‘KFH experience in Germany successful’
Banks organize symposium
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.