Press Releases

H.E. the Governor of the Central Bank of Kuwait, Dr. Mohammad Y. Al-Hashel, stated that Resolution of the Minister of Finance No. (23) of 2014 has been issued on 18-05-2014 for registration of the Industrial and Commercial Bank of China “ICBC” branch in the Register of Banks with the Central Bank of Kuwait “CBK”. Therefore, ICBC branch was registered in CBK Register of Banks effectively from the aforesaid date based on approvals the said bank obtained from CBK Board of Directors and Council of Ministers to inaugurate a branch in the State of Kuwait.

The Governor added that registration of Industrial and Commercial Bank of China is commensurate with the provisions of the Law No. 32/1968 concerning Currency, the Central Bank of Kuwait and the Organization of Banking Business, amended by the Law No. 28/2004, whereby a foreign bank may open a branch in the State of Kuwait. It’s worth mentioning that the Law No. 3/2014 permits the foreign banks licensed to operate in the State of Kuwait to open a branch or more in accordance with the principles, rules and regulations laid down by the Central Bank of Kuwait.

The aforesaid branch shall carry out the activities of traditional banks within the scope of permitted activities of traditional banks operating in the State of Kuwait pursuant to Article (54) of the Law No. 32/1968, Dr. Al-Hashel said.

Dr. Al-Hashel also mentioned that ICBC branch is the 11th branch of foreign banks registered in CBK Register of Banks since promulgation of the recent legislation in 2004, which permits presence and operation of foreign banks in the State of Kuwait.

The Governor concluded that presence of foreign banks in the State of Kuwait shall lead to expansion of the local banks’ activities, motivation of competition within the banking sector, development of distinct and diversified banking products and services at cost proportionate to those of banking services rendered by the international financial centers, creating job opportunities for the national workforce that favorably affects the Kuwaiti business sector which significantly contributes to the economic and social development of the country, and, eventually, realization of the vision of H.H the Emir, Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, for Kuwait to become a regional and international financial hub.