NBK is proud to be one of the largest private sector investing in national youth through attracting them into the banking sector and accordingly qualifying them. Al-Ablani added that the training course was designed according to the highest international standards and latest techniques.

Al-Ablani highlighted the uniqueness of NBK Academy as the first of its kind in the Kuwaiti private sector which is specifically focused on providing training and development to the bank’s national youth. The Academy aims at developing aspiring qualified future leaders of distinctively high caliber in all advanced banking disciplines. It also aims at fulfilling the bank’s aspiration to continually improve its services and expand its growth plans, both locally and regionally.

NBK Academy reflects the bank’s vision in placing sustainable development of human resources at the top of its priorities as a strategic objective and a shared responsibility between the government – represented by its various agencies – and the private sector which should fulfil its national responsibilities and increase its contributions towards nationalization and building new leadership capacities through continuous training and development.



Kuwait: NBK honored for CIO 100 Awards by CNME

05.02.2018

Digital innovation has become a critical component of modern banking and at the forefront, leading this development in the Middle East, stands National Bank of Kuwait. NBK’s innovative digital solutions are reshaping banking at a time when more and more customers are seeking digital options for their daily personal and business banking needs.

In the latest affirmation of the bank’s leadership position, NBK Group Information Technology has been chosen as a winner of the 2018 CIO 100 Awards, organized by Computer News Middle East (CNME) magazine. The prestigious industry award celebrates Information Technology leadership groups who are leading the development and implementation of innovative best practices in banking and finance.

NBK was honored during the annual CIO 100 Symposium & Awards Ceremony held in Dubai on 29 January 2018 and will be featured in the February 2018 issue of CNME magazine.

The award was presented to Mr. Yousef Al Kateefi, Executive Manager who received the award on behalf of the NBK Group Information Technology.

“Winning the CIO 100 Award cements NBK’s leadership role in digital innovation,” said Nikolas Sfikas, NBK’s Group CIO. “It confirms that we are not only on the right path, building stronger, safer and more efficient digital financial solutions but also that our industry peers value what we are doing.”

“NBK leads the way in developing innovative Fintech solutions with a customer-centric approach,” added “We are delighted to recognize and honor NBK’s contribution to these important developments in the Fintech sector and in technology in the Middle East.”

CNME was established more than two decades ago and enjoys a readership of 75,000 readers per month with a focus on IT issues and news of local relevance, business benefit and technology for decision makers. 

National Bank of Kuwait continues to develop award-winning digital and financial products and services. Its newly redesigned and rebuilt website, NBK.com won the notable Web Marketing Association (WMA) 2017 WebAward for ‘Bank Standard of Excellence’. NBK was honored specifically for the website’s mobile-responsive and innovative design.

NBK’s Tap & Pay card and wearables are another strong example of the bank’s push for innovative digital solutions that meet the lifestyle needs of today’s customers.

Customers can learn more about NBK Tap & Pay and other products and services by visiting NBK.com.



Kuwait: NBK Most Valuable Banking Brand in Kuwait with a value of US $1.748 bn

03.02.2018

National Bank of Kuwait (NBK) was recognized as the most valuable banking brand in Kuwait in 2018 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 1.748 billion, up 9.8% 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. 

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 2017, NBK was also named among Global Finance’s list of the 50 safest banks in the world for twelve consecutive times.

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: Kids win KD 250 with NBK’s Save & Win with Zeina

27.01.2018

National Bank of Kuwait believes in educating children in financial literacy and savings and works through its Zeina Savings Account to promote responsible saving and spending habits. On 23 January 2018, NBK announced the final winners of the Zeina Save & Win Campaign, held in collaboration with Kidzania.

Ten lucky children won cash prizes of KD 250 each, deposited into their Zeina Savings Account. The winner’s names were announced live on Nabth Al Kuwait radio program on 88.8 FM. The draw was held in the presence of senior NBK officials and officials from the Ministry of Commerce and Industry.

“Zeina Save & Win was a successful campaign that raised awareness among parents and children the importance of financial literacy,” explained Amal Al-Duwaisan, Senior Manager Consumer Banking Group, National Bank of Kuwait. “NBK strives to develop our future generations and offers products and services specifically tailored to suit their needs and develop their potential.”

