DAMASCUS, March 3 (KUNA) -- National Bank of Kuwait (NBK) has obtained the initial approval of Syrian and Kuwaiti monetary authorities for establishing a branch in Syria, NBK's Group CEO Ibrahim Dabdoub said here Wednesday.
But, he failed to reveal when exactly his bank will open the new office in Syria.
Speaking to KUNA on the sidelines of the 13th conference of Arab businessmen and investors, he said: "We, in the NBK, have decided to establish a bank in Syria. We have already obtained the initial approval of Syrian and Kuwaiti monetary authorities." He expected that such a process could take at least one year to complete.
The move comes as the investment atmosphere in Syria is improving one year after another, he said.
He spoke highly of monetary and financial reforms in Syria by saying: "There are major reforms in Syria on the level of monetary and financial policies." For his part, NBK's CEO Isam Al-Saqer said: "We, in the NBK, are here not only to partake in the conference, but to establish a bank in Syria as well." Speaking to KUNA, he said Syria had witnessed procedural and legislative reforms over the last four years, thus leading to the creation of a better investment atmosphere in the country. - Kuna