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NBK rebrands its subsidiary in Egypt to NBK-Egypt

National Bank of Kuwait Group (NBK) rebranded its subsidiary in Egypt, Al Watany Bank of Egypt (AWB), under the new name NBK-Egypt.
The new brand was launched in a press conference held today (Wednesday 23 April 2014) in Egypt. The press conference was attended by Isam Al Sager, NBK Group CEO and NBK-Egypt Chairman, George Richani, Head of International Banking Group at NBK and NBK-Egypt Vice Chairman, and Yasser Hassan, NBK-Egypt Managing Director.

Al Sager said: “The rebranding of NBK’s subsidiary in Egypt comes in tandem with the bank’s strategy to strengthen its presence in Egypt and reflects our increasing confidence in the Egyptian economy. The Egyptian economy is one of the largest economies in the Arab world and enjoys positive outlook and growth prospects despite the ongoing challenges.”

“NBK’s presence in Egypt represents a long-term investment. NBK was among the first banks in the GCC to enter the Egyptian market in 2007. Since the acquisition, NBK-Egypt has been able to deliver strong growth surpassing the sector’s average,” Al Sager added. “The rebranding under the Group name will further support the bank’s operations in Egypt benefiting from NBK’s leading position regionally and its strong reputation as one of the safest banks in the world and the highest rated in the Middle East”.

Richani said that Egypt has been a main pillar in the growing contribution of the international operations to NBK’s Group profits. NBK is well-positioned to benefit from the forthcoming growth in the Egyptian market.

Richani noted: “NBK Group enjoys the widest international network of subsidiaries and associates reaching 170 branches worldwide. The rebranding of NBK’s subsidiary in Egypt also reflects NBK’s efforts to successfully integrate its operation outside Kuwait.”

Hassan stressed that NBK-Egypt has been one of the fastest growing banks in Egypt over the past few years due its clear strategic directions. As a subsidiary of NBK Group, one of the safest banks in the world, NBK- Egypt has benefited from the flight-to-safety, which is reflected in the continuous growth in balance sheet indicators. NBK- Egypt it will continue to deliver the best service experience to its increasing customer base.

NBK acquired AWB in 2007. NBK-Egypt has a large branch network situated at strategic locations within the various Egyptian governorates and cities, including Cairo.

NBK has the widest banking presence with around 170 branches worldwide. NBK’s international presence spans many of the world’s leading financial centers including London, Paris, Geneva, New York and Singapore, as well as China (Shanghai). Meanwhile, regional coverage extends to Lebanon, Jordan, Iraq, Egypt, Bahrain, Qatar, Saudi Arabia, the UAE, and Turkey.

NBK continues to collectively enjoy the highest credit ratings from the three international rating agencies; Moody’s, Fitch Ratings and Standard and Poor’s. The Bank’s ratings are supported by its high capitalization, prudent lending policies, and its disciplined approach to risk management, in addition to its highly recognized and very stable management team. NBK also maintains its position among the 50 safest banks in the world for the eighth consecutive time.