Winners for the forth and final Zeina Save & Win campaign draw:

1. HAMAD MOHD HAMAD ALHADDAD
2. ABDULLAH RAKAN ABDULLAH ALREFAEI
3. BADER FAHAD ABDULAZIZ AL QATTAN
4. DANA ABDULLA BADER ALSHEMAL
5. NOUR LOAY ABDULHAMID AL QATTAN
6. MAHDI HASAN ISMAIL HUSSAIN
7. FATIMA MOHAMMED ABDULLAH SHEHAB
8. YOUSEF YAQOUB YOUSEF HAIDAR
9. FAISAL SABAH SAMI ABDULSALAM
10. FAY MOHAMMAD ISMAEIL SADEQI

The Zeina Savings Accounts encourages children to learn about banking. It serves as an excellent tool for parents to teach children about saving and spending responsibly and how to utilize digital tools like NBK’s award-winning website, NBK.com or the NBK mobile app to manage their account.

Children under 15 years old with an NBK Zeina savings account in their name received one entry into the quarterly draw for every KD 10 that was deposited into their account during the campaign period. Parents who set up a standing deposit order doubled their child’s chances of winning.

A total of 40 young winners were awarded the KD 250 cash prize. The Zeina Save & Win Campaign ended 31 December 2017 and the 23 January announcement is the final 10 winners.

National Bank of Kuwait, a leading Kuwait bank, has been listed among the World’s Safest Banks 12 consecutive times by Global Finance magazine. NBK enjoys the highest credit ratings by international credit rating agencies, Standard & Poor’s, Moody’s and Fitch Ratings.

Customers can benefit from NBK’s Rewards Loyalty Program network, the largest in Kuwait. The NBK Rewards program includes more than 700 partner outlets restaurants, fashion brands, lifestyle shops, hotels, travel and entertainment for children. Parents can set up a Zeina account for their children by visiting a local branch or NBK.com website.



Kuwait: NBK Visa Signature offers access to over 800 Airport Lounges Worldwide with one complimentary guest

23.01.2018

NBK Visa Signature Credit Card, available by invitation only, offers one of the most sought-after perks: free lounge access to the NBK Signature Credit Cardholder and a guest to over 800 lounges at more than 300 airports around the world. This is exclusively for NBK Visa Signature Credit Cardholders. The privileged ‘lounge key’ program makes traveling easier, convenient and more relaxing for NBK Credit Card cardholders.

“NBK customers travel frequently and widely. The LoungeKey program answers a real need for access to the best airport lounges around the globe,” said Mr. Jaya Rupanagudi Head Of Cards Products, National Bank of Kuwait.

NBK continually adapts and expands products and services to meet the modern lifestyle needs of its clientele. LoungeKey access provides NBK’s well-traveled customer base with a practical and important benefit.

The airport lounge access usually includes a wide selection of free food and beverages, a relaxing atmosphere often with reclining chairs and quiet areas as well as free WiFi and mobile device recharge points for the busy business traveler. Business class lounges may also include free showering facilities, concierge services and more.

Customers who accept the NBK Visa Signature Credit Card invitation can also enjoy access to the largest loyalty Reward Program in Kuwait, with more than 700 participating lifestyle brands, restaurants and shops.

Signature Visa Credit Card holders can also enroll to the best Miles Program, earning travel points for every KD spent locally or abroad; free travel insurance; fast track immigration services at 380 international airports, free valet parking, global concierge services, fraud and purchase protection and additionally benefit from access to hundreds of offers from Visa on luxury hotels (visaluxuryhotels.com) and fine dining restaurants ().

NBK Credit Card cardholders will also be able to avail NBK Secure Shopping when making purchases online, ensuring an added layer of protection against fraud and identity theft.

NBK offers Credit Cardholders a wide array of benefits, rewards and access to fraud protection, travel insurance, concierge, discounts and promotions on hotels, car rental and fine dining as well as NBK Miles points and more. Learn more at NBK.com website.



Kuwait: NBK reports net profits of KD 322.4 million for FY 2017

22.01.2018

National Bank of Kuwait (NBK) reported net profits of KD 322.4 million (USD 1,068.3 million) for the year 2017 compared with KD 295.2 million (USD 978.2 million) in 2016, growing 9.2% year-on-year.

