being closer to our clients and the other GCC countries Kingdom of Saudi Arabia, Qatar, UAE and Oman the business should continue to expand across the region at a much faster pace.

The Bank has also become involved in education activities in Kuwait. In September 2011, BNP Paribas Kuwait formed a partnership with the Institute of Banking Studies (IBS), the country s leading financial services training provider. Together they launched the BNP Paribas Kuwaiti Graduate Development Programme, a 12-month training programme for young university graduates. BNP Paribas was the first foreign bank in Kuwait to undertake this kind of activity and in 2011, recruited seven graduates who completed the programme. This underlined the Bank s commitment to building the skills that will support its local operations and the wider financial industry in Kuwait, well into the future.

BNP Paribas Chairman visits Kuwait

In April 2012, soon after becoming Chairman of BNP Paribas, Baudouin Prot visited Kuwait to meet with senior officials and key clients. During the visit he noted: On this trip I have been privileged to meet with key clients and various stakeholders who have worked with BNP Paribas over the years. This has in turn helped us to contribute positively to the local economies in which we operate.

SUPPORTING OUR CLIENTS IN KUWAIT

Even though BNP Paribas established a branch in Kuwait in 2005, the Bank had already forged strong client relationships in the country many years prior. Below are some examples.

In 1994, Paribas Asset Management was chosen by the Bank of Bahrain and Kuwait to manage a three-year closed-end investment fund. This fund, whose initial capital was guaranteed by Paribas, was invested in international bonds. Marketed by the Bank of Bahrain and Kuwait to their clientele in a number of Gulf states, it marked the first time that the Bank of Bahrain and Kuwait had called upon a third party to manage a fund carrying its own name.

The next year proved to be particularly productive for BNP Paribas, with three notable transactions undertaken in Kuwait.

The Bank arranged a five-year loan for an important petrochemicals company within the oil sector the first time the Kuwaiti company had taken out a syndicated loan, and also arranged and underwrote a four-year secured loan for a consumer-lending firm with ties to the Kuwaiti market since the 1980s.

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