KUWAIT CITY, June 22: 50 years back, specifically on 19th June 1960, Amir of Kuwait Sheikh Abdullah Al-Salem Al-Sabah issued Amiri Decree No. 5 for 1960 establishing a shareholding company under the name of Commercial Bank of Kuwait with a share capital of 20 million Rubia, being the second oldest Kuwaiti financial institution in Kuwait. At that time a license was granted to the founders, namely Mr. Hamad Al-Saleh Al-Humaidi, Khaled Saleh Al-Ghunaim, Fahd Co., Khaled Al-Subaih, Khalifa Al-Ghanim Co., Sayed Hamid Abdul Aziz Al-Bahr & Brothers, Marzuq Al-Jasim Al-Marzuq and Yousef Al-Ahmad Al-Ghanim to establish a Kuwaiti shareholding company under the name of Commercial Bank of Kuwait.

As shown in some archival documents of the Bank that goes back to 11th October 1960, Commercial Bank of Kuwait, following the inception date, submitted a request to the Commercial Registry Controller to get the Company registered where both Mr. Hamad Al-Saleh Al-Humaidi - the Board of Directors at that time and Mr. Abdul Aziz Al-Bahr - Deputy Chairman were the authorized signatories on behalf of the Company. Also, one of the Bank’s old documents that goes back to 1960 details important information on the first Board of Directors of Commercial Bank of Kuwait and the names of Board Members, the Chairman and the Deputy Chairman. In 1962, Commercial Bank of Kuwait opened a branch in Kuwait International Airport and was the first bank that opens a branch in such vital location.

In 1971, H.H. Sheikh Jaber Al-Ahmad Al-Sabah - the Crown Prince and the Prime Minister at that time - re-opened the Bank’s Head Office in Mubarak Al-Kabeer St. where Kuwaiti newspapers thoroughly covered this important event such as “Al-Ra’i Al’am” newspaper whose headline for that event read “Commercial Bank of Kuwait enters a new economic era through its newly opened Head Office” detailing that “Kuwait saw the inauguration of one of the largest financial institutions in the Region by re-opening the Head Office of Commercial Bank of Kuwait considering the event as a great move in the Bank’s ten year’s history noting that the inauguration of the new Head Office contributes to strengthening Kuwaiti economy through its shareholders’ support and its employees’ expertise”.

To further highlight this important event i.e. the 50th anniversary of Commercial Bank of Kuwait, the Bank presents some important photographs and correspondences from the archive such as a photographic image of the Bank’s Head office 50 years back, a copy of the letter submitted from the Bank to the Commercial Registry Controller where the letter bears the name of the Bank only without any logo, a photograph of Sheikh Jaber Al-Ahmad Al-Sabah while opening the new Head Office in Mubarak Al Kabeer St. in 1971, other articles published by local newspapers at this time, the old logo of the Bank along with a new photograph of the Head Office as well as the new logo of the Bank.
Since its inception, 8 chairmen have chaired the Bank’s Board as follows:
Hamad Saleh Al-Humaidi; Abdul Aziz Al-Ahmad Al-Bahr; Hamad Ahmad Abdulatif Al-Hamad; Sheikh Mohammed Jarrah Al-Sabah; Sheikh Ahmad Al-Salem Al-Ali Al-Sabah; Abdulmajeed Haji Al Shatti; Dherar Khaled Al-Rabah; Bader Sulaiman Al Ahmad.

On 19th June 2010, Commercial Bank of Kuwait celebrated its 50th anniversary. The past 50 years saw a number of significant & impressive achievements for the Bank, Kuwait and Kuwaiti economy in general. After 50 years, the Bank’s shareholders’ equity amounted to KD 440 million with its assets amounting to KD 3.6 billion as at the end of December 2009. With 55 conveniently located branches, Commercial Bank of Kuwait operates the second largest full service branch network in Kuwait.
On the occasion of the Bank’s 50th anniversary, Commercial Bank of Kuwait will continue to publish the important achievements & the landmark phases in the bank’s history of 50 years.