Total assets as of year-end 2017 reached KD 26.0 billion (USD 86.3 billion) up 7.4% compared to year-end 2016, while total shareholders’ equity increased by 5.0% to KD 2.9 billion (USD 9.5 billion). Customer loans and advances reached KD 14.5 billion (USD 48.1 billion) as of year-end 2017, 6.5% up from last year’s levels. Customer deposits grew by 9.3% year-on-year to reach KD 13.8 billion (USD 45.7 billion) as of year-end 2017.

Asset quality metrics remained strong with NPL/Gross Loans ratio at 1.42% as of year-end 2017, and NPL coverage ratio at 287%; reflecting NBK’s resilient risk management approach.

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 2017.

Nasser Al-Sayer, NBK Group Chairman said “NBK recorded promising performance in 2017 demonstrating the resilience, quality and diversity of earnings in a globally challenging operating environment. The Group maintained its leadership in Kuwait while successfully strengthened synergies between its international operations to deliver an ultimate customer experience”.

“The Group’s net operating income grew by 10.4% year-on-year to KD 822.7 million (USD 2,726.3 million), primarily driven by core banking activities as business volumes continued to grow thus ensuring NBK’s successful strategy implementation” Al Sayer added.

Al-Sayer also added that “Credit growth in Kuwait remains solid supported by positive economic activity as the government’s capital spending program remains intact. Kuwait’s fiscal position is better than peers given the substantial buffers and strong sovereign ratings; creating room for acceleration in spending despite lower oil prices”.

“The Group is committed to contributing positively to Kuwait’s economic growth and remains fully supportive of the New Kuwait vision 2035. NBK’s robust financial position, strong franchise, diversified business model in addition to its regional and global presence, has positioned the Bank as the country’s foremost financial provider and the largest beneficiary of the growing government expenditure”. “Additionally, and in line with our commitment to the economic development of Kuwait; NBK remains highly committed to its corporate social responsibly being consistently the largest contributor to the community year after year”. Al-Sayer highlighted.

Isam Al-Sager, NBK’s Group Chief Executive Officer said; “the solid results of NBK reflect a period of strong growth and robust operating performance. Given the Bank’s adequate capitalization, stable funding and ample liquidity conditions; NBK continues to benefit from emerging opportunities locally and regionally, affirming the Bank’s income diversification strategy and improved profitability trends”.

“In the context of income diversification, NBK maintained its leadership position across business segments in Kuwait and further strengthened that position as Boubyan Bank continues to drive the growth on the Islamic Banking front. The acquisition of a 58.4% stake in Boubyan Bank in 2012 was a long-term strategic move by NBK. We continue to see very positive momentum at Boubyan Bank, which contributed around 14% of the Group’s profits in 2017.”

“On the other hand, NBK’s International operations remained highly profitable contributing 28% of the Group’s total profits. Our regional and international growth strategies continued to focus on Egypt and GCC countries while the improved synergies across other locations increases opportunities of cross selling and business optimization, which all supports more diversified assets, client base and income streams”. “During the year, we transformed our representative office in China to a branch and received SAMA approval to open two new branches in Saudi Arabia”, Al-Sager added.

In 2017, NBK issued USD 750 million, 5-year senior unsecured debt in May as part of a USD 3.0 billion Global Medium Term Notes (GMTN) program. Being three times oversubscribed, the issuance attracted sizable demand, especially from US investors. The issuance was priced at 29 bp above the yield on the respective Kuwait sovereign bond, the tightest spread amongst our regional peers. The issuance comes in line with the Bank’s strategy of enhancing its funding profile by diversifying the funding sources and extending the liabilities’ duration.

The Group maintained strong levels of capitalization throughout the year. As of end-December 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 twelve consecutive times and was awarded as the Best Bank in Kuwait in 2017 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, Singapore and China; in addition to its presence in MENA.



Kuwait: NBK Al Shabab prepaid cardholders enjoy 50% discount on KNCC tickets every weekend

21.01.2018

National Bank of Kuwait makes the most of each customer’s banking experience by offering special discounts and rewards tailored to suit their lifestyles. Now Al Shabab prepaid card holders can get more fun out of their weekends with a massive 50% discount on movie tickets at (Cinescape) cinemas.

