| Global Awards for Excellence | ||
| Middle Eastern Regional Awards of Excellence | ||
| Bahrain | Egypt | Iran |
| Jordan | Kuwait | Lebanon |
| Oman | Qatar | Saudi Arabia |
| UAE | ||
 |
Best Bank: National Bank of Kuwait |
The past year proved tough for the Kuwaiti financial services industry. One lender, Gulf Bank, suffered a run after it revealed losses of $1.3 billion in derivatives trades, caused by the fall of the euro against the dollar. Then two of the country’s best-known investment firms, Global Investment House and Investment Dar, defaulted on their debt. This has made the outlook on Kuwait’s finance industry uncertain at best.
Without doubt, though, the best financial institution in the country remains National Bank of Kuwait, which once again wins the best bank award. Even in the midst of the crisis the bank continues to impress. For example, NBK captured 28% of the total market growth of new loans, owing to new products such as its auto finance scheme, which helped double its car loan portfolio. It also launched nine new investment funds, despite the sector’s woes.
As for the bank’s financial performance, it continues to do well. Last year it posted a profit of $925 million, down on the $991 million it posted in 2007. The fall reflects the bank’s decision to make sizeable voluntary provisions as a precaution against crisis.
In investment banking, the bank’s specialist division, NBK Capital, churned out an impressive list of transactions. These include acting as adviser to Kuwait Investment Authority in the sale of a 50% stake in INMA; helping Ikarus Petroleum Industries on its listing on the KSE; and entering into a partnership with Falcom Financial Services to invest in Nayifat, a fast-growing consumer finance company.
