KUWAIT CITY, Oct 24: Global Finance magazine, the international leading publication specialized in financial and banking affairs, has granted the National Bank of Kuwait (NBK) “The Best Bank in the Middle East Award for Financial Risk Management in 2016”.
The nomination was based on a thorough evaluation conducted by a specialized committee of leading experts on the bank’s risk management policies, frameworks, methodologies, and their effectiveness.
Commenting on the news, Walid El Seyoufi, Deputy General Manager for NBK Group Risk Management affirmed that “This award asserts the bank’s leadership in applying the best international practices in the field of risk management, so as to achieve its objectives of profit growth and to maintain the interests of all shareholders and stakeholders”.
Mr. El Seyoufi explained that despite the severe financial crisis other banking and financial institutions are facing, NBK still managed to prove the efficiency and effectiveness of the risk management policies pursued by the bank.
These successful policies helped in overcoming the financial crisis experienced by the banking and financial sectors during recent years.
He also added that NBK has consistently maintained a strict, low-risk strategy towards the types of activities in which it engages in and the types of exposures it takes on.
Focusing on high-quality customers and banking products and services has successfully served the bank historically and still continues to protect NBK even in times of unprecedented crisis in the global financial system.
He clarified that NBK’s presence in more than 18 countries through its branches and subsidiaries may cause some risks depending on the various types of work environments associated. Despite these challenges, NBK was able to manage the different types of risks by adopting adequate and efficient policies in line with the leading international practices in the field.
El Seyoufi praised the role of the Central Bank of Kuwait for the solid foundations of its prudent governance of the Kuwaiti-banking sector, which contributed to the NBK’s entitlement to such a prominent and prestigious award.