“NBK customers enjoy sharing their weekends with family and friends,” explained Ms. Dalal Yousef Al-Mulla, Marketing Planning and Execution Manager at the Consumer Banking Group, National Bank of Kuwait. “We are delighted to collaborate with the Kuwait National Cinema Company (KNCC) the leading company in the Cinema industry to provide this valuable offer for NBK Al Shabab Prepaid Cardholders.”

Each account holder can purchase one (Standard 2D/ 3D) ticket per day at the discounted price every Friday and Saturday.

Kuwaiti college or university students ages 17 to 23 may apply for an Al Shabab prepaid card online. The recharge-as-you-go feature, available online or through the NBK smart phone App, helps students budget their monthly allowance, making it easy for them to transfer money as needed for expenditure while tracking all spending.

NBK Al Shabab Prepaid Card holders enjoy valuable, exclusive benefits including access to Kuwait’s single largest loyalty reward program, NBK Rewards, with more than 700 partner outlets. Shabab Prepaid Card holders also receive exclusive discounts, including pop up offers, contract and annual deals like 20% off yearly membership to Platinum Health Club.

NBK Al Shabab prepaid cardholders also enjoy exclusive access to many innovative products and services like online Secure Shopping and Tap & Pay wearables. NBK is the only bank in Kuwait which offers the Tap & Pay service on stickers and wristbands which simplify and ease payments while taking contactless payments even further. To pay for any transactions up to KD 10, Shabab prepaid cardholders simply tap their card, sticker or wristband on the POS machine. Any transaction above KD 10 will require a PIN to be entered on the POS terminal.

The innovative service highlights NBK’s drive to introduce best-in-class banking products and services and cutting-edge technology to provide the ultimate banking experience without compromising on security. NBK’s Tap & Pay service adheres to the highest international security standards, further supporting NBK’s position as one of the 50 safest banks in the world.

Visit NBK.com to learn more.



Kuwait: NBK grants children’s wishes: Mahdi visits Ferrari World through Kuwait Airways

18.01.2018

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.

Mahdi Abdul Aziz who is undergoing treatment at NBK Hospital, has always dreamt to visit Ferrari World. NBK helped in making his dream come true and visit this entertainment city through Kuwait Airways.

Before going on the flight, NBK team welcomed Mahdi and his family at the airport where he was briefed about his trip and the activities waiting ahead.

Upon Arrival, Mahdi enjoyed a tour over Abu Dhabi where he stayed two days, one of which he spent enjoying all the adventures in his city of dreams “Ferrari World”.

 “Mahdi’s dream to become a pilot is yet another wish granted through NBK’s initiative “I dream to be”. We are proud to be a part of the children’s dreams and expand our support to them as much as possible,” said Joanne Al Abdul Jaleel, NBK Public relations officer.

“I Dream to be initiative is a lifetime experience for children not only with life-threatening conditions but children with special needs as well,” she added. “This initiative is a great way to spread joy and show that there’s always a positive side to a difficult situation. We ask children what they want to be and try to fulfill that for them.”

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: Protect yourself when shopping online with NBK Secure Shopping

16.01.2018

NBK continually innovates products and services to suit the lifestyle needs of its customers. NBK Secure Shopping is tailored to provide NBK customers with a simple, safe and secure way to shop online and keep their credit card details protected.

Around 57% of adults in Kuwait regularly shop online, according to a recent Ipsos study. Items most often purchased include clothes (53%), travel (48%), perfumes (11%), electronics (10%) cosmetics (8 percent) and shoes (7%) as well as household items, toys, games and handbags.  

“Purchasing goods and services online is a part of modern life and NBK works diligently to protect our customers,” explained Hanadi Khazal, Assistant General Manager- Consumer Banking Group, National Bank of Kuwait.

The process is simple and free. NBK customers can utilize the secure shopping facility automatically whenever shopping online. They will be directed to a secure webpage that asks for a one-time password (OTP). The OTP is sent to NBK credit card and debit cardholders via e-mail and SMS. Once a customer receives the OTP, he/she can input the one-time password to complete the purchase.

