Press Releases

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of the Central Bank of Kuwait (CBK), stated that on 7th of March 2005 the Minister of Finance issued Decision No. (2) concerning the registration of BNP Paribas branch in CBK Bank Register, based on that, the branch was registered on that date in the mentioned register.

BNP Paribas's branch registration was according to the provisions of Law No. 32/1968 concerning Currency, Central Bank of Kuwait and the Organization of Banking Business as amended by Law No. 28/2004, which allowed foreign banks to operate in the State of Kuwait through opening banking branches for them.

H.E. the Governor explained that the mentioned branch will carry out conventional banking business, and within what is certified of working bank activities in the State of Kuwait according to the Article No. (54) of the mentioned Law No. 32/1968.

H.E. the Governor indicated that BNP Paribas's branch is the first foreign bank branch to be registered in CBK Bank Register since the latest legislations issuance, which allowed foreign banks to operate in the State of Kuwait's banking field.

H.E. the Governor also mentioned that there are approvals issued for other foreign banks to open branches in the State of Kuwait, which will broaden the base of the banking system, and enhance the principle of competition which will improve the banking business more in favor of the banks, customers and national economy's best interest.