Kuwait Finance House (KFH) CEO and KFH-Turkey Chairman Mohammed Al-Omar stated that the bank that has been operating in Turkey for the past 25 years, has become one of the most successful models of the Kuwaiti private sector in overseas market, not to mention seizing investment opportunities.
He added that the bank serves to bridge the commercial and economic gap between Turkey and its neighbors, and Kuwait and the GCC; thus reinforcing cooperation among countries, in addition to developing relationships between nations.
Al-Omar said in a press release that the bank’s business expansion and plans in the GCC and global markets, is a result of Kuwaiti-Turkish efforts. He explained that both countries share culture and civilization, not to mention a vision to achieve development and prosperity. He went on to say that KFH-Turkey adopts an expansive strategy that includes the GCC, Europe, and some Central Asian countries.
Moreover, Al-Omar mentioned that KFH-Turkey achieved profits in 2013 TL300m with a 20% increase, and total assets reached TL25.9bn with a 37% increase. He noted that the bank seeks to open a full-fledged Islamic bank in Germany to buildup on the role of the current branch in Manheim.
In addition, he revealed that the bank took great strides, such as the gold and silver accounts, the arrangement of a sukuk deal for the Turkish government worth $1.5bn, sukuk for another bank worth $450m, the opening of 47 branches last year to make the total number of branches reach 267 in Turkey and overseas, and offers banking services that include XTM machines, and 50 ATM machines, which offer banking services without the need to visit the branch. These machines are used as digital branches, and will continue to serve small-medium companies that are the driving force behind the Turkish economy.
Furthermore, Al-Omar stated that the bank plans to increase its assets to reach TL30bn in 2014, and to increase its number of branches to reach 320 branches in Turkey and overseas. He revealed that the bank has opened and office in Kazakhstan, and a branch in Manheim, Germany. It also opened a bank in Dubai, and obtained a banking license in Qatar, not to mention KFH-Bahrain that is considered to be one of the most successful foreign banks in Bahrain.
He revealed that the bank plans to expand in existing markets in Bahrain, Dubai, Germany and Qatar, in addition to operating in new markets to meet its ambitions and strategic objectives.
Al-Omar said that KFH-Turkey was established in 1988 with a capital of $10m while the prosperous relationships between Kuwait and Turkey were at their peak. The bank served as a platform for further global expansion.
He noted that KFH-Turkey contributes to the profits of KFH, since it focuses on financing companies and productive projects. The bank also managed to increase ts number of employees, diversify its array of products and services, and reinforce its businesses; thus allowing it to compete among other Turkish banks in the fields of financing, investments, banking services, corporate finance, and major deals.
He revealed that in 2013, the rate of increase in assets, deposits, and shareholders’ equity, varied from 25-35%. The bank has also sponsored the numerous visits of economic delegations to shed light on investment opportunities in Turkey.
Marketing & PR Department
Kuwait Finance House – KFH
Tuesday, April 1- 2014 @ 10:12 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.