National Bank of Kuwait (NBK), the largest Kuwaiti bank and a highly rated organisation in the Arab world, has a long association with Kuwait Petroleum Corporation.

The bank has consistently reported healthy profits. NBK reported a record net profit of $152 million (KD44.3 million) during the first three months of 2005 compared with $108 million for the same period last year, an increase of 39 per cent. It reported record net profits of $515 million during 2004, up 24 per cent from 2003.
Among Arab banks, NBK has the most extensive regional and international network, which includes branches, subsidiaries and representative offices in New York, London, Paris, Geneva, Beirut, Jordan, Bahrain, Qatar and Singapore.
NBK has plans for expansion in the near future to cover Saudi Arabia, Iraq and China.
NBK has the largest local network within Kuwait consisting of 47 branches.
Shaikha Khaled Al Bahar, general manager of the National Bank of Kuwait corporate banking group, has played a key role in the bank's successful operations.
She deals with several leading domestic and foreign companies such as Kuwait Petroleum Corporation.
About her commitment to the bank, she says: 'I have had many offers, but I am known for not having other business interests. I am 100 per cent NBK.'
Al Bahar says through teamwork it is important to achieve the right results for the shareholders.
With NBK chief executive officer Ibrahim Dabdoub her mentor, Al Bahar says with possibly '20 more years in banking - I am still young - it may surprise some, but I want to be CEO of NBK'.
According to Dabdoub, the bank is focused on meeting evolving customer needs across all segments through introducing new, high-quality services.
NBK's total assets totalled $18.9 billion at end-2004, while shareholders' equity before the distribution of cash dividends stood at $1.91 billion.
'NBK had an outstanding performance at all levels during 2004, with profits maintaining their upward trend since the bank's inception in 1952. We were able to leverage our strengths to take advantage of growth opportunities presented by an improving operating environment. The driving force behind our success remains the diversification of revenue sources and risks, as well as our unwavering focus on the customer and service quality,' Dabdoub said.
International rating agencies, including Moody's, Standard & Poor's and FitchRatings, have consistently awarded NBK the highest credit ratings in the Middle East, on the basis of its healthy performance, high asset quality and strong capital base.
Rating agencies also cite the strength and depth of NBK's management and its clear strategy as fundamental strengths underlying the bank's superior ranking. These strengths have also earned NBK recognition as the Best Bank in the Middle East in overall performance and across different activities from reputable financial publications such as Euromoney, The Banker, Global Finance and Emerging Markets.
During 2004, NBK acquired an interest in International Bank of Qatar (IBQ) together with full management control of the bank under the terms of a management contract. This offers NBK potential opportunities for growth and development within the promising Qatari market. The bank also inaugurated a new branch in Amman, Jordan, and a 10th branch in Lebanon.
NBK has also succeeded in differentiating itself by adding expertise in the provision of fee-based, value-added, wholesale services.
NBK has demonstrated its capabilities in the areas of corporate finance, project finance and in leading and arranging large complex financing packages. In addition to its leading role in Kuwait's privatisation programme, NBK has also succeeded in expanding its activities beyond Kuwait to include underwriting, initial public offerings, advisory and financing services for BOT projects.
NBK is a leader in the provision of integrated financial solutions to local and foreign companies doing business in Kuwait.
It has built a strong franchise by offering unique expertise, product scope and the highest standard of service to leading corporate customers, including large oil corporations, government agencies, investment houses and other institutional clients.
NBK has often been the first to introduce innovative products in the market, such as the first chip-enabled Smart Card in Kuwait; expansion of debit card use to enable online purchases on NBK's website; setting up a bill payment programme with the leading mobile telecommunication provider, schools, major newspapers and movie houses.
The bank has also succeeded in building the largest credit card business in the Middle East through, among other innovations, the successful Watani Gifts rewards programme.
In another regional first, the bank launched the new Visa and MasterCard Mini Cards during 2004.
NBK maintained its unique and leading position in wealth management in 2004. Wealth management includes two major business lines: private banking and asset management.
National Bank of Kuwait (Suisse) SA, based in Geneva is NBK's wholly owned private banking subsidiary that caters to the needs of high networth individuals and wealthy families. NBK Suisse (NBKS) offers a broad range of high quality portfolio management and advisory services, custodianship, family trusts and foundations.
NBK Investment Management Ltd (NBKIM), based in London, caters to institutional investors, based on discretionary investment mandates. This joint venture with Morgan Stanley has produced good results for NBK clients, as most managed portfolios have outperformed their respective benchmarks.
NBK Global Asset Management (NBK GAM) offers a broad spectrum of investment solutions matching the clients' profiles and objectives.
These solutions involve a variety of asset classes including money market funds, bond funds, equity funds, Islamic real estate funds and alternative investments.
Conscious of its social responsibilities, NBK supports the welfare and development of the community it serves through committing time, effort and money to various charitable, cultural and social activities and organisations. Education and health also receive special attention for their role in promoting prosperity in the community.
NBK is an important player in the local money and foreign exchange markets. The bank's Treasury group plays the role of market maker for the Kuwaiti dinar both domestically and internationally. In the local interbank money market, NBK is a net lender, providing other local banks with cash management facilities for their short-term and medium-term cash flow requirements.
NBK remains the region's leading investment bank, providing a spectrum of services to governments, corporations and institutions, including debt and capital raising, advising on corporate strategy and structure, valuations, mergers and acquisition, and other advisory services.
The bank's strong position in the local market has been enhanced by its growing regional presence.