Best bank: National Bank of Kuwait
National Bank of Kuwait (NBK) is the dominant bank in the country across its various divisions. Its strategy around digital transformation and ESG integration aligns the bank strongly with New Kuwait Vision 2035.
In retail, NBK’s digital-only bank Weyay drove increased digital adoption amongst retail customers. NBK launched more than 100 new mobile banking features in 2025, including digital deposit products and a new e-Saver functionality,
For affluent clients, NBK Wealth broadened its investment offering during the review period, with expanded alternative investments including two value-add funds and a private equity secondaries fund with single drawdown structure. Private banking assets rose in 2025, and client engagement deepened across the U/HNW segments.
NBK’s Corporate Banking Group launched the market’s first exclusive point-of sale (POS) financing solution for SMEs in 2025. The NBK Soft POS payment service saw strong demand from SMEs and business owners, complementing the bank’s payroll platform, which serves 48,400 SME employees. Digital penetration rose to 78.8% for SME clients, with 14% year-on-year growth in digital engagement.
NBK is active in promoting financial-inclusion initiatives in its home market. Its Bankee financial literacy programme has now reached 52,741 students across 104 schools, and NBK has been recognised by the Central Bank of Kuwait for its leading role in promoting and raising financial-security awareness. Onboarding of younger demographics through Weyay has also helped to drive digital financial inclusion.
Best international bank: ICBC Kuwait Branch
Industrial and Commercial Bank of China (ICBC) is the leading international bank in Kuwait, strongly focused on cross-border financial connectivity between Kuwait and China.
It is the only bank in Kuwait that offers direct KWD to CNY currency conversion, reducing FX risk for corporate clients. This capability complements a comprehensive renminbi trade finance suite across letters of credit, collections, guarantees and remittances.
The bank also offers RMB-denominated financing, working-capital loans and structured finance to support cross-border trade. Anchored on ICBC’s global network, the Kuwait branch can offer local clients extensive RMB clearing facilities, providing faster settlements, reduced operational risk and optimised global liquidity. In doing so, ICBC supports Chinese firms seeking expansion in Kuwait, as well as Kuwaiti firms expanding internationally.
In 2025, ICBC provided nearly $2 billion in financing for Chinese companies in Kuwait. It was also the largest provider of RMB financing in the Kuwaiti market by volume, leading and arranging syndicated loans for multiple Kuwaiti clients. One such client was the Kuwait Ministry of Finance, for whom ICBC led the first syndicated loan. ICBC is the largest foreign provider of financing for the ministry.
These capabilities provide capital markets diversification, as well as comprehensive financing support across critical Kuwaiti economic sectors such as oil and gas, infrastructure, transport, housing, energy and telecoms.
Best digital bank: KFH
Kuwait Finance House (KFH) emerged as the leader in Kuwait’s digital banking landscape over the review period through the strategic development of Tam Digital Bank, the country’s first Shariah-compliant digital bank.
Tam’s digital strategy is built around four core investment pillars: digital infrastructure, cybersecurity and compliance, product innovation, and seamless customer experience.
The result is a mobile-only platform that delivers instant, secure and intuitive banking, with a particular focus on younger customers aged 15 and above. This approach positions KFH at the forefront of regional digital transformation while maintaining rigorous Shariah governance and operational resilience.
A defining achievement has been the introduction of fully automated digital onboarding, enabling customers to open an account in under three minutes without branch visits or paperwork. This capability materially improved acquisition efficiency, reduced costs and strengthened the bank’s conversion rates. Complementing this, Tam integrates gamified financial literacy tools and personalised spending insights, driving higher engagement and deeper customer relationships.
The bank has also invested in real-time, secure payment functionality, including Tam-to-Tam transfers and payments through WAMD, Kuwait’s national instant payment system. Embedded lifestyle partnerships extend Tam’s relevance beyond banking into customers’ everyday lives. Together, these features form a cohesive digital ecosystem that combines convenience, education and trust.
By executing a clearly articulated digital vision and delivering measurable improvements in customer experience and engagement, KFH has set a new benchmark for digital banking in Kuwait. Through Tam, the bank demonstrates how disciplined investment, customer‑led design and continuous innovation can translate into sustainable digital leadership.
Best bank for ESG: National Bank of Kuwait
The National Bank of Kuwait’s (NBK) ESG progress in 2025 was defined by governance upgrades, a first-of-its-kind deal and an emissions reduction that outpaced its own targets – a meaningful step forward for one of Kuwait’s leading banks.
