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Kuwait International Bank expanding and increasing services

Sunday, 25 July 2010 22:24

Kuwait International Bank (KIB) would undergo big changes through a strategic plan that includes restructuring its management and developing human cadres to expand into local market and increase services, KIB board's chairperson Sheikh Mohammad Al-Jarah Al-Sabah told Kuwait News Agency.

Increasing KIB capital is unthinkable in the current period under such difficult economic conditions, Sheikh Mohammad said in a statement to the press on the sidelines of the KIB ordinary general assembly held here today in the presence of 59 percent of the stakeholders.

Sheikh Mohammad attributed the bank's achieving of good financial results in the second quarter of this year to its non-neutralizing of big financial allocations as well as its good performance, asserting that bank's financial performance in the second half of this year would be better than the first half.

Answering a question on KIB's abstaining from funding local investment firms and putting many hurdles before financing and crediting operations, Sheikh Mohammad Al-Jarah said that the bank is continuing in financing and crediting according to the policy set by the Central Bank of Kuwait (CBK) in what led to the financing of many projects.

He also expressed the readiness of KIB along with other local banks for financing any firm or project provided that it possesses good assets as well as funding the the development plan projects, noting in this respect the latest statements made by Deputy Prime Minister for Economic Affairs, Minister of State for Development Affairs and Minister of State for Housing Affairs Sheikh Ahmad Fahad Al-Ahmad Al-Jaber Al-Sabah who stressed the key role of local banks in financing the development plan projects.

Sheikh Mohammad Al-Jarah also drew attention to KIB's going ahead with ridding of its conventional portfolio, noting that this is done according to a definite methodology in order to avoid big losses that might result from the sellout of the portfolio assets at low prices.

Finally, he pointed to the KIB increasing market share in the local market in spite of the competition among local Islamic banks, asserting that KIB's expansion plan into the local market depends on opening 19 branches before the end of this year. (KUNA)

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