National Bank of Kuwait (NBK) yesterday opened its new branch in Abu Dhabi, the second in the United Arab Emirates (UAE), under the patronage of the UAE Central Bank. The ribbon cutting ceremony was attended by the Assistant Governor for Banking Supervision Saeed Abdulla Al-Hamiz, NBK Group Deputy CEO Isam Al-Sager and NBK officials. "NBK is keen on strengthening its position in the regional and international markets with more focus on GCC operations", said Al-Sager. "The UAE enjoys positive economic prospects and we are happy to expand our presence in the Emirati market." Al-Sager added: "NBK remains committed to its strategy of balancing its revenues in Kuwait and outside. NBK's expansion strategy has proved resilient in light of the challenging operating environment." NBK-Abu Dhabi comes as part of the Bank's expansion strategy in the UAE which started with its first branch in Dubai in 2008. NBK-UAE provides its customers with complete banking solutions including Murabaha deposits, corporate FX hedging solutions and mortgage services. 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, Qatar, Saudi Arabia, the UAE, and Turkey. NBK continues to collectively enjoy 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. In 2012, NBK was also named among Global Finance's list of the 50 safest banks in the world for the seventh consecutive time. Source : Kuwait Times