“Customers pay for online purchases with debit cards 55% of the time and pay with credit cards around 38% of purchases online. By creating NBK Secure Shopping in partnership with Mastercard Secure Code and Verified by Visa, NBK makes using credit cards a smarter, safer choice when shopping online,” said Khazal.

The added layer of security ensures that the person making the purchases is the cardholder. NBK credit card and debit cardholders do not need to register to avail of the NBK Secure Shopping facility.

NBK Secure Shopping is part of the bank’s long term effort to ensure the safety and security of its customers’ digital financial transactions. NBK offers a variety of safety features for online transactions. It also maintains its position among the 50 safest banks in the world for the 12th consecutive year.

NBK continues to collectively enjoy the highest credit 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 disciplined approach to risk management, in addition to its highly recognized and very stable management team.



Kuwait: NBK team puts ‘Innovation’ into practice

15.01.2018

National Bank of Kuwait (NBK) participated in the Innovation Challenge program organized by Kuwait Foundation for the Advancement of Sciences (KFAS) in cooperation with UCLA Anderson School of Management.

The program is aimed to develop the team’s innovation capabilities through resolution of a challenge or a specific innovation project related to NBK.

The Innovation Challenge started in Kuwait on Jan 7, 2017 and will continue for 4 months. Towards the end of the program, the assigned team will undergo the final module in UCLA Anderson School of Management.

NBK is committed to being one of the biggest advocates of corporate social responsibility in Kuwait, and in specific in the fields of education, supporting students and national talents. The Bank believes in the importance of providing Kuwaiti youth with the opportunities that will enable them to perform and demonstrate their capabilities, as well as in investing in them through training programs held throughout the year to help them gain experience and qualifications and arm them to enter the work market.

NBK places as well great importance in supporting the development of its employees through specialized training programs designed as per academic and scientific standards, providing them with diversified training and professional development programs which are delivered by leaders in the banking and financial sector.



Kuwait: NBK announces largest network of NBK Tap & Pay enabled POS terminals in Kuwait

10.01.2018

The National Bank of Kuwait (NBK) continues to introduce innovative payment solutions through the NBK Tap & Pay, available for wristbands and stickers, placing it as one of the most advanced non-traditional payment technologies in Kuwait and the Gulf, giving customers the ability to pay with a simple tap at POS terminals.

With the largest network NBK Tap & Pay terminals in Kuwait comprising of 6,900 terminals, NBK allows users to pay with a tap by using the wristband, sticker, credit or debit cards, or pre-paid cards to make secure payments at restaurants and retail stores, adapting to the lifestyle of customers.

Sanad Al-Shatti, Senior Manager- Products, Consumer Banking Group at NBK said: "NBK Tap & Pay service has seen an unprecedented response from youth as it suits their lifestyle, and saves them time and effort by using an innovative service that is designed with the latest banking technology and highest standards of safety and privacy.”

Al-Shatti added: “The service enables customers to let go of their money wallet and other banking cards thanks to a secure and easy-to-use payment solution that utilizes NBK Tap & Pay wristband and sticker. The new service complies with international security standards, further strengthening the Bank’s position as one of the 50 most secure banks in the world.”

Al-Shatti also said that the NFC technology in the wristband and sticker allows customers to easily make payments for daily purchases that do not exceed KD10 by simply tapping them to the NBK Tap & Pay enabled POS terminals, without the need to enter a PIN code or sign a receipt. As for payments ranging from KD10 and KD100, customers can use the NBK Tap & Pay service by tapping the POS terminal and entering their PIN Code.

He continued saying that customers receive points to their NBK rewards program when using the NBK Tap & Pay wristband, sticker and cards at more than 700 participating stores. NBK's online and mobile services also allow customers to complete their banking transactions in the place and time that suits their needs.

The NBK Tap & Pay service comes as part of NBK’s continued efforts to provide customers with the best international banking products and services, using the latest technology and offering a superior banking experience without compromising on the security of customer’s accounts and the confidentiality of their information.

Al-Shatti added that NBK cards also provide free travel insurance, covering a total value of US$1 million as part of the Bank’s endeavors to provide convenience and safety to its customers when travelling.

He pointed out that customers are always notified by SMS of changes to their bank account or credit card, and are immediately answered to through the NBK WhatsApp service. Free international call service is also offered through the Bank’s telephone service to eight countries, in addition to ATMs, cash deposits and other banking products and services.

