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National Bank of Kuwait

From Wikipedia, the free encyclopedia
Not to be confused with Central Bank of Kuwait.
National Bank of Kuwait
Native name
بنك الكويت الوطني
Company type
Public
NBK
IndustryFinancial services
Founded1952; 74 years ago (1952)
FoundersConsortium of Kuwaiti merchants
HeadquartersKuwait City, Kuwait
Key people
Hamad Mohammed Al Bahar (Chairman) Isam Al Sager (Group CEO) Shaikha Al Bahar (Deputy Group CEO) Salah Al Fulaij (CEO - Kuwait)
ProductsCredit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, savings, Securities, asset management, wealth management
RevenueIncrease KWD 906.32 million (2021)
Increase KWD 547.37 million (2021)
Increase KWD 362.25 million (2021)
Total assetsIncrease KWD 33.25 billion (2021)
Number of employees
Increase 6,058 (2017)
Websitewww.nbk.com

The National Bank of Kuwait (NBK) is a multinational bank headquartered in Kuwait City. It was established in 1952[1] and operates 142 branches across 13 countries,[2] at least seven of which are in the Middle East.[3] It also offers alternative investments through its NBK Capital subsidiary, which, since its establishment in 2005, has allocated over $91 billion worth of investment banking mandates as of November 2022.[4]

History

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NBK began as small, local bank[5] in 1952. It was the "first indigenous bank and the first shareholding company" in the Gulf region.[1] In 1961, banker Ibrahim Dabdoub joined NBK. He would become head of credit in 1969 and chief executive in 1983, leading NBK through the crash of the Souk Al-Manakh in 1982 and the Iraqi invasion of Kuwait in 1990.[5]

By 1992, NBK had operations in London and then Saudi Arabia, the United Arab Emirates (UAE), and Iraq. By 2014, NBK had offices located in 16 countries, including China and the United States.[5] That same year, Isam Jasem Al-Sager, who originally joined NBK in 1978, became chief executive officer (CEO)[6] and Shaikha Khaled Al Bahar became Deputy Group CEO,[7] having joined the bank in 1977 while Ibrahim Dabdoub retired.[8][5]

In 2019, NBK began increasing its market share in Egypt.[9] In December 2022, through its partnership with Kuwait Airways (KAC), NBK opened a new branch in KAC's headquarters.[10] In April 2024, NBK's wealth management arm (NBK Wealth) partnered with British-American investment firm Janus Henderson, joining its emerging markets private capital division.[11]

In July 2024, NBK appointed Peter Kelly as Deputy Head of Group Human Resources.[12] In December of that year, NBK acquired a 51% stake in UPayments, an electronic payment and settlement services company in Kuwait.[13] In November 2025, NBK partnered with fintech company AZ eWallet for services including BIN sponsorship, Virtual IBAN, and QR ATM cashless withdrawals[14] and NBK launched its fintech Services.[15] In December that year, NBK launched its mobile banking app.[16][17]

In January 2026, NBK revamped its online banking platform.[18] In April 2026, it was announced that NBK was shutting down its headquarters in Kuwait and its Sudan branch for two days due to strikes by Iran during the Middle East War.[19][20][21]

Financial performance

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NBK's net profits reached $1.073 billion in 2010, $1.075 billion in 2011, and $1.085 billion in 2012.[5] In 2022, the National Bank of Kuwait posted a net profit of US$1.7 billion.[22]

Awards and recognition

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In July 2025, NBK's Vice Chairman and Group CEO, Issam Jassim AlSager was included in Gulf Business's "MENA region’s most influential CEOs of 2025" list.[23]

The National Bank of Kuwait was ranked seventh on Forbes Middle East's "30 Most Valuable Banks 2025" list.[24] It also ranked 18th on Forbes Middle East's "Top 100 Listed Companies 2025" list.[2]

For 2025, NBK won the "Best Retail Bank in the field of Customer Service" award as part of Service Hero's consumer-driven Customer Satisfaction Index.[25]

In April 2026, NBK won the "Fueling Your Growth" Award at the 2026 Emplifi Excellence Awards.[26]

