Press Releases
CBK Board Approves the Rules and Regulation of Licensing Foreign Bank Branches in the State of Kuwait
The CBK Board of Directors, in its recent meeting, on 21 March 2004, has agreed to sanction the principles, rules and regulations for the licensing and operation of foreign banks' branches in the State of Kuwait.
These principles, rules and regulations are set in accordance with the authority entrusted to CBK, by virtue of the recently amended Article 56 of Law No. 32/1968 concerning currency, the Central Bank of Kuwait and the organization of the banking business.
These principles, rules and regulations represent the minimum requirements for the licensing and operation of foreign banks in the State of Kuwait. According to these principles, rules and regulations, each application presented to the Central Bank of Kuwait (CBK) for opening a foreign bank's branch in the State of Kuwait shall be studied independently, and the decision for its acceptance or rejection shall be taken in light of the conditions prevailing at that time. The CBK shall has no obligation to provide reasons for the rejection of any such application.
For details about the conditions and requirements that need to be fulfilled when applying for opening a foreign bank's branch in the State of Kuwait, click on this link below:
