Commercial Bank of Kuwait is one of the largest financial institutions in the country, with a strong and growing corporate and retail banking franchise, providing innovative financial and investment solutions to its ever-growing retail and corporate customers.

On June 19 1960, the Amir of Kuwait Sheikh Abdullah Al-Salem Al-Sabah issued Amiri Decree No. 5, establishing a shareholding company under the name of Commercial Bank of Kuwait, now the second-oldest financial institution in Kuwait.

Since its creation, the bank has pioneered the sector. In 1962, Commercial Bank of Kuwait opened a branch in Kuwait International Airport, operating 24 hours a day. It was the first bank to open a branch in such a vital location – the first of many strides the bank would take to prove itself a leading financial institution.

In 1973, in yet another trend-setting move, the bank’s board of directors decided to introduce computer technology in all the bank’s activities, with the objective of developing and improving its banking business and wide spectrum of product and service offerings. In 1976, the bank established a training centre for the purpose of qualifying the employees from all of the bank’s divisions and departments, and equipping them with up-to-date systems and technologies applicable worldwide.

In the 1980s, Commercial Bank of Kuwait was the first bank to introduce ATMs in Kuwait and the first bank in the Gulf region to introduce a fully automated Letter of Guarantee system. In the 1990s, the bank introduced the first automated election management system in the Middle East, and used it successfully during the election of its board of directors, yet another feather in the company’s cap. And in 2001, Commercial Bank of Kuwait was the first bank in the Middle East to launch Visa Infinite, and took the lead in introducing its Advance Interest Deposit account: the first account to pay interest up-front.

A glorious present
Today, Commercial Bank of Kuwait has evolved into a large financial institution with interests from retail banking to mega-project finance; mobilising its substantial capital base and decades of expertise to assume a leadership role in the Kuwaiti economy. The bank has emerged as a lead financier in the country, arranging a flow of loans to diverse schemes such as power, construction and notable infrastructure projects.

In June 2010 the bank celebrated its 50th anniversary, marking a golden era of Commercial Bank of Kuwait. Throughout its lifespan, the bank has operated on the principle of maximising shareholder value by demonstrating excellence in leadership, innovation, commitment and corporate citizenship.

For the sake of greater customer convenience, the bank endeavours to improve and enhance its product offerings to become the premier provider of banking services to its large customer base, developing a creative and entrepreneurial team that generates superior shareholder value and supports community service.
The bank is committed to demonstrating a pro-active, productive, and transparent management style, where special focus is given to performance excellence, while constantly maintaining an exceptional degree of personal and corporate ethics.

Innovative products and services
Integrated through the domestic branch network, Commercial Bank of Kuwait offers its valued customers a wide spectrum of sophisticated and personalised banking services which best suit its customer segments and satisfies their banking, financial and investment needs. Additionally, the bank’s remote and online delivery channels use the latest electronic technologies to bring unrivalled banking services to its customers’ fingertips via its website, telephone, mobile, internet and ATMs.

With marketing campaigns aimed at direct and swift communication with its customers, Commercial Bank of Kuwait has launched official accounts on Facebook, Twitter and YouTube to expand its web presence with customers through social network websites. This has proved to be highly successful in communicating with diverse sections of Kuwaiti society and with the bank’s customers in particular. It has also helped the bank enhance its services to meet and achieve its customers’ aspirations and satisfy their needs.

The bank’s retail banking division offers numerous saving accounts, checking accounts, term deposits, on demand accounts, Commercial Bank of Kuwait credit cards, loans, remittances, salary transfer accounts, bancassurance, safe deposit lockers and many other promotions to benefit its customers.

The corporate credit team offers a complete range of facilities to local and international companies to suit their specific needs. This is achieved through highly qualified and experienced staff possessing the capability to study the customers’ needs and provide sophisticated financial advisory services in various economic sectors. The goal of the corporate credit division is to offer state-of-the-art services expeditiously and professionally, to enhance the bank’s business relationship with its clients.