On emissions, NBK reduced Scope 1 and 2 carbon output by 28.3% against its 2021 baseline, surpassing its committed 25% reduction target ahead of schedule. The improvement was driven by solar installations across 18 branches and energy management systems deployed at 43 locations, alongside continued optimisation of its Leadership in Energy and Environmental Design (LEED) Gold-certified headquarters.
The bank spent much of 2025 strengthening the institutional architecture behind its ESG commitments. It launched an Environmental and Social Risk Management (ESRM) framework aligned with Task Force on Climate-related Financial Disclosures (TCFD) and International Financial Reporting Standards (IFRS) S2 standards, embedding climate and social risk considerations directly into credit assessment and loan origination processes. Board committee mandates across audit, credit, and risk and compliance were updated to include explicit ESG oversight, anchoring accountability at the highest level of the organisation. NBK also published its first TCFD report during the year, formalising climate-risk governance disclosures for the first time.
These governance improvements contributed to measurable rating upgrades: MSCI raised NBK from BBB to A, and Morningstar Sustainalytics moved the bank from medium risk (27.1) to low risk (19.4).
NBK’s sustainable asset base reached $6.1 billion by end-2025, against a $10 billion target set for 2030 – surpassing 60% of the total with five years remaining. Total sustainable loans reached $3.06 billion, a 21% year-on-year increase. Sustainability-linked loans grew 60% year-on-year to $955 million, with facilities tied to key performance indicators (KPIs) covering greenhouse gas reductions, energy and water efficiency, and diversity and inclusion metrics.
The standout transaction of the year was Kuwait’s first-ever green loan — an approximately $81 million facility structured by NBK to finance a mixed-use commercial building targeting LEED Gold certification under the Loan Market Association (LMA) Green Loan Principles. The deal establishes a national benchmark and a replicable framework for green real-estate financing in Kuwait and the wider Gulf Cooperation Council (GCC). NBK also participated in the financing consortium for the Hafeet Rail project, a $2.5 billion cross-border railway connecting Abu Dhabi with Oman’s Sohar Port – the first such project in the GCC – contributing to the region’s shift toward lower-carbon transportation infrastructure.
Capacity to execute this portfolio was supported by the NBK Academy and Tech Academy in 2025, covering sustainable finance structuring, ESRM, climate risk and sector-specific ESG issues for corporate relationship managers.
Best investment bank: Markaz
Markaz’s investment banking franchise in 2025 is characterised by steady execution across advisory and capital markets activity, supported by a longstanding domestic presence and an independent positioning within Kuwait’s financial landscape.
Its platform spans debt and equity capital markets, M&A, restructuring, and valuation and strategy advisory, allowing it to engage across multiple transaction types in a market where issuance remains selective.
During the year, the bank executed approximately $1.05 billion in investment banking transactions, of which $929.8 million came from two completed capital markets mandates, alongside a handful others in the pipeline.
It acted as lead or joint lead manager and subscription agent on three bond and certificate issuances – for the Arab Fund for Economic and Social Development, National Bank of Kuwait and Warba Bank – and led a KWD7 million ($22.8 million) rights issue for Gulf Takaful Insurance Company.
These mandates were complemented by a broad pipeline of advisory assignments spanning sectors including financial services, consumer, industrials and real estate, reflecting consistent client demand for restructuring, valuation and strategic guidance.
Markaz’s advisory strength remains a defining feature, particularly in complex or mid-market transactions requiring independence and discretion. Its work across sell-side mandates, buy-side and M&A assignments in food and beverage, fitness and insurance, and liability restructuring for real estate and building materials clients highlights a franchise focused on execution rather than volume.
Its established institutional client base of more than 400 clients and regional distribution relationships across the GCC allow it to connect issuers with capital while maintaining relevance across cycles of limited primary market activity.
Best investment bank for ECM: National Investments Company
National Investments Company’s (NIC) equity capital markets (ECM) performance in 2025 was defined by the successful execution of a transaction that shaped Kuwait’s primary market activity, demonstrating origination capability and end‑to‑end delivery in a selective issuance environment.
The firm led the IPO of Action Energy Company, acting across structuring, marketing and execution to complete the only public equity offering in Kuwait during the year. The $180 million offering attracted strong investor demand, with books approximately 5x oversubscribed and supported by participation from domestic and international institutional investors, including asset managers from the UK, Saudi Arabia and the UAE. Its ability to coordinate regulators, advisers and investors throughout the process reflects a platform capable of delivering full-cycle transactions with execution certainty.
