Kuwait was the first country in the GCC to establish a national, as opposed to a foreign-based bank, when it opened the National Bank of Kuwait (NBK) in 1952. NBK, which was also the country's first joint stock company, operates in commercial and investment banking, asset and fund management, portfolio and real estate investment, IPO and private equity placement, credit and finance, financial brokerage and insurance.

NBK emerged as the largest bank in Kuwait with KWD7.9 billion (USD28 billion) in total assets and one of the top 10 largest banks in the GCC, as of 2006. NBK manages over 40 funds including money market, equity, Islamic and alternative investment funds.

Publicly listed on the Kuwait Stock Exchange, NBK operates 65 branches in Kuwait and more than 20 branches in Arab, European and Asian locations, as of June 2008, with plans for additional regional and global expansion.

NBK's investment banking subsidiary,NBK CapitalNBK Capital, offers financial advisory services on mergers and acquisitions, debt and equity restructuring and placement, and private equity investment in Kuwait, Beirut, Dubai and Istanbul. NBK CapitalNBK Capital carries out its private equity business through a subsidiary, NBK CapitalNBK Capital Equity Partners, and a private equity investment vehicle, NBK CapitalNBK Capital Equity Partners Fund.

NBK acquired a majority stake in the Credit Bank of IraqCredit Bank of Iraq, in 2005; It also acquired a 40% stake in Turkish Bank in July 2007, which operates 20 branches across the country. NBK won the bid, in August 2007, to acquire a 98.48% stake in Al Watany Bank of EgyptAl Watany Bank of Egypt, which currently runs 26 branches in Egypt and has assets amounting to EGP10 billion (USD1.8 billion) as of end of 2006.