The banking system in Kuwait includes 11 local commercial banks of which five Islamic financial institutions. There are also 12 branches of foreign banks such as Citibank, HSBC, BNP Paribas, Qatar National Bank, BBK, Doha Bank, Mashreq, Al-Rajhi Bank, Bank Muscat and ICBC, among others. Credit and Savings Bank and Industrial Bank of Kuwait are the two specialized government-owned institutions. The banking industry is regulated by the Kuwait Central Bank (CBK). Below is a list of the top 10 largest banks in the State of Kuwait.
National Bank of Kuwait
With assets of US$90 billion as of March 31, 2019, The National Bank of Kuwait (NBK) is the largest bank in the country. Incorporated in 1952, it was the first indigenous bank and first shareholding company in Arabian Gulf region. Today NBK is one of the top 3 safest banks in the Middle East according to Global Finance. It employs over 6,900 people and operates through a network of 68 branches and 310 ATMs across Kuwait. It also has branches in London, Geneva, Paris, New York, UAE, Egypt, Turkey, Saudi Arabia and other countries. In 2018, NBK posted profit for the year of US$1.2 billion and revenue of over US$3.5 billion. The company’s market capitalization was US$20 billion as of October 8, 2019.
Kuwait Finance House
Kuwait Finance House (KFH) is the second-largest bank in the State of Kuwait with total assets of over US$60 billion. Founded in 1977, it was the first Islamic bank in the country. All activities are conducted in accordance with Islamic Sharia. The company offers personal and corporate banking, private banking, investment and real estate services, trade finance, auto finance, mobile and online banking and more. KFH has operations in Kuwait, Bahrain, UAE, Germany, Turkey, Malaysia and Saudi Arabia. With around 15,000 employees, it operates through over 500 branches and 1,263 ATMs across region. Kuwait Finance House is listed on the Kuwait Stock Exchange.
Burgan Bank is a Kuwaiti financial institution providing banking and investment services through a regional branch network of 167 outlets. The Bank's key business areas are corporate and investment banking, private banking, retail banking and treasury. Burgan Bank Group's subsidiaries include Gulf Bank Algeria, Burgan Bank Turkey, Bank of Baghdad and Tunis International Bank. Burgan is the third largest bank in Kuwait with US$23.9 billion in total assets, US$12.4 billion in customer deposits and US$14 billion in loans.
Gulf Bank is the fourth largest bank in Kuwait in terms of total assets. It was incorporated on October 29, 1960 and currently operates a network of approximately 60 branches and 200 ATMs. The company is ranked 'A' by the leading credit rating agencies (Standard & Poor's, Moody’s and Fitch). As of September 30, 2018, total assets and total equity were US$19.6 billion and US$2.02 billion, respectively. The Bank is listed on the Kuwait Stock Exchange, with a market value of US$3 billion as at May 5, 2019.
Al Ahli Bank of Kuwait
Al Ahli Bank of Kuwait (ABK) is the fifth largest bank in Kuwait. It has a network of over 30 local branches, two branches in the UAE and 40 branches throughout Egypt. Al Ahli was named as one of the ten safest banks in the Middle East by Global Finance Magazine in 2017 and 2018. It has strong credit ratings of A2 and A+ from Moody’s and Fitch, respectively. It is also was named as Best Commercial Bank by Banker Middle East, Best Bank by Arabian Business and Best Retail Bank by The Asian Banker. The company employs over 1,000 people and is headquartered at Al Safat Square, Ahmed Al Jaber Street, Kuwait City.
Boubyan Bank is one of the leading Kuwaiti banks offering a broad array of financial and banking products and services to retail and corporate customers. It offers consumer finance, credit and debit cards, deposit and lending products and other branch related services. It also offers Murabaha, Ijarah and trade service as well as local and international real estate investment, asset management, Islamic financing and the management of funding operations. With around 1,400 employees and 30 branches, it operates as a subsidiary of National Bank of Kuwait (NBK).
Commercial Bank of Kuwait
Commercial Bank of Kuwait (CBK) is one of the top 10 banks in Kuwait in terms of assets, deposits, loans, revenue and income. The Bank’s main divisions are Retail Banking Division, Corporate Credit Division, International Banking & Syndication Division, Treasury & Investment Division, Risk Management Division and Operations Division. The company employs 1,490 people and is headquartered in Kuwait City. CBK has a long term credit rating of A3 from Moody’s and A+ from Fitch.
Ahli United Bank Kuwait
Founded in 1971, Ahli United Bank K.S.C.P. (AUBK), formerly known as Bank of Kuwait and Middle East, is one of the ten largest banks in Kuwait with US$12.8 billion in assets, US$8 billion in deposits and US$1.6 billion in total equity as of December 31, 2018. It is listed on the Kuwait Stock Exchange and operates as a subsidiary of Bahraini Ahli United Bank B.S.C.
Kuwait International Bank
Kuwait International Bank (KIB) is an Islamic financial institution regulated by the Central Bank of Kuwait. KIB maintains a network of over 25 local branches and employs approximately 730 people. It offers a full suite of products and services including current and savings accounts, card services, direct investments, Murabaha (Construction Material Financing, Vehicle Financing and Goods Financing), Ijarah Muntahia Bittamleek, Tawarruq as well as Real Estate Finance, Project Finance, Corporate Financing, Contracting Financing, Property Management, Real Estate Appraisal, Letter of Gurantee, safety deposit boxes, insurance, SMS banking and other services. KIB’s shares are listed on the Kuwait stock exchange. The registered office is located at West Tower, Joint Banking Center, Safat, 13089, Kuwait.
Established in 2010, Warba Bank provides a wide array of full-fledged banking products and services including retail and corporate banking, investment banking and treasury services. Warba has prestigious awards such as Best Investment Bank in Kuwait, Best Corporate Bank in Kuwait and Fastest Growing Bank in the Middle East. Warba’s credit ratings are "A+" from Fitch and "Baa1" from Moody’s, with a stable outlook. The Bank operates 12 branches and 44 ATMs across the State of Kuwait.
Top 10 Banks in Kuwait by Total Assets
Here is a list of the ten largest banks in Kuwait ranked by assets.
|Rank||Bank||Total assets, US$b||Balance Sheet|
|1||National Bank of Kuwait||89.863||03/2019|
|2||Kuwait Finance House||60.257||03/2019|
|5||Al Ahli Bank of Kuwait (ABK)||15.552||03/2019|
|7||Commercial Bank of Kuwait||13.858||12/2018|
|8||Ahli United Bank Kuwait||12.829||12/2018|
|9||Kuwait International Bank||7.375||03/2019|
List of Foreign Banks in Kuwait
Here is a list of foreign banks operating in Kuwait.
BNP Paribas - Kuwait Branch
HSBC Bank Middle East Ltd
Citibank - Kuwait Branch
Bank of Bahrain and Kuwait (BBK)
First Abu Dhabi Bank
Qatar National Bank - Kuwait Branch
Doha Bank - Kuwait Branch
Mashreq Bank - Kuwait Branch
Al-Rajhi Banking & Investment Corp.
Bank Muscat - Kuwait Branch
Union National Bank - Kuwait Branch
Industrial and Commercial Bank of China (ICBC)