Founded in 1952, the National Bank of Kuwait was the first local bank established in the country, and in the Persian Gulf. It was founded after a Kuwaiti merchant had a transaction rejected by the British Bank of the Middle East and came up with the idea of a national bank aimed at furthering the national economic interest. The idea was supported by the Amir of Kuwait, who issued the decree that led to the bank’s founding.
The current National Bank of Kuwait is the biggest financial institution in the country, and one of the largest in the Persian Gulf. It was the first Middle East bank to establish an advisory board.
NBK now operates worldwide, with well over 100 branches in countries including Geneva, New York, Singapore, China, Lebanon, Jordan, Egypt, Bahrain, Iraq, Qatar, the United Arab Emirates, Turkey and Saudi Arabia.
The bank also has a wholly-owned UK subsidiary, NBK UK, which has offices in London and Paris.
National Bank of Kuwait Products and Services
National Bank of Kuwait provides a comprehensive portfolio of services to its customers, including business and corporate banking, institutional banking, asset management, treasury, capital markets, branch services, investment banking, Islamic banking and private banking.
The UK subsidiary operates across four primary divisions:
Personal banking customers can open a current account, notice account or the Watani Super Account, which aims to help them earn maximum interest with minimum effort. Shari’a compliant savings accounts, which earn no interest, are also available.
The corporate banking division provides trade finance and commercial real estate finance solutions to help customers grow and develop their business.
As well as day-to-day banking services, the private banking arm of NBK UK provides offshore banking services that can help customers preserve and grow their wealth, as well as fully personalised real estate services for customers with large portfolios.
NBK UK also offers international mortgages to help customers buy homes in either the UK or France.
National Bank of Kuwait Security
NBK UK is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority. The Paris branch is also regulated by the Autorité de Contrôle Prudentiel et de Résolution.
Eligible deposits of up to £85,000 are covered by the Financial Services Compensation Scheme (FSCS).