Commercial Bank of Kuwait is not just one of the largest financial institutions in Kuwait it’s also one of the longest established what are its origins the bank was established as the number two bank in June 1960 and it has to be approved by the Amiri decree.
Establishment of Commercial Bank of Kuwait
It’s a Kuwaiti Bank and it was established by business people from the local market that was the date was born as a bank so technology and innovation have consistently played a part in The Commercial Bank of Kuwait’s development.
Since then we can say that the Commercial bank of Kuwait was one of the first banks it’s number one that implemented the ATM machines in the country and in 1973 they have participated or got into the innovation of technology that helped the back to go forward and still going into that same line and just recently finalized the main core banking system has been replaced by the old one a new one is in place.
Features of Commercial Bank of Kuwait
The main pillars of the Commercial Bank of Kuwait’s business are now the two most important pillars of the bank and we can see traditionally it has been across the years. It’s the retail banking and the corporate business because they are the main the butter and bread of the business in Kuwait in the banking industry.
In general, corporate lending by its name you are lending to the corporate side for different types of companies dealing in the trading investments. Real estate activities related to the corporate in general can be small middle-sized enterprises and large enterprises through retail banking.
They have 52 branches; one of the largest, it’s not the largest but one of the largest branch networks in the country. So, it helps you to integrate within the society to provide your products and services within a queue. It’s quite a diversified bank.
It is in addition to which have been mentioned like retail and corporate you have also the international business you have treasury activities investments which used to be of course an important pillar in the business before the crisis takes place worldwide and later nor affected the Middle East and the GCC of course which areas of the bank’s business are particularly important for the development of Kuwait’s economy.
Presently corporate banking is a very important pillar for the growth of the bank and in the country in general you have heard probably about the development plan and how many projects have been already released and taking place the only thing that they wish.
The vision of the Commercial Bank of Kuwait
The momentum of releasing this kind of new project takes a place in a faster manner so that banks can participate and play a major role in financing these projects whether for cash or non-cash facilities. Of course, Kuwait has endured severe challenges during its history so what would you encourage investors to bear in mind when they look at the potential of this region as a whole in a wider context.
They would like to let investors of course and they are sure they have done the nitty-gritty study. If you look at the GCC countries; it is countries that had a very strong cushion of oil they have, the wealth management they have, the capabilities they have, the liquidity they have, the people they have, infrastructure that varies from one country to the other and of them.
Of course, these countries have given too much liberalization for investors to come into the country and invest some other countries need to do more work in that respect but if we look into these countries we feel comfortable we have a cushion behind us have the Central Bank’s support across the board and they will help us when to come to invest into the country even if we have the liquidity level we need. New investors’ money comes into the country the Commercial Bank of Kuwait has just marked its 50th anniversary. So what would you see as its main priority as it moves ahead?
Conclusion
The Commercial bank of Kuwait has chosen to be a local bank since the time even when the crisis started and that’s our mission so concentration level would be on providing the best we can in terms of services improving the existing production levels that we have taking care of our customers on the lending side for the corporate and retail business activities; that’s the main target that the bank is really looking for on the short and the medium term and that’s what we are looking for. We are not going to be outside as an international player that’s not our choice now and we have chosen to be a local market layer.