NIC’s role ensured not just certainty in completion but also quality of the investor book. The IPO incorporated a disciplined price-discovery process, structured allocation strategy and targeted investor engagement, designed to support aftermarket performance and broaden the shareholder base. The transaction also reactivated issuer engagement with public markets, reinforcing confidence in IPO execution within Kuwait.
NIC’s track record across recent listings further underscores its positioning, having advised on all of the last three IPOs completed in Kuwait.
Combined with an active pipeline across sectors, with additional listings earmarked for the coming months, its franchise reflects a focus on origination, investor access and execution discipline within Kuwait’s ECM.
Best investment bank for DCM: Kamco Invest
Kamco Invest’s debt capital markets (DCM) franchise is defined by scale, consistency and the ability to execute across local and international issuance, positioning it at the centre of Kuwait’s funding activity.
Its platform combines structuring capability with regional distribution, enabling it to deliver across sukuk and conventional formats for financial institutions and corporates.
During the review period, Kamco Invest closed 14 transactions totalling approximately $7 billion, spanning bond issuances, sukuk and restructuring mandates, up from nine deals worth $4.2 billion the year before.
Activity was anchored in financial institution capital, where the firm played roles on multiple benchmark transactions, including additional tier-1 and tier-2 instruments for leading Kuwaiti banks.
Its involvement in repeat issuance from core clients reflects strong issuer relationships and execution reliability across funding cycles.
The firm further distinguishes itself for its ability to operate across currencies and jurisdictions. Kamco Invest combined domestic currency expertise with consistent participation in US dollar bond and sukuk markets, supporting issuers accessing international investor bases. Its mandate portfolio extended across Kuwait and other Gulf markets, underlining cross-border capability alongside domestic leadership.
Innovation in structuring remains a defining feature, including landmark tier-2 instruments in the Kuwaiti market and continued expansion in Islamic capital markets, reinforcing its role in developing the region’s debt financing toolkit.
Best retail bank: National Bank of Kuwait
National Bank of Kuwait (NBK) set the benchmark for retail banking in Kuwait this year, through digital delivery, product innovation, and a clear focus on customer experience.
Digital banking remains central to NBK’s retail proposition. In 2025, the NBK Mobile Banking app expanded to more than 200 features, driving a large increase in mobile transactions and users. Enhanced digital capabilities reduced average account-opening time to just six minutes, while mobile banking satisfaction was maintained at a high level. The revamped online banking platform improved usability both through its interface and transaction capability.
Product innovation underpinned engagement, across cards, payments and savings, including early market launches such as automated deposit boxes.
Customers can move easily between mobile, ATMs and around 70 branches across Kuwait, including dedicated Privilege and Thahabi centres, eight business banking branches and a university branch designed for younger customers.
Service delivery is also being reshaped through a digitally enabled contact centre. In 2024, the centre handled 2.2 million calls with an average answer time of 10 seconds. Voice automation and other platform improvements reduced inbound volumes, with the call centre subsequently demonstrating a larger role as a revenue engine and not just a service centre.
Best bank for customer experience: Burgan Bank
Burgan Bank is Kuwait’s best bank for customer experience for its achievements in improving service quality, reliability and ease of use across physical and digital channels.
In 2025, the bank prioritised retaining and growing its retail customer base by addressing friction in core journeys and raising service standards. A review of onboarding and know-your-customer (KYC) processes identified delays and points of uncertainty for customers. In response, Burgan Bank streamlined procedures and introduced proactive, multi-channel communication to alert customers well in advance of KYC expiry. These changes delivered a smoother experience, improved customer satisfaction and reduced avoidable service escalations.
Customer service was another area of sustained investment. The bank launched a customer call-back programme to capture feedback from branch visitors and introduced a structured staff knowledge initiative, including monthly assessments and targeted coaching. These measures strengthened consistency across the branch network and contributed to high customer satisfaction scores. Average call centre waiting times were impressively low.
Burgan Bank also improved end-to-end digital journeys, reducing reliance on cash and increasing convenience. Enhancements included new payment features, user interface upgrades to the mobile app, and broader online payment options. Stronger adoption and ease of use contributed to high digital-experience scores.
To ensure a consistent experience, the bank mapped customer journeys across branches and digital channels, linking processes and expanding services such as online branch booking. At the same time, it strengthened digital security through enhanced anti-fraud controls and real-time alerts, reinforcing customer trust.
