Press Releases

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of the Central Bank of Kuwait (CBK), stated that on 15th of February 2010, the Minister of Finance issued the Decision No. (9) concerning the registration of BankMuscat branch in the CBK Bank Register. Accordingly, the registration was made on that date.

The registration of BankMuscat branch is carried out in accordance with the provisions of Law No. 32/1968 concerning Currency, Central Bank of Kuwait, and the Organization of Banking Business, 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 BankMuscat branch is the sixth branch of national banks of the Gulf Cooperation Council Countries (GCC) to be registered in the CBK Bank Register. Prior to this, there was registration of the National Bank of Abu Dhabi branch, the National Bank of Qatar branch, the Doha Bank branch, Mashreq Bank branch, and the Al-Rajhi Banking & Investment Corporation (Al-Rajhi Bank) branch. Also the mentioned branch is the ninth foreign bank branch registered in the CBK Bank Register since the promulgation of recent legislation that allows the presence of foreign banks in the banking arena in Kuwait.

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