TACTICO_DINAR
02-17-2009, 01:13 PM
NBK eyes expansion to diversify revenues
Kuwait City: Mon, 16 Feb 2009 http://www.tradearabia.com/news/images/spacer.gif http://www.tradearabia.com/source/2009/02/16/nbk.gif National Bank of Kuwait (NBK), the country's largest bank by assets, said it wanted to open more branches abroad, including in Iraq, as it moves ahead with a plans to diversify its revenues sources.
NBK expects its foreign branches to contribute 50 percent to its net profit by 2020 up from 20 percent now, bank chairman Mohammad Al-Bahar said in NBK's 2008 annual report.
"This reconfirms once more that regional expansion taken by the bank is the right choice to continue development and achieve future profit," he said in the report, a copy of which was obtained by Reuters on Monday.
In 2004, NBK acquired a 75 percent stake in Credit Bank of Iraq (CBI), while the lender also bought Al-Watany Bank of Egypt and a 40-percent stake in Istanbul-based Turkish Bank in 2007.
"In Iraq, (NBK) ... aims to strengthen its branches currently consisting of 13 branches in the areas which are witnessing an improvement in the security circumstances," the bank said in the report. It did not give details.
NBK, which is expanding abroad to offset rising competition at home, also operates in Qatar through affiliate International Bank of Qatar (IBQ).
Last month, NBK said its full-year 2008 profit fell to 255.3 million dinars ($875.8 million) from 273.6 million in 2007, on provisions to offset the impact of the global financial crisis. - Reuters
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http://www.tradearabia.com/news/BANK_156553.html
Kuwait City: Mon, 16 Feb 2009 http://www.tradearabia.com/news/images/spacer.gif http://www.tradearabia.com/source/2009/02/16/nbk.gif National Bank of Kuwait (NBK), the country's largest bank by assets, said it wanted to open more branches abroad, including in Iraq, as it moves ahead with a plans to diversify its revenues sources.
NBK expects its foreign branches to contribute 50 percent to its net profit by 2020 up from 20 percent now, bank chairman Mohammad Al-Bahar said in NBK's 2008 annual report.
"This reconfirms once more that regional expansion taken by the bank is the right choice to continue development and achieve future profit," he said in the report, a copy of which was obtained by Reuters on Monday.
In 2004, NBK acquired a 75 percent stake in Credit Bank of Iraq (CBI), while the lender also bought Al-Watany Bank of Egypt and a 40-percent stake in Istanbul-based Turkish Bank in 2007.
"In Iraq, (NBK) ... aims to strengthen its branches currently consisting of 13 branches in the areas which are witnessing an improvement in the security circumstances," the bank said in the report. It did not give details.
NBK, which is expanding abroad to offset rising competition at home, also operates in Qatar through affiliate International Bank of Qatar (IBQ).
Last month, NBK said its full-year 2008 profit fell to 255.3 million dinars ($875.8 million) from 273.6 million in 2007, on provisions to offset the impact of the global financial crisis. - Reuters
AQUI LES DEJO EL LINK
http://www.tradearabia.com/news/BANK_156553.html