BANKING

January 22, 2020

National Bank of Kuwait, the biggest lender in the country by assets, reported an 8.2 per cent year-on-year rise in its 2019 net income beating analysts’ estimates, as revenue climbed and provisions for bad loans fell.

Net profit for the 12 months ending December 31 rose to 401.3 million Kuwaiti dinars (Dh4.9 billion), the"... Continue Reading

January 21, 2020

KUWAIT CITY, Jan 20: National Bank of Kuwait (“NBK”, the “Bank” or the “Group”), today announced its financial results for the year ended Dec 31, 2019. The Group delivered strong annual performance with net profit of KD 401.3 million (USD 1.3 billion) compared with KD 370.7 million (USD 1.2 billion) in 2018, increasing by 8.2% year-on-year.

Total"... Continue Reading

January 21, 2020

Kuwait Finance House has confirmed its intention to buy Bahrain’s Ahli United Bank following its ordinary and extraordinary general assembly meeting.

The combined entity will potentially become the Gulf’s sixth-biggest lender with $101 billion in assets.

Kuwait"... Continue Reading

January 16, 2020

KUWAIT CITY, Jan 15: The Central Bank of Kuwait is working on obliging local banks to establish a unit for following up the implementation of the strategy for formulating the future required by banks for the medium term (3-5 years), reports Al-Rai daily.

According to sources, the supervisory perception in this regard is based on"... Continue Reading

January 15, 2020

The Bank for International Settlements (BIS) announced Tuesday that its Board of Directors has decided to invite the Central Bank of Kuwait to become a member of the BIS in order to expand its central bank membership base and to increase collaboration. The BIS is regarded as a forum for international cooperation and as a collaboration hub for central banks and other financial authorities.

In"... Continue Reading

January 15, 2020

Bank of America reported its fourth-quarter 2019 financial results today. The news release, supplemental filing and investor presentation can be accessed in the following ways:

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200115005410/en/

January 11, 2020

Two money exchange companies have been temporarily closed by the Ministry of Commerce and Industry, for not abiding by the instructions related to fighting money laundering and terrorism financing.

The two companies were found in violation of a number of supervisory requirements in their push to gain more business.

"... Continue Reading

January 7, 2020

Kuwait-based Kamco Investment Company has unveils its new identity, Kamco Invest, after completing a merger with Global Investment House.

The new company’s assets under management stands at about $13.7 billion, ranked as the fifth largest asset manager in the Gulf region.

Faisal"... Continue Reading

January 7, 2020

VakıfBank, Turkey's fourth-largest bank, introduced a new banking assistant, “ViBi” to its mobile banking app, which currently has 4.2 million users. The assistant, developed in partnership with Sestek, a leading AI and speech technologies company. The “mobile banking assistant” which went live in only 8 months, can answer more than 5,000 questions and perform more than 300 banking"... Continue Reading

January 6, 2020

Burgan Bank, the second largest bank in Kuwait by assets, signed an agreement to sell its majority stake in Bank of Baghdad to a Bahraini financial services company as it looks to reduce group-wide non-performing loans, exit riskier assets and consolidate position in the domestic market.

Burgan Bank sold its 51.8 per cent stake"... Continue Reading