Top Banks in Kuwait
An overview of Kuwait's leading financial institutions
An overview of Kuwait's leading financial institutions
Currently, there are 11 local banks in Kuwait. The Kuwait Central Bank supervises the banks in the country, maintains the stability of the Kuwaiti Dinar, and serves as a banker and financial adviser to the government.
According to Moody’s, Kuwait’s banking system is stable, due to the rating agency’s view that government-funded projects will continue to drive economic growth and subsequently boost business for banks.
For anyone considering a career in banking in Kuwait, this list of top banks in Kuwait is a helpful guide on where to start. To learn more, see our lists of financial institutions.
Founded in 1952, the National Bank of Kuwait was the first local bank and first shareholding company in Kuwait and in the entire Persian Gulf region. The bank operates through its Consumer and Private Banking, Corporate Banking, Investment Banking and Asset Management, Islamic Banking, Group Centre, and International segments. It is headquartered in Kuwait City.
In 2016, the bank reported total assets of US$77 billion and a net profit of US$976 million.
Established in 2002, Kuwait Finance House is a wholly owned subsidiary of Kuwait Finance House-Kuwait. It provides retail banking and finance services, treasury, corporate banking, investment portfolio, and capital markets products.
The bank employs 9,000 staff in its 500 branches. It is present in Bahrain, Malaysia, Saudi Arabia, and Turkey. In 2016, the bank’s total assets amounted to US$54 billion and net profit reached US$625 million.
Burgan Bank was founded in 1975 and is providing banking services in Kuwait. The bank operates through the following segments: Corporate Banking, Private Banking, Retail Banking, Treasury, Investment Banking, and Others. It is a subsidiary of Kuwait Projects Company Holding KSC and is based in Safat.
In 2016, the bank reported total assets of US$24 billion and a net profit of US$221 million.
Established in 1960 Gulf Bank is one of the leading banks in Kuwait. Headquartered in Safat, it manages a network of 56 branches throughout the country. It provides services to individual, corporate, and institutional customers. It operates through Commercial Banking, Treasury, and Investments segments. It employs around 1500 staff.
As of 2016, the bank’s total assets of Banks were US$18 billion and net profit was US$143 million.
The Commercial Bank of Kuwait came into existence in 1960 and is the second oldest of the banks in Kuwait. It provides commercial banking services, including deposits, loans, and credit cards. Headquartered in Safat, the bank operates through Corporate and Retail Banking, and Treasury and Investment banking segments.
In 2016, the bank’s total assets amounted to US$13 billion and net profit reached US$153 million.
Al Ali Bank was founded in 1967 and is headquartered in Kuwait City. The bank provides corporate, retail, and international banking services. It operates 31 branches in Kuwait, 2 branches in the United Arab Emirates (Abu Dhabi and Dubai), and 39 branches in Egypt.
As of 2016, total assets of the bank were US$12 billion and net profit was US$153 million.
Established in 2004, Boubyan Bank is a subsidiary of National Bank of Kuwait KSCP. The bank provides various banking products and services in the Middle East, North Africa, North America, Europe, and Asia. It also offers Takaful insurance products. It operates through four segments: Consumer Banking, Corporate Banking, Investment Banking, and Treasury. Headquartered in Safat, it manages 30 branches in Kuwait.
In 2016, the bank reported total assets of US$10.3 billion and a net profit of US$115 million.
The Industrial Bank of Kuwait was founded in 1973 and is headquartered in Al-Sharq. The bank provides conventional and Islamic loans and credit facilities to the industrial sector, conventional and Islamic asset management services, including portfolio and fund management, and conventional and Islamic direct investments in various sectors. It employs around 221 individuals.
In 2016, the bank’s total assets amounted to US$2.0 billion and net profit reached US$30 million.
Al Ahli Bank was formed in 2000. The bank provides retail, commercial, Islamic, investment, and private banking products and services. It also offers global fund management and life insurance services. The company operates through four segments: Retail Banking, Corporate Banking, Treasury and Investments, and Private Banking.
The bank manages 110 branches, including 22 in Bahrain, 38 in Kuwait, 37 in Egypt, 11 in Iraq, and 1 branch in the United Kingdom. It also oversees 20 branches in the Sultanate of Oman and 11 branches in Libya through its managed associates.
As of 2016, total assets of the bank were US$107.8 billion and net profit was US$14.26 billion.
Founded in 1973, Kuwait International Bank is an Islamic bank. The bank provides several banking services, including deposit-taking, financing transactions, direct investment, and credit cards. It operates through various segments: Commercial and International, Retail, Treasury, Fund Management and Institutional Banking, Investment Management, and Others. It manages 26 branches throughout Kuwait.
In 2016, the bank reported total assets of US$6.1 billion and a net profit of US$60 million.
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This has been CFI’s guide to the top banks in Kuwait. For anyone looking for a career in banking, this list is a great place to start your networking. Please also see these additional resources: