Banking reforms sweep Kuwait

Foreign and Gulf banks will be able to open branches in Kuwait under new banking reforms in the emirate.

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By  Richard Agnew Published  May 26, 2005

Foreign and Gulf banks will be able to open branches in Kuwait under new banking reforms in the emirate. Sheikh Salem Abdul Aziz Al Sabah, governor of Kuwait’s Central Bank last week revealed that a limited number of international banks and five Gulf banks will be allowed to open branches. The country’s Central Bank has already given the green light to HSBC unit HSBC Bank Middle East, National Bank of Abu Dhabi and France’s BNP Paribas to open branches. Other international banks believed to have applied for a Kuwait licence include US-based Citigroup’s Citibank and Britain’s Standard Chartered.

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