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Wed 16 Sep 2009 09:19 AM

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Mashreq makes move into Kuwaiti banking sector

UAE bank becomes seventh non-national bank to start ops in Kuwait.

The UAE's
Mashreq Bank

is set to start operations in Kuwait and it was confirmed it had been registered with the Central Bank of Kuwait (CBK).

Sheikh Salem Abdulaziz Al-Sabah, governor of the CBK, said the branch would "execute traditional banking operations".

Mashreq Bank

is the fourth bank operating in the Gulf Cooperation Council to be registered with the CBK, he said, adding that it followed registrations for the
National Bank of Abu Dhabi

,
Qatar National Bank

, and
Doha Bank

, KUNA News Agency reported.

Mashreq

is the seventh non-national bank branch to be registered with the CBK since legislation was introduced which allowed for presence of foreign banks in the Kuwaiti banking sector.

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