Press Releases

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of the Central Bank of Kuwait (CBK), stated that on 14th of September 2005, the Minister of Finance issued the Decision No. (16) regarding the registration of the (HSBC Bank Middle East) branch in the CBK Bank Register. Accordingly, the registration was made on that date.

The registration of the (HSBC Bank Middle East) branch is carried out in accordance with the provisions of Law No. 32/1968 concerning Currency, Central Bank of Kuwait, and Organization of Banking Business, as amended by Law No. 28/2004 by virtue of which foreign banks are allowed to open branches in the State of Kuwait.

H.E. the Governor explained that the mentioned branch will carry out conventional banking business, within the permitted scope of activities provided for local banks operating in the State of Kuwait by Article (54) of Law No. 32/1968 mentioned above.

H.E. the Governor pointed out that since the promulgation of recent legislation that allows foreign banks to operate in the State of Kuwait, the (HSBC Bank Middle East) branch is the second foreign bank branch to be registered in the CBK Bank Register, following the BNP Paribas branch in March 2005.

H.E. the Governor added that the presence of foreign banks in the State of Kuwait would lead to the expansion of the banking system base and reinforces competition that would in turn lead to the improvement of the banking business in the interest of banks, customers and the national economy.