Banks spread their wings

摘要

Kuwait's banks have largely depended on their domestic market and, with the exception of the country's largest bank, National Bank of Kuwait, have not aspired to build an international or even a regional network. But, while the focus remains within Kuwaiti borders, banks are also beginning to look at the opportunities outside and build operations - not only in the region but as far afield as Malaysia and Indonesia. With the removal of Saddam Hussein the atmosphere in Kuwait has changed and the country's greatest threat has disappeared. This has helped build confidence at home and in the ability to reach out to new markets. Improved stability, however, is only one aspect and higher oil prices along with efforts to open up the six Gulf Co-operation Council (GCC) states have significantly improved the prospects for intra-regional activities, regional M&As and greater business synergies. Added to this, the surge of interest in Islamic banking across the globe has created opportunities for Islamic banks to extend their activities to the Gulf and far beyond.