Award-winning NBK is committed to developing products and services that suit the different lifestyles of customers for the present and the future. For more information about the NBK Tap & Pay and the Bank's innovative products and services, please visit NBK.com.



Kuwait: NBK: Gold sponsor of the Energy Strategy Forum for Third Year in a Row

07.01.2018

The National Bank of Kuwait (NBK) announced its gold sponsorship of the Energy Strategy Forum for the third year in a row, which will be held on January 31 at the JW Marriott Hotel in Kuwait.

NBK will participate in the Forum, which will be hosted by Kuwait Petroleum Corporation (KPC) and the Petroleum Economist and inaugurated by His Excellency the Minister of Oil and the Minister of Electricity and Water, Bakhit Al-Rashidi, and the Chief Executive Officer of KPC, Mr. Nizar Al-Adasani. The Forum will be attended by high-level economic executives from Kuwait and the region in addition to representatives of international oil and gas companies. 

In the first panel of the Forum titled “Achieving Balance in the Oil Market in 2018”, Senior Economist at NBK, Mr. Omar Al-Nakib, will discuss the outlook for the oil market in 2018 and provide insights on the key factors and trends affecting oil prices. The panel will also focus on the Saudi-Russian cooperation, the prospects for shale oil and the strategies adopted by non-OPEC oil producers, with a view to assessing their impact on the oil market.

The first panel will also discuss the crude production capacity of Gulf countries, the most significant changes expected to take place in 2018, the dollar’s impact on oil prices, and the impact of China’s decision to price oil in its currency.

The second panel of the Forum, titled “Challenges in Financing Energy Amidst Market Changes”, will host the Managing Director Head of Investment Banking at NBK Capital, Mr. Rani Selwanes. The panel will discuss challenges in financing oil projects in the context of low oil prices, expected capital spending on oil projects and convenient debt ratios on the medium term as well as the impact of governance and transparency requirements on national oil companies.

The participation of NBK in the Forum is borne out of the bank’s desire to share its expertise to support the Kuwaiti oil sector and reaffirm its commitment to the long-standing strategic partnership with KPC and its subsidiaries; NBK has been KPC’s leading banking partner for over four decades. 

NBK maintains its leading position as the highest ranked credit institution among banks in the Middle East, as rated by the three international credit rating agencies, Moody’s, Fitch and Standard & Poor’s. The ratings are supported by a series of strong performance metrics such as high capitalization, sound debt policies, a systematic risk management approach, as well as a highly-capable management team. NBK is also ranked among the 50 safest banks in the World for the 12th year in a row by Global Finance.



Kuwait: NBK sponsors LOYAC’s 8-day trip to Thailand

06.01.2018

The National Bank of Kuwait (NBK) recently sponsored an eight-day trip organized by LOYAC to Thailand for over 18 young volunteers aged 14-18. The trip included various activities designed to probe local culture through field work, visits to Thailand’s landmarks such as rice farms, elephants’ conservations as well as taking part in field voluntary activities.

 In this regard, NBK’s PR Manager Ya’qoub Al-Baqer stressed that NBK is always keen on supporting the youth by sponsoring such educational and training programs that encourage them to open to

other cultures, develop their skills and knowledge, think about their own future as well as develop their academic and practical experiences.

Al-Baqer also stressed that sponsoring the trip came as part of NBK’s constant support to LOYAC’s activities which are aimed at empowering Kuwaiti youth and developing their skills. Further, Al-

Baqer added that the program included visiting some local schools and taking part in workshops to teach Thai pupils English.

 He added that the trip also included some seminars about Thai cuisine, language, music and traditions including some famous martial art lessons.

 



Kuwait: NBK provides dedicated Business Banking Call Centre agent

05.01.2018

National Bank of Kuwait has established dedicated team of Business Banking professionals to answer questions on the NBK Call Center hotline, 1801-801 anytime day or night.

The dedicated agents can help Business Banking clients activate new and existing credit cards, close or freeze a lost or stolen credit card or ATM card, activate e-pin and reset password for the Watani Online and answer queries on  Business facilities, Business Credit cards,  Online salary Portal, Point of Sale, Cash pick up and types of deposits etc.