References

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  1. ^ a b "National Bank of Kuwait (NBK) | Devex". www.devex.com. Retrieved 2024-01-29.
  2. ^ a b Mughal, Waqar. "National Bank of Kuwait (NBK Group)". Forbes Lists. Retrieved 2026-05-04.
  3. ^ "National Bank of Kuwait (NBK) - 50 Most Valuable Banks 2023 - Forbes Lists". Forbes. Retrieved 2024-12-04.
  4. ^ "National Bank of Kuwait | Company Overview & News". Forbes. Retrieved 2024-01-29.
  5. ^ a b c d e Timewell, Stephen (2015-04-01). "The end of an era at National Bank of Kuwait". The Banker. Retrieved 2026-05-04.
  6. ^ Mughal, Waqar. "Isam Jasem Al-Sager". Forbes Lists. Retrieved 2026-05-05.
  7. ^ Mughal, Waqar. "Shaikha Khaled Al Bahar". Forbes Lists. Retrieved 2026-05-05.
  8. ^ "Shaikha Al-Bahar | 2025 Most Powerful Women". Fortune. Retrieved 2026-05-05.
  9. ^ "NBK to increase its share market in Egyptian retail sector". EgyptToday. 2019-04-21. Retrieved 2026-05-05.
  10. ^ Team, Editorial (2022-12-20). "NBK opens new branch at KAC Headquarters". INTLBM. Retrieved 2026-05-05.
  11. ^ Battersby, Mark (2024-05-03). "Janus Henderson strikes strategic partnership with wealth arm of National Bank of Kuwait". Retrieved 2026-05-04.
  12. ^ Khan, Anjum (2024-07-22). "Peter Kelly joins National Bank of Kuwait as Deputy Head of Group HR". People Matters. Retrieved 2026-05-05.
  13. ^ "بنك الكويت الوطني يستحوذ على 51% من UPayments للمدفوعات الإلكترونية - جولة". 2024-12-06. Retrieved 2026-05-04.
  14. ^ "NBK and AZ eWallet partnership drives fintech innovation". Kuwait Times. 2025-11-19. Retrieved 2026-05-04.
  15. ^ Towner, Lauren (2025-11-17). "NBK Launches Fintech Services to Advance Kuwait's Digital Economy and Promote Financial Inclusion". FF News | Fintech Finance. Retrieved 2026-05-04.
  16. ^ Onyeagoro, Jennifer (2025-12-09). "National Bank of Kuwait Launches Enhanced Mobile Banking App to Elevate Customer Experience". TechAfrica News. Retrieved 2026-05-04.
  17. ^ "NBK launches enhanced Mobile Banking App - kuwaitTimes". Kuwait Times. 2026-03-24. Retrieved 2026-05-04.
  18. ^ Onyeagoro, Jennifer (2026-01-12). "NBK Introduces New Online Platform With Smarter Interface and Faster Transactions". TechAfrica News. Retrieved 2026-05-04.
  19. ^ "National Bank of Kuwait shuts headquarters amid Iran attacks". Oman Observer. 2026-04-01. Retrieved 2026-05-04.
  20. ^ "National Bank of Kuwait HQ to Remain Closed for 2 Days". arabtimes. 2026-04-01. Retrieved 2026-05-04.
  21. ^ "Kuwait's NBK headquarters to resume operations on April 5". www.zawya.com. 2026-04-03. Retrieved 2026-05-04.
  22. ^ Mansoor, Zainab (2023-01-30). "National Bank of Kuwait reports $1.7bn in net profit for 2022". Retrieved 2023-01-31.
  23. ^ "MENA region's most influential CEOs of 2025". gulfbusiness.com. Retrieved 2026-05-04.
  24. ^ Mughal, Waqar. "30 Most Valuable Banks 2025". Forbes Lists. Retrieved 2026-05-03.
  25. ^ "NBK wins Kuwait's Best Retail Bank in Customer Service in 2025 by Service Hero - kuwaitTimes". Kuwait Times. 2026-04-15. Retrieved 2026-05-04.
  26. ^ "NBK wins 'Fueling Your Growth' award at the 2026 Emplifi Excellence Awards". Kuwait Times. 2026-04-25. Retrieved 2026-05-04.
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