Kuwait bank makes first foray into Dubai

by AFP Sunday, 24 August 2008

The National Bank of Kuwait, the Gulf emirate's largest bank, announced on Sunday the opening of its first branch in the booming emirate of Dubai.

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NBK chief executive officer Ibrahim Dabdoub said the new branch, the first in the United Arab Emirates, is part of the bank's expansion strategy in the region.
The bank now has more than 50 branches in 13 foreign countries including the United States, Britain and France. In recent years it has acquired banks in Iraq, Qatar, Turkey and Egypt.

Founded by Kuwait's leading merchant families in 1952 as the Gulf state's first commercial bank, NBK maintains the highest financial strength rating among Arab banks and emerging market banks from international rating agencies.

NBK reported a record net profit of $661.3 million in the first six months of 2008, a healthy 21 percent increase over the same period last year.



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