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Sunday, 22 November 2009 | 04:54 UAE time

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National Bank of Kuwait - Kuwait

  • +1,060.00 Last
  • +40.00 (+3.92%) Today's Change
  • 4.33m Volume
  • 745.50-1,472.70 52 Week Range
  • -230.90 (-17.89%) 52 Week Change
As of 19 Nov 2009 09:28 GMT (Market Closed)

COMPANY DESCRIPTION

The biggest lender in the emirate, National Bank Kuwait (NBK) has faced strong headwinds in recent months. Fourth quarter earnings declined by 78 percent as the bank took provisions to offset the impact of the global financial crisis. NBK also announced that its full-year profit dropped to $884.3m from $938m in 2007.

NBK chief executive Ibrahim Dabdoub, however, has said he believes the bank has seen the worst of the downturn on its earnings. The Kuwait lender is reportedly on track to match last year’s first quarter net profit.

NBK has slowed down the pace of its foreign expansion amid the downturn but, according to Dabdoub, still plans to set up an Islamic lender in Switzerland aimed at Gulf investors.

The bank has been expanding abroad to offset rising competition at home, buying Al Watany Bank of Egypt and a 40 percent stake in an unlisted Istanbul-based Turkish bank in 2007. NBK is also eyeing investment opportunities in Syria and North Africa, and is active in Qatar through its affiliate International Bank of Qatar (IBQ).

Earlier this year the bank was ranked by Global Finance magazine to be among the world’s 50 safest banks. NBK, the only GCC-based bank to make the grade, was deemed to have shown a more prudent and sustainable approach to risk than its peers.

KEY INFORMATION

Industry

Asset Management, Commercial Banks, Commodity Brokers, Investment Banks, Investment Funds, Stock Brokers

Address

Abdullah Al Ahmed Street, 95, Kuwait City, Kuwait

T

965 2422011

F

965 2431888

E

-

W

www.nbk.com

COMPANY OVERVIEW

Ownership Type Established on Employees
Public Joint stock 19 May 1952 -

MAJOR SHAREHOLDERS

NameCountry
Kuwait Invest Holding CompanycompaniesKuwait
Al Ahleia Insurance CompanycompaniesKuwait

PORTFOLIO

NameCountry
Al Watany Bank of EgyptEgypt
Credit Bank of IraqIraq
International Bank of QatarQatar
Intra Investment CompanyLebanon
Watani Financial Brokerage CompanyKuwait
Kuwaiti Jordanian Holding CompanyKuwait
National Bank of Kuwait - LebanonLebanon
National Bank of Kuwait - UKUK
National Investors Group HoldingsCayman Islands
NBK Banque PriveeSwitzerland
NBK Investment ManagementUK
NBK Investment ServicesBahrain
Qualitynet General Trading and ContractingKuwait
Shared Electronic Banking Services CompanyKuwait
Turkish BankTurkey
Watani HoldingLebanon
Watani Investment Company - KuwaitKuwait
Watani Investment Company - UAEUAE
Credit Information Network CompanyKuwait
Boubyan BankKuwait

OFFICERS

BOARD OF DIRECTORSPosition
Mohammed Abdulrahman Al BaharChairman
Nasser Musaed Abdulla Al SayerVice Chairman
Hamad Abdulaziz Al SagerBoard Member
Nasser Mohamed Abdulmohsin Al KharafiBoard Member
Yacoub Yousif Al FulaijBoard Member
Hamad Mohammed Abdulrahman Al BaharBoard Member
Muthana Mohamed Ahmed Al HamadBoard Member
Ghassan Ahmad Saud Al KhaledBoard Member
MANAGEMENTPosition
Ibrahim Shukri DabdoubChief Executive Officer
Issam J. Al SagerDeputy Chief Executive Officer
Adel Al MajedGroup General Manager - Consumer Banking
Khaled Al BaharGroup General Manager - Corporate Banking
Randa SadikGroup General Manager - International Branches and Subsidiaries
Salah Youssef Al FulaijGroup General Manager - Treasury and Asset Management

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