NBK ‘Best Trade Finance Bank in Kuwait in 2016’: Global Finance
Bank wins recognition for the eighth consecutive year
For the eighth consecutive year, National Bank of Kuwait (NBK) was recognized as the “the Best Trade Finance Bank in Kuwait in 2016” by Global Finance, the renowned international finance magazine.
NBK was among world’s Best Trade Finance Banks in Global Finance’s annual survey. The criteria for choosing winners included trade-related transaction volume, scope of global coverage, customer service, competitive pricing, risk management and innovative products, services and technologies.
Pradeep Handa, General Manager, Foreign Corporate, Oil and Trade Finance Group at NBK said: “This distinction reflects the NBK’s quality of services and expertise as well as its leading position as the bank of choice for the international and local blue-chips companies.”
“NBK employs its strong capabilities and widest banking network in 4 continents worldwide to support its customers and provide them with best-in-class cross-border financing solutions. This has constantly placed NBK among the world’s best trade finance providers,” Handa added.
Gordon Platt, Writer at Global Finance said: “World trade maybe growing more slowly since the financial crisis, yet demand for trade finance is accelerating. The best trade finance banks remain profitable and the biggest among them are building market share by investing in electronic platforms. The winners for 2016 are the banks that best serve the needs of corporations as they engage in cross border trade.”
NBK continues to collectively to enjoy the highest ratings from the 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. In 2015, NBK was also named among Global Finance’s list of the 50 safest banks in the world for the tenth consecutive time.
NBK has the widest banking presence with an international branches network in 4 continents. NBK’s international presence spans many of the world’s leading financial centers including London, Paris, Geneva, New York and Singapore, as well as China (Shanghai). Meanwhile, regional coverage extends to Lebanon, Jordan, Iraq, Egypt, Bahrain, Saudi Arabia, the UAE, and Turkey.
NBK was founded in 1952 as the first indigenous bank and the first joint stock company in Kuwait and the Gulf Region. NBK reported profits of USD 929.7 million (KD 282.2 million) for 2015. NBK’s total assets were USD 77.8 billion (KD 23.6 billion) at the end of 2015, while shareholder equity stood at USD 8.6 billion (KD 2.6 billion).
NBK is the largest financial institution in Kuwait with effective market dominance in the commercial banking market and has been consistently awarded the highest credit rating of all banks in the region from Moody’s, Standard & Poor’s, and Fitch Ratings. NBK also stands out in terms of its local and international network, which includes branches, subsidiaries and representative offices in China, Geneva, London, Paris, New York, and Singapore alongside its regional presence in Lebanon, Jordan, Egypt, Bahrain, Saudi Arabia, Iraq, Turkey, and the UAE.