‘Le­gal 500’ ranks NBK among top in-house le­gal teams

NBK oc­cu­pies im­por­tant place in Gulf eco­nomic his­tory

Kuwait Times - - BUSINESS -

The Na­tional Bank of Kuwait (NBK) was se­lected by “Le­gal 500” among the top in-house le­gal de­part­ments dur­ing its an­nual con­fer­ence re­cently held at Dubai In­ter­na­tional Con­ven­tion Cen­tre. The event was at­tended by sev­eral prom­i­nent con­sult­ing houses, law firms, and le­gal de­part­ments of ma­jor in­sti­tu­tions, where the an­nounce­ment of the top le­gal con­sult­ing in­sti­tu­tions in the Mid­dle East and the GCC took place.

“Le­gal 500” is­sues its an­nual rank­ings based on an ar­ray of re­search and anal­y­sis, pro­vid­ing a de­tailed as­sess­ment that aims to an­a­lyze the var­i­ous ca­pa­bil­i­ties of le­gal con­sult­ing firms and in-house le­gal de­part­ments of ma­jor in­sti­tu­tions, which sup­port and drive the com­mer­cial and in­vest­ment busi­ness for­ward.

In its re­port, “Le­gal 500” men­tioned that the Na­tional Bank of Kuwait, in­cor­po­rated in 1952, oc­cu­pies a par­tic­u­larly im­por­tant place in the eco­nomic his­tory of the Gulf, as it was the first in­dige­nous bank and share­hold­ing com­pany in the re­gion. NBK re­tains its place at the fore­front of banks in the re­gion, and now boasts a net op­er­at­ing in­come of US$2.4bn, as well as the largest chain of over­seas branches in com­par­i­son to other Gulf banks.

The re­port also praised Dr Soli­man Ab­delMeguid who heads the Le­gal Af­fairs Group at NBK, and de­scribed him as hav­ing “a rich aca­demic le­gal back­ground, hav­ing achieved a Ph.D. in Law and pro­duced a num­ber of pub­li­ca­tions on le­gal mat­ters.” At a time when the in­ter­na­tional eco­nomic cri­sis has ad­versely af­fected the credit rat­ing of var­i­ous banks in the Mid­dle East, NBK has man­aged to es­cape the trend by re­ceiv­ing an af­fir­ma­tion of its A+ rank­ing from Stan­dard & Poor’s. The re­port at­trib­uted such achieve­ment to “the com­pe­tency in­her­ent in the cor­po­rate team at NBK, with the le­gal team and Dr Ab­delMeguid a prime ex­am­ple of this.”

Com­ment­ing on this news, Dr Soli­man Ab­delMeguid, Head of the Le­gal Af­fairs Group, said that NBK’s rank­ing on “Le­gal 500” list re­flects the recog­ni­tion of the ef­forts of the Le­gal Af­fairs Group and its achieve­ments in ma­jor le­gal is­sues. Dr Ab­delMeguid ex­pressed his hap­pi­ness in iden­ti­fy­ing NBK on such a prom­i­nent list. He added that NBK’s Board of Di­rec­tors and Ex­ec­u­tive Man­age­ment are keen that all NBK trans­ac­tions are con­ducted within a frame­work con­sis­tent with law pro­vi­sions and reg­u­la­tory reg­u­la­tions as well as in line with ad­vanced bank­ing in­dus­tries. Ac­cord­ingly, the Le­gal Af­fairs Group has had a prom­i­nent role in pro­vid­ing ideas and so­lu­tions that meet the busi­ness needs and works at mit­i­gat­ing risks as well as keep­ing pace with the re­quire­ments of progress.

Fur­ther­more, it is worth not­ing that the Le­gal Af­fairs Group at NBK, which com­prises of high le­gal ex­per­tise, drafts NBK’s con­tracts and pur­sues its le­gal cases be­fore the courts. In ad­di­tion, the Group has shown re­mark­able ac­tiv­ity in the pro­vi­sion of train­ing pro­grams within NBK and at the In­sti­tute of Bank­ing Stud­ies, and dom­i­nated the first place for sev­eral years in the train­ing of fresh Kuwaiti law-school grad­u­ates re­ferred by the Pub­lic In­sti­tu­tion for So­cial Se­cu­rity.

Dr Soli­man Ab­delMeguid

Newspapers in English

Newspapers from Kuwait

© PressReader. All rights reserved.