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Mashreq Bank branch registered with CBK.

Kuwait, 15 September: Governor of the Central Bank of Kuwait (CBK) Sheikh Salem Abdulaziz Al-Sabah, said here on Tuesday that the UAE's Mashreq Bank branch has been registered at the Central Bank of Kuwait as of July 29, 2009.

Speaking to KUNA, Al-Sabah said the registration of a bank branch is based on the provisions of Law 32/1968 concerning Central Bank of Kuwait and the organization of the banking profession as amended by Law No. 28/2004, which allowed the presence and operation of foreign banks in the State of Kuwait through the opening of bank branches.

The central bank governor said that the branch would execute traditional banking operations within the scope of what is authorized in the framework of Article (54) of Law No. 32/1968, mentioned above.

The branch of Mashreq Bank is the fourth among banks of the Gulf Cooperation Council to be registered with the CBK, he said, recalling registration of branches of the National Bank of Abu Dhabi, Qatar National Bank, and Doha Bank.

Al Bawaba / Euclid Infotech Monitoring (Arabic to English)

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Publication:Al Bawaba/Euclid Infotech Monitoring (Arabic to English Service)
Date:Sep 15, 2009
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