Commercial Bank of Kuwait

COMPANY DESCRIPTION

Through a network of 53 branches across Kuwait, the CBK provides a range of banking and financial products and services to individuals and corporations.

However, profits at Kuwait’s third-largest lender dropped last year after it posted a loss in the fourth quarter. Its net profit shrank by 16.3 percent to $347m from $415m in 2007, CBK said. In the fourth quarter, the bank reported a loss of $14.5m.

In February, Standard and Poor’s rating agency placed CBK on CreditWatch with negative implications, but affirmed its A-2 short-term ratings.

CBK’s personal banking division offers checking accounts, on demand accounts, savings accounts, term deposits, loans, CBK cards and remittances. Corporate credit, treasury services, international credit and trade finance are provided by its corporate banking division.

CBK also offers other financial and investment solutions through Tijari Private Banking and Tijari Funds units. Serving high net-worth individuals, the Tijari Private Banking unit offers conventional banking, financing and leveraging, alternative investments and structured products. The Tijari Funds division manages investment funds, such as its money market fund, GCC equity fund, Islamic fund and India fund.