Press Releases

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of the Central Bank of Kuwait (CBK), announced that on 13th of November 2005 the Minister of Finance Decision No. 24 was issued regarding the registration of the National Bank of Abu Dhabi branch in the CBK Bank Register. Accordingly, the entry was made on that date.

The registration of the National Bank of Abu Dhabi branch is carried out in accordance with the provisions of Law No. 32/1968 concerning Currency, Central Bank of Kuwait, and the Banking Business, as amended by Law No. 28/2004 by virtue of which foreign banks are allowed into the State of Kuwait through opening of their branches.

H.E. the Governor explained that the said 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 allow foreign banks to operate in the State of Kuwait, the National Bank of Abu Dhabi branch is the third foreign bank branch to be registered in the CBK Bank Register, following the PNB Paribas branch in March 2005, and the HSBC Middle East branch in August 2005.

In this connection, 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 and reinforce competition that would in turn lead to the development of the banking business in the interest of banks, customers and the national economy.