‘Legal 500’ ranks NBK among top in-house legal teams
NBK occupies important place in Gulf economic history
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