FOREIGN BANK CLOSES KUWAIT BRANCH, REPORT

  • 02/06/2022

Kuwait City: A foreign bank operating in the country has reportedly informed the regulatory authorities of its desire to close its branch in Kuwait. According to sources, the bank is preparing to set up exit procedures with the Central Bank of Kuwait. However, the bank has not officially sent an application in this regard. The bank intends to exit the local market once a final agreement is reached between the bank's branch and the supervisory authorities. 


Circles indicate that this will take an average of three to four years. Deposits must be repaid in order to complete the procedures for terminating the banking relationship locally. It will most likely be in the final stages of the process. As well as the payment of arrears to all parties concerned. Sources said that the employees will have to pay their salaries and other benefits.

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