National Bank of Kuwait said to plan Saudi, Egypt expansion

National Bank of Kuwait plans to open more branches in Saudi Arabia and is looking to hire hundreds of bankers, Bloomberg reported, citing its CEO George Richani.

Kuwait’s largest lender aims to expand in Riyadh and Dammam by the end of next year, Richani said.

NBK opened its first Saudi branch in Jeddah in 2006, according to its website.

Meanwhile, the bank also plans to launch four to five new branches in Egypt next year, said Yasser Hassan, managing director at NBK Egypt.

NBK Egypt is eyeing 20 percent growth in loans in 2018 because of an expected decline in interest rates and a recovery in economic growth, he added.

Last month, Faisal Al Haimus, chairman of the Trade Bank of Iraq, said the lender is looking to open a branch in Saudi Arabia next year, The National newspaper reported.

The daily also reported in September that Emirates NBD, Dubai’s largest bank by assets, was planning to approach the Saudi Arabian Monetary Authority (SAMA) in 2018 to seek permission to open 20 additional branches in the Kingdom.