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 Times - - Business -

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.

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