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 a meeting on 13th of February 2005, decided on the issuance of provisional approval to HSBC Bank Middle East to open a branch in the State of Kuwait.

This is the third case of foreign bank approval to open a branch in the State of Kuwait, after the authorization of the recent amendments in CBK law by virtue of Law No. 28/2004, that removed the restriction on foreign banks access to the local market through their branches, which required a contribution from the government of Kuwait or Kuwaiti financial and banking institutions to those banks. In a meeting held on 3-8-2004, CBK Board of Directors approved to open a branch of BNP Paribas, and in a meeting held on 19-1-2005, approved to open a branch of the National Bank of Abu Dhabi.

H.E. the Governor indicated that CBK is considering some other foreign banks' requests, within certain standards and regulations issued by CBK Board of Directors in this regard.

H.E. the Governor concluded his statement noting that the next step, from a procedural standpoint according to the Law No. 32/1968 and its amendments, requires submitting the matter to the Kuwaiti Council of Ministers to issue its decision regarding the approval of opening a branch of HSBC Bank Middle East in the State of Kuwait.