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Monday , November 28 2022

7 Kuwaiti banks among 1000 largest banks in world

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KUWAIT CITY, Aug 27: The Secretary-General of the Union of Arab Banks, Dr. Wissam Fattouh, stated that according to an analytical study issued by the General Secretariat of the Union, Kuwait ranked fourth in terms of the number of banks that entered the list of the largest 1000 banks in the world, with 7 Kuwaiti banks on the list, topped by the National Bank of Kuwait, the Kuwait Finance House, Burgan Bank, the Gulf Bank, the Commercial Bank of Kuwait, Al-Ahli Bank and the Kuwait Industrial Bank, reports Al-Rai daily.

He explained that the total core capital of these banks amounts to about $29.8 billion, and they also manage assets estimated at $272.4 billion, pointing out that the financial data available to Arab banks for the end of 2021 show that 72 Arab banks entered the mentioned list, where the total capital reached The main base of the 72 Arab banks is about $374.9 billion, while their assets amounted to $3.4 trillion.

Fattouh pointed out that the UAE recorded the largest number of Arab banks that entered the list of the largest 1000 banks in the world, as 14 Emirati banks were included in it, followed by Saudi Arabia (10 banks), Bahrain and Qatar (8 banks), then Egypt and Kuwait (7 banks each), the Sultanate of Oman and Morocco (5 banks each), Jordan (4 banks), and finally Tunisia and Lebanon (two banks each). He stated that Saudi banks are in the lead with respect to the total core capital, which amounted to about $115.1 billion, followed by UAE banks ($89.8 billion), Qatari banks ($54.9 billion), Kuwaiti banks ($29.8 billion) and Egyptian banks ($25.4 billion).

As for assets, UAE banks topped the list in terms of total assets, which amounted to about 835.4 billion dollars, followed by Saudi banks (808.8 billion dollars), Qatar (535.2 billion dollars), and then Egyptians (354.9 billion dollars). Fattouh pointed out that there are 18 Arab Islamic banks in the list of the largest 1000 banks in the world according to the basic capital for the year 2021, distributed as follows — 4 Islamic banks for each of the UAE, Saudi Arabia and Qatar, 3 Islamic banks in Kuwait, two banks in Bahrain, and one bank in Egypt, indicating that the study he prepared is based on data issued by ‘The Banker’ magazine during the month of July 2022, which includes the 1000 largest banks in the world according to Tier 1 capital by the end of 2021.

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