Monday, March 31, 2008

NBK Plans to Open Islamic Private Bank in Switzerland, FT Says

By Sarah Shannon

(Bloomberg) -- National Bank of Kuwait SAK, one of the Middle East's largest lenders, is planning to open an Islamic private bank in Switzerland, the Financial Times reported, citing the bank's Chief Executive Ibrahim Dabdoub.

Dabdoub said the bank has applied for regulatory approval in partnership with an undisclosed Saudi financial institution, according to the newspaper.

National Bank would target wealthy individuals looking for bank products compliant with Islam, the FT said. Islamic finance is one of the fastest growing areas of banking in the Arab world, the newspaper reported.

To contact the reporter on this story: Sarah Shannon in London

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