NBK Saudi Arabia opens 2 new branches in Riyadh and Dammam
Bank pursues integrated strategic plan to expand in Kingdom We seek to benefit from growth opportunities
KUWAIT: National Bank of Kuwait - Saudi Arabia announced that the Saudi Arabian Monetary Authority (SAMA) has approved the opening of two new branches in Saudi Arabia, Riyadh and Dammam, as well as the main branch of the bank currently operating in Jeddah.
On this occasion, NBK’s Group Chief Executive Officer, Isam Jassem AlSager, said, “The acquisition of two new branches in the Kingdom is part of the Bank’s integrated strategic plan to expand in the Kingdom, which is deemed the largest market in the region and offers promising opportunities, thanks to its economic performance stability”.
Al-Sager affirmed that the National Bank of Kuwait seeks to benefit from the growth of the Saudi economy, especially with the strong government support of the economy by injecting huge investments in several sectors of strategic importance, namely: transport, housing, energy and financial services. He simultaneously praised the Minister of Finance and the Governor of the Saudi Arabian Monetary Authority for their role and efforts in issuing the decision approving the opening of the two new branches in Saudi Arabia.
Al-Sager added that NBK is always striving to provide sophisticated services in line with the nature of the Saudi market by providing a full range of commercial banking services to its customers covering a wide range of sectors, such as commercial finance, contracting, companies, retail, and treasury. The Bank also continues to seek good investment and financing opportunities in the kingdom.
He said that NBK Saudi Arabia is seeking to establish a network of developed branches in Saudi Arabia. The locations of the new branches are selected according to specific criteria, including the area’s attractiveness in terms of population density, expected business volume and the requirements of the area such as number of customers from various segments, while adhering to the instructions of regulators in this regard. He clarified that the bank will equip the two branches with the latest banking technology to ensure a distinguished level of service to its customers, through the provision of a range of premium services, in addition to facilitating access to their accounts at any branch through electronic connectivity among all the branches of the bank.
He emphasized NBK’s ability to provide all corporate banking services in the Gulf region in general and, in particular, in Saudi Arabia, which is considered one of the most important markets targeted by the bank especially that it is one of the largest markets in the region. He indicated that the Bank is simultaneously attempting to form strategic partnerships with major Saudi companies.
He pointed out that the Bank occupies a privileged position in the list of GCC banks, a fact that enables it to achieve good future growth, as it is regarded as one of the largest banking groups with high financial integrity at the level of the region.
It is noteworthy to mention that NBK has opened its first branch in the Kingdom of Saudi Arabia in 2006 as part of its strategy aimed at keeping up with and investing in the close ties between Kuwait and Saudi Arabia, by providing a full range of banking services to serve its customers in the Saudi market.
NBK - Saudi Arabia has a seasoned team of highly qualified customer relations managers, who develop and deliver banking solutions tailored to their needs and requirements. It is involved in several local deals, drawing on the expertise of NBK Group in the field of projects and co-financing.
The Bank’s branch in Jeddah also works closely with its counterparts in the NBK branch network and subsidiaries to provide support to its customers with regard to their cross-border transactions, in addition to meeting their other global investment needs.
The National Bank of Kuwait, through its presence, enjoys a local and global network of branches across four continents. NBK’s global presence extends to several international financial centers in China, Geneva, London, Paris, New York and Singapore, as well as its regional presence in Lebanon, Jordan, Egypt, Bahrain, Saudi Arabia, Iraq, Turkey and the UAE.