KUWAIT CITY (AFP) — The Central Bank of Kuwait (CBK) announced on Monday it has granted Qatar's Doha Bank an initial licence to operate in the emirate, making it the sixth foreign bank to obtain the permit.
World banking giants BNP Paribas, Citibank and HSBC, besides Abu Dhabi National Bank of the United Arab Emirates, are already operating in Kuwait which opened its doors to foreign banks more than three years ago.
Qatar National Bank was granted a licence to operate but has not yet started business. Doha Bank's new licence still needs confirmation from the cabinet.
Foreign banks operating in oil-rich Kuwait are however not allowed to work in the retail sector, nor are they allowed to open more than one branch.
In January 2004, parliament approved a law allowing foreign banks to operate in the emirate after securing CBK approval. The law stipulates Kuwaitis must form at least half of the bank's workforce within three years of operation.
Kuwait has seven local commercial and three Islamic banks.
يا جماعة تشبعت بيئتنا المصرفية بما فيه الكفاية ... علاوة على ان البنوك الأجنبية ملزمة بفتح فرع واحد فقط و وعدم الدخول في مجال قطاع التجزئة أي الفروع و خدمة العملاء و الإقراض .. و كأن ذلك حماية للبنوك المحلية !!! ... البنوك الأجنبية عينها على توسيع قاعدتها و الإنتشار حول العالم ... سياسة فيها نوع من الطموح والمنافسة .. نجد ان بنك واحد لدينا بالكويت يأخذ بهذا النهج بينما البقية تحت رحمة المركزي في عدم فتح المجال للبنوك الأجنبية لدخول السوق بشكل فعلي من جميع الأبواب
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