A full range <strong>of</strong> corporate, treasury, trade finance,retail <strong>and</strong> private banking services are providedby the International <strong>Bank</strong>ing Group. We payparticular attention to the requirements <strong>of</strong> the<strong>Bank</strong>’s traditional customer base <strong>of</strong> exporters <strong>and</strong>contracting companies involved in the public <strong>and</strong>private sectors in <strong>Kuwait</strong> <strong>and</strong> the Gulf. Within thetreasury <strong>and</strong> foreign exchange markets, wecontinue to pursue a policy <strong>of</strong> conservative riskmanagement, with a particular focus on servicingclients in the Middle East.Highlights <strong>of</strong> our international operations were asfollows:• NBK London, Paris, New York <strong>and</strong> Singaporemaintain a strong focus on providing support tocustomers involved in contracts <strong>and</strong> projects bothin <strong>Kuwait</strong> <strong>and</strong> the region. These core activities,combined with a well-diversified lendingbusiness, provided stable <strong>and</strong> growing incomeagainst the backdrop <strong>of</strong> economic <strong>and</strong> politicaluncertainty.• NBK Group’s personal customers continue t<strong>of</strong>ind London <strong>and</strong> Paris, which <strong>of</strong>fer a full range <strong>of</strong>counter services, convenient <strong>and</strong> secure locationsfor deposits, whether for longer-term investmentsecurity or for their banking needs whentravelling in Europe.• The International <strong>Bank</strong>ing Group’s Treasury teamcontinued to thrive within their operating environment,despite increased competition from Westernbanks keen to operate within the Gulf region <strong>and</strong> the threat <strong>of</strong> technologyplatforms to the traditional transactional model. The rapid expansion <strong>of</strong>economic activity throughout our operating region is expected to continueover the coming year. The Group is well placed to benefit from increasedbusiness opportunities <strong>and</strong> from the additional liquidity generated byregional growth.• Private <strong>Bank</strong>ing in the New York, London, Lebanon <strong>and</strong> Paris <strong>of</strong>ficescontinues to provide real estate advisory services <strong>and</strong> related finance to the<strong>Bank</strong>’s private banking clients who wish to acquire commercial or residentialreal estate.• A revival <strong>of</strong> the real estate market in Lebanon <strong>and</strong> the inflow <strong>of</strong> capital forinvestment in tourist real estate projects have ensured that the Lebanon<strong>of</strong>fices remain active in this area. The Lebanon operation has been verysuccessful in providing a full range <strong>of</strong> real estate services to <strong>Kuwait</strong>icustomers wishing to buy property in Lebanon. The <strong>Bank</strong> <strong>of</strong>fers legal <strong>and</strong>advisory real estate services ranging from valuation, government registration<strong>and</strong> payment <strong>of</strong> utility bills to financing the property purchased. The branchhad a very active summer season highly appreciated by our <strong>Kuwait</strong>i clients.• Our New York <strong>of</strong>fice has increased US dollar clearing during <strong>2004</strong> to morethan US$ 2 billion daily for a client base consisting <strong>of</strong> government agencies,investment companies, financial institutions, oil companies <strong>and</strong> banksthroughout the Arab world.• Our Bahrain <strong>of</strong>fshore banking unit continues to provide a full range <strong>of</strong>treasury <strong>and</strong> wholesale banking services to a broad customer basethroughout the Middle East <strong>and</strong> North Africa. During the year the branchselectively participated as lead manager in several syndications, FRNs <strong>and</strong>bond <strong>of</strong>ferings both in the primary <strong>and</strong> secondary markets.• The new Bahrain retail branch, in its first full operational year, provides afull range <strong>of</strong> retail <strong>and</strong> corporate banking services to domestic clients as wellas <strong>Kuwait</strong>i investors; it also provides loans to corporate <strong>and</strong> high networthclients, <strong>and</strong> trade finance services. During the year the branch providedselective local <strong>and</strong> regional corporate clients with facilities through directlending <strong>and</strong> syndications.• Core activities in the Asia Pacific Region undertaken by the Singaporebranch <strong>and</strong> the representative <strong>of</strong>fices in Vietnam <strong>and</strong> Thail<strong>and</strong> continue t<strong>of</strong>ocus on providing support to a growing number <strong>of</strong> customers involved inprojects <strong>and</strong> trade in the Middle East, as well as maintaining ageographically balanced <strong>and</strong> primarily investment grade wholesale lendingportfolio <strong>and</strong> an active 24-hour treasury.• NBK’s Jordan branch was opened in April <strong>2004</strong>. It now operates as a fullcommercial bank providing services to <strong>Kuwait</strong>i <strong>and</strong> Jordanian companies aswell as individuals.Review <strong>of</strong> Activities <strong>2004</strong>20
NBK IS DISTINGUISHED AMONG KUWAITI AND ARAB BANKS BY ITS INTERNATIONAL NETWORKSPREAD ACROSS THE WORLD’S MAJOR FINANCIAL CENTRES FROM NEW YORK, LONDON, PARIS,GENEVA, SINGAPORE AND BAHRAIN TO EMERGING ARAB MARKETS WITH OUR RECENT EXPANSIONINTO JORDAN AND QATAR.21
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