Awards for Excellence 2009: Kuwait
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.