Kuwait: strengthening ties and building lasting partnerships

Introduction

BNP Paribas has enjoyed a long and successful history in Kuwait: the Group received the Gulf State s first-ever license granted to a foreign bank from the Kuwaiti Council of Ministers on 9 August 2004. Ever since, BNP Paribas has consistently served as a dedicated partner to Kuwait s government, as well as the country s top corporations and financial institutions.

While it s true that BNP Paribas only received the official license less than ten years ago, the Bank and its predecessors had set the stage for formal relations with Kuwait over many decades of sustained engagement. BNP Paribas relationship with the Gulf state stretches all the way back to June of 1956, when Henri Camerlynck, deputy manager at Paribas in charge of the Middle East region at the time, travelled to the then-British Protectorate although very little is known about the details of the visit.

As with other BNP Paribas establishments across the Gulf, the Bank s Kuwait branch has consistently proven to be a reliable partner to the country s growth ambitions. In fact, by the end of 2005 after only nine months of local operations the Bank had already successfully concluded a number of prestigious deals.

Nearly ten years after receipt of the license, BNP Paribas is working hand-in-hand with Kuwait as it embarks on a new path of social change and economic development. The adoption of a four-year, $127 billion investment plan as part of the Kuwait Vision 2035 launched by Emir H.H. Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah, exemplifies this new thrust, which is based on a large number of projects in real estate, health, education and transportation.

Timeline

1956 Henri Camerlynck, deputy manager at Paribas in charge of the Middle East region, visits Kuwait.

1963 Daniel B├ędin, head of export finance operations in the Department of Commercial Affairs and Foreign Banking Relations (DACRE), visits Kuwait and meets with the National Bank of Kuwait, the Commercial Bank of Kuwait, and government officials.

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