‘KFH ex­pe­ri­ence in Ger­many suc­cess­ful’

Banks or­ga­nize symposium

Arab Times - - LOCAL -

KUWAIT CITY, Dec 6: Head of the Union of Banks, Ma­jid Al-Ajeel, was re­cently quoted as say­ing the ex­pe­ri­ence of the Kuwait Fi­nance House (KFH) in Frank­furt has been suc­cess­ful, es­pe­cially with the grow­ing im­por­tance of Ger­many as a Euro­pean eco­nomic cen­ter after Bri­tain’s exit from the Euro­pean Union, re­ports Al-Rai daily.

He was speak­ing at a symposium or­ga­nized by the banks, in co­op­er­a­tion with the Ger­man em­bassy in Kuwait, to in­tro­duce Frank­furt as an eco­nomic cen­ter for Europe after the exit of Bri­tain from the Euro­pean Union. He said the en­try of Kuwaiti banks in Ger­many de­pends on the needs of each bank.

He pointed out that the aim of the sem­i­nar was to in­tro­duce the Ger­man del­e­ga­tion to com­pa­nies and in­sti­tu­tions, to the ex­tent of Frank­furt’s im­por­tance after Brexit and the fa­cil­i­ties it of­fers in all fields to en­cour­age them to en­ter the mar­ket.

Al-Ajeel pointed out that the banks and in­ter­na­tional com­pa­nies based in London will move their Euro­pean op­er­a­tions to Frank­furt and will not com­pletely aban­don London, be­cause th­ese in­sti­tu­tions will lose all the ad­van­tages after Brexit if they are still there, so they must move to a Euro­pean coun­try.

As for in­vest­ments in Kuwait, if there are di­rec­tions to trans­fer them from Bri­tain, he ex­plained that the Kuwaiti in­vest­ments have noth­ing to do with Brexit be­cause it is only in­vest­ments and the Kuwait In­vest­ment Of­fice man­ages many of them in Bri­tain and in var­i­ous Euro­pean coun­tries.

For his part, the chief ex­ec­u­tive of KFH, Mazen Nad­him, said the KT Bank, which is owned by KFH-Turkey, has reached a stage of par­ity in prof­itabil­ity after 3 years of op­er­a­tion since July 2015.

He also pointed to a study of the ex­pan­sion and open­ing of new branches in Ger­many dur­ing 2019 and 2020, say­ing the cen­ter of at­trac­tion is the city of Mu­nich.

Ma­jid Al-Ajeel

Newspapers in English

Newspapers from Kuwait

© PressReader. All rights reserved.