Press Releases

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of the Central Bank of Kuwait (CBK), stated that the CBK Board of Directors, in its meeting on 3rd of August 2004, has decided to approve in principle the licensing of BNP Paribas bank to open a branch in the State of Kuwait.

This is the first case of a foreign bank approval to open a branch in the State of Kuwait, after the authorization of the recent amendments of the CBK law by virtue of Law No. 28/2004, removing the restriction on the access of foreign banks in the local market through opening of their branches, and on condition that the Kuwaiti government or Kuwaiti banking and financial institutions contribute in it.

H.E. the Governor pointed out that the coming period will witness the beginning of approval to the Gulf Cooperation Council Countries (GCC) banks and foreign banks to open branches in the local market according to the State of Kuwait commitments at the regional and international levels. During the recent period, CBK received a number of requests from regional and international banks included their desire to open branches in the State of Kuwait. CBK is studying these requests in light of a set of standards and regulations issued by the CBK Board of Directors, asserting that approval in this stage will be given to a limited number of banks.

H.E. the Governor concluded that the next step, according to procedures set forth by the provisions of Law No. 32/1968 and its amendments, is to submit the matter to the Council of Ministers to issue its decision on that matter.