Banking services in Kuwait

Kuwait now has eleven indigenous banks. The Kuwait Central Bank regulates the country’s banks, ensures the stability of the Kuwaiti Dinar, and acts as the government’s banker and financial adviser. Kuwait’s banking sector, according to Moody’s, is solid, owing to the rating agency’s belief that government-funded projects would continue to stimulate economic growth and, as a result, improve bank activity. This list of major banks in Kuwait is a useful starting point for anybody interested in a career in banking in Kuwait. See our list of financial institutions for additional information.

Here are some of the top banks in Kuwait.

National Bank of Kuwait

In terms of total assets, Kuwait’s National Bank (NBK) is the country’s largest bank. It was the first indigenous bank and the first shareholder corporation in the Arabian Gulf area, having been founded in 1952. According to Global Finance, NBK is now one of the top three safest banks in the Middle East. It employs over 7,000 employees and has a nationwide network of 70 locations and 310 ATMs. The Bank had total assets of US$98 billion as of December 2020.

Kuwait Finance House

With total assets of about US $60 billion, Kuwait Finance House (KFH) is the second-largest bank in Kuwait. The first Islamic Bank in the country was founded in 1977. All actions are carried out according to Islamic Sharia law. The organisation offers corporate and personal banking, private banking, investment and Immobiliare, commercial finance, automotive financing, internet banking, mobile banking apps, credit cards and more. In Bahrain, the UAE, Germany, Turkey, Malaysia and Saudi Arabia, KFH is active internationally.

Burgan Bank

Through its regional branch network of 167 locations, it provides banking and investing services. Corporate and investment banking, private banking, retail banking and treasury are the Bank’s main business sectors. Gulf Bank Algeria, Tunis International Bank, Burgan Bank Turkey and Bank of Baghdad are subsidiaries of Burgan Bank Group. The firm is Kuwait’s third-largest bank with 24 billion dollars in total assets, client deposits of 12.4 billion dollars and 14 billion dollars in lending.

Gulf Bank

The Gulf Bank is Kuwait’s fourth-largest asset bank. It was built in 1960 and now has a network of over 60 branches and 200 ATMs. The corporation is classified as “A” by top rating companies (Standard & Poor’s, Moody’s and Fitch). It offers current, savings and salary accounts, MasterCard and Visa, debit and prepaid cards, premiums, travel insurance, mobile and online banking, secure box and consumer loans, new or used car loans, mortgages, guaranteed cash loans, pensions and investment funds. It also provides a wide range of services.

Commercial Bank of Kuwait

The Kuwaiti Commercial Bank is one of the 10 biggest asset, deposit, loan, income and income banks in Kuwaiti. The Bank’s principal divisions are: Retail banking, Corporate Credit Division, IBS, Treasury & Investment Division, Risk Management Division and the Operations Division. The Bank’s primary departments are: The firm is based in Kuwait, Kuwait, and has 1490 employees. CBK has Moody’s and Fitch’s long-term credit ratings of A3.

Apart from the banks details the most important things everyone wants to know is how you can open an account in these banks. Here is the brief description about how a foreign national can open a bank account in Kuwait.

How to open a Bank Account in Kuwait?

You must be a resident of Kuwait to open a Kuwait bank account. The bank will want your resident visa and your No Objection Certificate (no objection certificate, NOC) to be received by your employer or sponsor before your arrival when you are ready to create your local account. Some banks may also ask about your pictures, tenancy and passport.

Most banks have current accounts, salaries and savings. Many banks accept joint accounts. Some expats reported being denied a married couple’s joint account because of the high prevalence of divorce in Kuwait. You may open your solo account with approval as a sponsor if you can’t register a joint account and your spouse does not work in Kuwait.