“NBK has identified the needs of Kuwait’s growing entrepreneurial class of SME owners,” said Mr. Bader Al Mutawa, Assistant General Manager Consumer Banking Group, National Bank of Kuwait. “We have created specialized, tailored services to these customers’ needs and support their business growth.”

Benefits of the specialized Business Banking call center services includes 24 hours, seven days a week availability. This will support businesses around the clock and help prevent business disruptions or interruptions.

NBK Business Banking offers banking and payment solutions for local businesses in Kuwait, where customers can avail of payment services including POS and payment gateway. They can also sign up for access to salary portal, providing an efficient, secure and convenient way to pay employee salaries.

As part of its commitment to a safe and stable business environment for Kuwait, NBK also provides business insurance including buildings, stocks, business interruptions, cash cover, fidelity and life insurance.

National Bank of Kuwait is also the bank of choice for businesses with long term regional or global expansion ambitions. NBK’s regional coverage extends to Bahrain, Egypt, Jordan, Iraq, Lebanon, Saudi Arabia, Turkey and the UAE.

NBK Group has the widest banking presence, available across four continents. NBK’s international presence includes many of the world’s leading financial centers: Geneva, London, New York, Paris, Shanghai and Singapore.

Customers can apply for a business banking account by visiting the award-winning interactive NBK.com website or by visiting one of our 13 branches that Business Banking representatives are  available: Head Office, Surra, Shuwaikh, Al Tadamoun, Mubaker Al Kabeer, Jabriya, Arraya Tower 2 (fifth floor), Fintas, Salwa, Ras Salmiya ( 3rd floor), Hawally, Sharq and Ghazalli .



Kuwait: NBK welcomes 696 Kuwaiti graduates in the period from 2015 to 2017

03.01.2018

As part of the Bank's strategic vision to support national talents, the National Bank of Kuwait (NBK) announced that it has welcomed 696 Kuwaiti graduates of universities in Kuwait, the United States (US) and United Kingdom (UK) in its team during the period from 2015 to 2017. Graduates of Kuwaiti universities represented the largest share of new employments, reaching 87%. New employees graduated from universities in US and UK reached 13%.

Graduates of the Public Authority for Applied Education and Training (PAAET) ranked first in the number of new employees at NBK during the period, representing 31%, followed by Kuwait University graduates representing 16%, Gulf University for Science and Technology (GUST) 13%, the American University of the Middle East (AUM) 7%, the American University of Kuwait (AUK) 7%, American College of the Middle East (ACM) 6%, the Australian College of Kuwait (ACK) 5% and Box Hill College 2%.

 

Speaking of these percentages, NBK General Manager of Human Resources, Emad Ahmad Al-Ablani, said: "NBK continues to lead among private sector companies which open their doors to Kuwaiti graduates, attracting national talents and encouraging them to work in the private sector.”

 

Al-Ablani stated that NBK has signed many strategic partnerships with Kuwaiti universities, mainly Kuwait University, PAAET and GUST. These partnerships aim to provide support for Kuwaiti youth to help them gain more experience to enter the labor market through training and work opportunities.

 

NBK is committed to being one of the biggest advocates of corporate social responsibility in Kuwait, and in specific in the fields of education, supporting students and national talents. The Bank believes in the importance of providing Kuwaiti youth with the opportunities that will enable them to perform and demonstrate their capabilities, as well as in investing in them through training programs held throughout the year to help them gain experience and qualifications and arm them to enter the work market.

 

NBK places as well great importance in supporting the development of its employees through specialized training programs designed as per academic and scientific standards, providing them with diversified training and professional development programs which are delivered by leaders in the banking and financial sector.



Kuwait: NBK jointly with Visa sends you and a friend to The 2018 FIFA World Cup Russia™ Final in Moscow

02.01.2018

National Bank of Kuwait knows its customers well and creates the best rewards tailored to their tastes and interest. Now NBK card holders can earn a chance to win 3 tickets to see the 2018 FIFA World Cup Russia™ Final courtesy of Visa in Moscow in July, 2018.

