NBK the only Kuwaiti bank among world’s ‘Best Foreign Exchange Providers’ in 2019

In an exclusive survey compiled by Global Finance

KUWAIT CITY, Nov 19: National Bank of Kuwait (NBK) was recognized as the Best Kuwaiti Foreign Exchange Provider in 2019 in an exclusive survey compiled by the world renowned financial magazine Global Finance. The rankings, compiled by the international finance magazine, Global Finance, are based on input from industry analysts, corporate executives and technology experts. Criteria for choosing the winners included transaction volume, market share, scope of global coverage, customer service, competitive pricing and innovative technologies.

Fawzi Al Dajani NBK-London General manager received the award on behalf of NBK at a special ceremony recently held in London.

Global Finance magazine has named its nineteenth annual World’s Best Foreign Exchange Providers in 114 countries, and 7 global regions, as well as the best banks for FX research and analysis and for FX trading technology. Global Finance also named its Corporate FX Awards honorees, covering FX management and innovation. This year, for the first time, corporate honorees were chosen in 11 key industry sectors.

Alongside fourteen Arab banks in the MENA region, NBK is selected as one of the World’s Best Foreign Exchange Providers along with major international financial institutions such as City Bank, HSBC, Societe General,

Fawzi Al Dajani, NBK-London General Manager receiving the award.

Nomura, Deutsche Bank and Credit Suisse.

Criteria for choosing the Foreign Exchange Providers winners included transaction volume, market share, scope of global coverage, customer service, competitive pricing and innovative technologies. Global Finance also considered input from industry analysts, corporate executives and technology specialists. Criteria for the Corporate FX Awards included clearly defined risk management policies, handling of crisis situations, measurement of FX exposure, and cost of hedging. The main objective of FX risk management is to minimize losses, and not to seek profit from currency movements.

NBK continues to collectively enjoy the highest credit ratings from the top three international rating agencies; Moody’s, Fitch Ratings and Standard and Poor’s. The bank’s ratings are supported by its high capitalization, prudent lending policies, and its disciplined approach to risk management, in addition to its highly recognized and very stable management team. NBK also maintains its position among the 50 safest banks in the world for the 13th consecutive year.