Kuwait's NBK plans Islamic bank in Switzerland

National Bank of Kuwait plans to set up an Islamic lender in Switzerland aimed at Gulf investors, the Financial Times reported on Monday, citing NBK's chief executive officer.

Kuwait's NBK plans Islamic bank in Switzerland
NBK applied for regulatory approval to set up the bank with a Saudi partner, Ibrahim Dabdoub said, according to the FT, without identifying the partner.

Dabdoub declined to comment.

The Kuwaiti bank has been expanding outside its home market where competition is intensifying as foreign lenders enter.

Many Gulf Arabs, including members of the Saudi royal family, have homes in Switzerland where they often spend summer to escape the Gulf heat when temperatures soar to as much as 50 degrees centigrade.

Agencies
Last Mod: 01 Nisan 2008, 09:04
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