Win a chance for you and a friend (2 people in total) to attend the 2018 FIFA World Cup Russia™ Final match and see your favorite teams battle it out for the ultimate victory. NBK credit card holders will enter into the draw one time for each KD 1 they spend locally and enter 3 times for each KD 1 they spend abroad. NBK Debit Cardholders will earn 3 times for each KD 1 spend abroad and on international websites.

“Football is a favorite pastime for many in Kuwait and NBK proudly partners with Visa to create this amazing reward package,” said Mohammed Al Othman, Deputy General Manager- Consumer Banking Group, National Bank of Kuwait. “We give our customers the best rewards because we believe in developing long term, lasting and loyal relationships.”

Nearly 98% of available tickets for the FIFA World Cup final to be held in Moscow, Russia in July 2018 sold out in the first 24 hours, making tickets to the match one of the most sought after events of the global football season. The FIFA World Cup finals pits some of the globe’s best and strongest teams against each other in what are considered the premier sporting event of the world.

NBK credit card and debit card holders are eligible for the draw, which will take place after the campaign period, which runs from Beginning from 1 January 2018 until 17 March 2018.

“NBK credit card holders enjoy exclusive, premier rewards, promotions and discounts,” explained Al Othman.

Choose from Visa and find the credit card that suits your needs. NBK’s Reward Program is the largest loyalty program in the region with more than 700 lifestyle retailers, shops and restaurants.

Customers can learn more about NBK credit cards by visiting the award-winning newly redesigned NBK.com website. Check out the ‘Right for me’ comparison tool to help choose the right card for you. https://nbk.com/kuwait/personal/cards/right-card.html



Kuwait: NBK Children’s Specialty Hospital launches “Diwaniya” initiative, attended by Minister of Health and Group CEO

01.01.2018

In its endeavors to develop and provide the highest level of services in a family-oriented and healthy environment, the National Bank of Kuwait (NBK) Children’s Specialty Hospital launched the “Diwaniya” initiative which aims to create a direct communication channel between parents of patients, heads of departments and the medical team, and exchange suggestions and opinion. The launch of the initiative was attended by His Excellence the Minister of Health, Sheikh (Dr.) Bassel Al-Sabah, as well as NBK Group CEO, Mr. Isam Jassem Al Sager, and the President of the NBK Children’s Specialty Hospital, Dr. Maitham Hussain.

In their visit to the “Diwaniya”, HE Sheikh Bassel Al-Sabah and Mr. Isam Al Sager listened to patients and their parents, which was also attended by members of the Hospital’s boards, heads of the departments and the public relations team at NBK. A tour of the different divisions of the Hospital followed, as well as distribution of gifts to young patients.

The “Diwaniya” aims to enhance communication with parents of patients to listen to their suggestions and observations of the level of healthcare services provided by the Hospital. The Diwaniya will be held monthly where parents can speak to the heads of departments and medical team directly. The initiative comes as part of a series of development programs that will be implemented as part of the strategy of the NBK Children’s Specialty Hospital.

The Hospital has also put in place a mechanism to measure patient and parent satisfaction through recurrent surveys about the Hospital’s services.

NBK Children’s Specialty Hospital is committed to international standards in providing healthcare and rehabilitation services for children ill with cancer and blood diseases, in addition to cases that require stem cells transplant. The Hospital’s strategy emanates from its core values of providing healthcare services in a family-oriented environment, and working together as one integrated team to excel in healthcare.

The Hospital has also a comprehensive program of social and leisure activities targeting patients and their parents. These include bi-weekly movie nights for in-patients, a reading corner, a library and reading sessions, fun activities as well as many other activities held in the out-patient clinics, which are sponsored by NBK. 

NBK Children’s Specialty Hospital also offers supportive, encouraging and awareness programs for the nursing and medical crew through medical and strategic seminars.

The “Diwaniya” program is anchored in NBK’s commitment to its social responsibility toward children, by not only providing healthcare services, but also emotional care, support, easing the treatment process and offer all kinds of activities to lift patients’ spirits and help them recover faster.

Last June, NBK and the Ministry of Health inaugurated the Stem Cell Therapy Unit at the NBK Children’s Specialty Hospital allocated in the Al Sabah Medical area. The Unit is the first project of its kind in Kuwait to provide free bone narrow transplant for children under 16 years of age, as part of the largest initiative within the private sector and an expansion plan of the Hospital.