Best bank for SMEs: Boubyan Bank
Boubyan Bank has established itself as a leading partner to Kuwait’s SME sector through a strategy focused on digital delivery, rapid access to financing and a broad ecosystem of business services.
During the review period, the bank strengthened its position through a focused approach to faster funding, digital self-service and practical business enablement, helping double its SME client base.
A key driver of this performance was Boubyan’s launch of cash-flow financing for SMEs. Using transaction data and automated assessment processes, the bank reduced approval times from several weeks to as little as 24 hours, addressing one of the most persistent challenges faced by small businesses. The product exceeded 300% of its annual target in its first year, demonstrating strong demand for faster and more accessible financing solutions.
Beyond lending, Boubyan has focused on solving operational challenges for SMEs through digital innovation. Its ePay platform enables businesses to collect payments through cards, Apple Pay and transfers while managing billing, reminders and collections from a single interface. Merchant adoption increased by 29% during the review period, reflecting growing demand for integrated payment solutions.
The bank has also expanded its role beyond traditional banking through ecosystem development. Its eRent platform combines property management, rent collection and banking services, supporting more than 1,500 rental units and generating $43 million in associated CASA balances.
Meanwhile, initiatives such as Boubyan Business Connect, its SME marketplace and entrepreneur mentorship programmes provide clients with access to networks, expertise and commercial opportunities.
What differentiates Boubyan is its focus on embedding itself in the daily operations of SMEs. Regular engagement with business owners has helped shape new capabilities, including multi-company login functionality and other digital enhancements.
By combining financing, payments and business enablement within a single platform, Boubyan has created a proposition that continues to gain scale while addressing the practical needs of Kuwait’s growing SME economy.
Best bank for large corporates: National Bank of Kuwait
When Kuwait’s largest corporates raise financing, execute trade transactions or deliver strategic infrastructure projects, National Bank of Kuwait (NBK) is often involved. From acting as the house bank for the national oil sector to leading major project financings and serving multinational investors entering the country, NBK has built a corporate banking franchise that few regional banks can match in terms of market penetration and influence.
NBK handles more than three-quarters of banking relationships for foreign corporates operating in the country, manages around one-third of Kuwait’s trade finance activity and has played a leading role in every major project financing transaction in the market.
During the review period, it acted as the main creditor and facility agent on the KWD1.5 billion syndicated term facility agreement with Kuwait Petroleum Corporation. The transaction, which comprised two tranches, a KWD825 million conventional term loan and a KWD675 million Islamic financing facility, represents the largest transaction of this kind denominated in Kuwaiti dinar. This reinforces NBK’s standing at the centre of the country’s corporate and infrastructure development agenda.
What distinguishes NBK is not only market share but the depth of its client relationships. The bank combines sector-specialist coverage across industries including oil and gas, real estate, infrastructure and education, with an international relationship management model spanning multiple global hubs.
For many clients, NBK also serves as a bridge between the private sector and government institutions, helping navigate complex projects and investment opportunities in Kuwait.
The bank has complemented this relationship-led approach with significant digital adoption. Today, 96% of corporate banking transactions are processed electronically and 97% of corporate clients are connected to its digital platform. Recent investments in data infrastructure, customer intelligence tools and API connectivity are helping further streamline client interactions and treasury operations. The result is a franchise that combines scale with consistently strong execution.
Best digital bank for large corporates: Boubyan Bank
Digital transformation in corporate banking is often measured by the sophistication of platforms and technology. At Boubyan Bank, it is increasingly measured by how effectively digital tools reshape client journeys.
That approach has helped the bank strengthen its position as one of Kuwait’s most innovative corporate banking providers, combining a digital-first strategy with a growing ecosystem of services for businesses and large corporates.
Behind this progress is a sustained investment programme spanning technology modernisation, data analytics, automation and customer experience. For corporate clients, the bank has expanded a suite of digital solutions designed to reduce friction in day-to-day operations.
Boubyan’s omnichannel strategy is equally significant. Customers can begin onboarding, financing or card applications through one channel and complete them through another, supported by a central technology engine that synchronises data and workflows in real time. The platform has also generated measurable efficiency gains, saving thousands of staff hours across branches and contact centres.
The bank’s focus extends beyond digitising existing processes. Through investments in AI-powered customer engagement, behavioural analytics, automation and data capabilities, Boubyan is building a digital banking model that continuously adapts to client needs. Its use of experimentation and analytics to improve customer outcomes demonstrates a growing maturity in how technology is deployed across the organisation.
