The bank strengthened its offerings in 2024 with customised products and services, cross-border growth and sustainable finance
GCC banks entered 2024 facing tightened global liquidity, stricter capital thresholds and growing scrutiny around environmental disclosure. In Kuwait, a mix of regulatory change and geopolitical uncertainty continued to pressure large institutions to evolve, particularly those with cross-border or dollar-linked exposure. For asset managers, the recalibration was just as sharp, with many institutional clients shifting defensively towards fixed-income and capital preservation strategies.
In this climate, NBK chose strategic discipline over aggressive expansion. The bank delivered strong results through successful diversification and the use of technological innovation to capture opportunities across segments and geographies. These efforts have delivered significant results, while reinforcing the bank’s commitment to setting a regional benchmark for responsible banking and redefining the customer experience through digital innovation.
Corporate banking
NBK’s Corporate Banking Group focused on delivering practical tools to corporate clients, especially those engaged in infrastructure development or those with complex working capital needs, strengthening NBK’s position as the preferred bank for corporates in Kuwait. Digital enhancements rolled out in 2024 gave clients better control over regional transfers and documentation, while updated workflows allowed for faster decision-making in cross-border settings.
The bank’s International Banking Group, meanwhile, took measured steps into new territory. Expanding its institutional mortgage business in Europe, launching a consumer banking proposition in Egypt and Bahrain, and setting up operations at Dubai International Financial Centre helped NBK broaden client coverage without overstretching operational risk. Treasury updates, including a revised funds transfer pricing policy and updated capital allocation tools, gave the bank clearer internal visibility on rate exposure and liquidity buffers.
Advancing the commitment to environmental, social and governance (ESG), NBK issued Kuwait’s first $500m green bond in mid-2024. The deal was oversubscribed threefold, with proceeds earmarked for environmental project financing. While some banks in the region treated ESG compliance as an afterthought, the NBK green bond marked a tangible shift towards integrating sustainability into the funding mix.
Fund development
NBK Wealth reaffirmed its position in 2024 as one of the region’s leading asset managers, underpinned by an investment philosophy focused on capital growth, prudent strategies and the development of innovative solutions tailored to client needs. Its asset management team has built a strong track record across investment products, supported by deep professional expertise.
The business continues to deliver value across conventional and sharia-compliant funds. The team is led by experienced fixed-income professionals with a combined 40 years of expertise spanning treasury, investment management, discretionary mandates and advisory services.
NBK Wealth adopts a dynamic approach to fund management, expanding its client base, enhancing investment maturity and introducing more advanced fixed-income products aligned with market conditions and global interest rate trends. By leveraging its market insight, global reach and commitment to innovation, NBK Wealth aims to enable clients to pursue long-term financial goals through a suite of tailored solutions for high-net-worth individuals and families in the region.
Regional platform
NBK Wealth stands as the largest comprehensive wealth management group in Kuwait and one of the leading players in the regional industry. It has reinforced its global footprint through an integrated network of operations across nine cities in five countries worldwide.
NBK’s institutional performance in 2024 did not hinge on any single product or strategy. Instead, it showed what measured, internally aligned growth looks like when a bank listens closely to market signals. Fund gaps were addressed; lending strategy was localised and operationally practical; and risk frameworks were not overhauled, but tuned.
At a time when many banks are chasing visibility, NBK has doubled down on operational resilience, moderate risk-taking and market relevance, especially in its corporate and fund units. That posture may not dominate headlines, but in volatile environments, it tends to perform.