Commercial Bank of Kuwait’s treasury division manages the bank’s balance sheet and related interest and forex exposures as well as cashflows. Treasury is manned by highly experienced and skilled dealers and actively trades in foreign exchange and money market products, backed by a sophisticated infrastructure. Treasury provides advisory services to its valued clients as well as solutions in foreign exchange, fixed income and money market products.

With an extensive diversified international portfolio and highly experienced personnel, Commercial Bank of Kuwait is always active in international financial markets, including syndications, refinancing under LCs, project financings and other lending activities. The bank maintains a well distributed global correspondent banking relationship base and is a reliable partner for its customers in Kuwait and the Middle East.

Trade finance service is a highly technical area requiring specialised personnel to cater for customers’ ever-changing needs. As such, and out of its strong belief that customers’ needs are of paramount importance, Commercial Bank of Kuwait has assigned professional, experienced and qualified personnel to assist and provide the best services to its customers.

A wide variety and range of facilities in trade services, such as import letters of credit, issuing delivery orders and shipping guarantees are also available to customers who wish to receive a professional and efficient service.

Corporate Social Responsibility  
Corporate social responsibility is one of the bank’s priorities, and it adopts a balanced policy by devoting its resources to serve the community in which it operates. This is clearly demonstrated through the bank’s generous donations and support of societal activities such as charitable campaigns, educational programmes and humanitarian events.

Commercial Bank of Kuwait endeavours to maintain Kuwaiti heritage by commissioning original prints depicting Kuwaiti traditions for its scenic annual calendars. As a socially responsible bank, Commercial Bank of Kuwait endeavours to be at the heart of all community-related activities and events, with a particular emphasis on those that benefit the physically challenged, and other humanitarian activities that accentuate the bank’s strong interaction with society.

Established subsidiaries
Alongside its main operations, Commercial Bank of Kuwait has a number of subsidiaries dealing with specialist financial areas. CBK Capital is a fully owned subsidiary of the bank responsible for managing the diversified investment portfolio of the bank. CBK Capital’s highly qualified and professional staff have in-depth investment knowledge and experience to manage these investments. All investment activities are carried out under the investment guidelines of Central Bank of Kuwait.

In addition to managing the bank’s investment portfolio, CBK Capital is very active in the area of fund management. Over the years, Tijari Funds have delivered good returns to investors. These funds cover a wide range of market sectors. All the funds are open for institutional investors, Kuwaitis and expatriates.

USBC is an 80 percent-owned subsidiary acquired in 2008 with the objective of strengthening the bank’s brokerage activities and product offerings in the local market, in addition to providing more distinctive and unique services for the bank’s clients. USBC provides securities trading on the Kuwaiti and Egyptian stock exchanges. USBC’s market share of KSE trading has grown from seven percent on acquisition to 11 percent presently.

In 2006, the bank was a founding shareholder in Al Cham Bank, the first private bank incorporated in the Republic of Syria to be engaged in Islamic banking activities. The bank has increased its initial 10 percent holding to 32 percent, and provides board and management services. Al Cham Bank provides a full range of retail and corporate banking products and services that comply with Islamic Sharia principles.

A bright future  
Whether it is the Al Najma account, the biggest daily prize in Kuwait, or Al Tijari state-of-the-art corporate and retail product offerings which cater for all customers’ needs, Commercial Bank of Kuwait has just the right product for its wide customer base. Recognised as a leading financial institution for more than 50 years, Commercial Bank of Kuwait is committed to offering specially tailored services and products that meet the ever-changing requirements of its retail and corporate customers.

In its long march of achievements, despite all the challenges the bank has faced, Commercial Bank of Kuwait stands tall as one of the largest financial institution in the country. Its march continues with a renewed commitment to produce significant results that build solid foundations, envision new directions, preserve its rich heritage and lead it to a promising future. Commercial Bank of Kuwait is a star leading the way, today and always.

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