Foreign banks are gradually being allowed to enter Kuwait, a market where economic reforms have moved more slowly than many would like. According to the governor of the Central Bank of Kuwait (CBK), Sheikh Salem Abdul Aziz al-Sabah, the move to allow a limited number of international banks and five Gulf Co-operation Council (GCC) banks to open branches is at the stage of approvals. Each of the GCC states' national banks will be authorised to open "a single branch", Sheikh Salem says. First to enter are HSBC Bank Middle East, BNP Paribas (BNPP) and National Bank of Abu Dhabi. A few others are expected to follow, including Citibank and Standard Chartered. BNPP has started operations, and reports interest from local corporates keen to reduce their pricing.
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