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Mon 26 Aug 2002 04:00 AM

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Financial Times' Banker names NBK bank of year in ME

The Banker magazine of the London Financial Times has named National Bank of Kuwait "The Bank of the Year 2002 in the Middle East" for the second consecutive year.

The Banker magazine of the London Financial Times has named National Bank of Kuwait "The Bank of the Year 2002 in the Middle East" for the second consecutive year. The bank also shares the "Best Bank in Kuwait" award with Gulf Bank.A spokesman for the Banker said, "National Bank of Kuwait was recognised for it's diversified earning base, financial strength and growing regional influence". In investment banking National Bank of Kuwait, has been capable of structuring and underwriting large regional capital market transactions.NBK reported a net profit of US$188 Million for the first half of 2002, and recently introduced a number of new products and delivery channels in an attempt to diversify revenue streams. In July, FitchRatings upgraded the long-term foreign currency rating of the bank to A+, following another upgrade by Moody’s to A2 in May.National Bank of Kuwait is the largest financial institution in Kuwait and dominates the commercial banking market. It has international operations in throughout the Middle East, Europe, United States of America, East Asia and is expected to branch out into additional markets in the Middle East.

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