NBK's Board elects Nasser Al-Sayer as Chairman, Ghassan Al-Khalid as Vice Chairman

20 August 2014
In its meeting held today, the Board of Directors of National Bank of Kuwait (NBK) elected Nasser Musaed Al-Sayer as the Chairman of NBK Group following the demise of the long-serving Chairman Mohammad Abdul Rahman Al-Bahar. The Board also elected Ghassan Ahmed Saoud Al-Khalid as the Vice Chairman. The Reserve Member Emad Mohammad Abdul Rahman Al-Bahar joined the Board of Directors.

"NBK will continue with its current strategy that was developed under the leadership of the late Mohammad Al-Bahar," said Al-Sayer. "Al-Bahar was one of the founders of NBK in 1952. Since he joined the Board of Directors in 1959 and was appointed as a Chairman in 1993, he had played a major role in transforming the bank into one of the leading institutions in the Arab world."

Prior to his election as Chairman, Al-Sayer had been the Vice Chairman of NBK since 1993 and a Board member since 1980. He has also been a distinguished member in various governmental councils and economic committees. He is a Board member of the Kuwait Banking Association since 1999, and had chaired it between 1999 and 2006. Previously, he was a member of the Supreme Advisory Council chaired by H.H. the Crown Prince and a member of the Supreme Council for Economic Development and Reform chaired by H.E. the Prime Minister. Al-Sayer was also a member of the Board of Directors of the Kuwait Fund for Arab Economic Development.

Ghassan Al-Khalid is a member of the Board of Directors of NBK since 1987. He is a member of several Board Committees and enjoys extensive experience in banking industry.

About National Bank of Kuwait (NBK):
NBK was founded in 1952 as the first indigenous bank and the first joint stock company in Kuwait and the Gulf Region. NBK reported profits of USD 844 million (KD 238.1 million) for 2013. NBK's total assets were USD 66 billion (KD 18.6 billion) at the end of 2013, while shareholder equity stood at USD 8.4 billion (KD 2.4 billion).

NBK is the largest financial institution in Kuwait with effective market dominance in the commercial banking market and has been consistently awarded the highest credit rating of all banks in the region from Moody's, Standard & Poor's, and Fitch Ratings. NBK also stands out in terms of its local and international network, which includes branches, subsidiaries and representative offices in China, Geneva, London, Paris, New York, and Singapore alongside its regional presence in Lebanon, Jordan, Egypt, Bahrain, Qatar, Saudi Arabia, Iraq, Turkey, and the UAE.

NBK's Long-Term Rating: