CBK Launches @Tijari Account
Commercial Bank of Kuwait announced the launch of a new account for teenagers that bare the name @Tijari. On this occasion, Mr. Ali Al-Mudaiheem, General Manager - Retail Banking Division said that the newly launched account @Tijari introduces a special package of benefits to the teenagers driven from the thorough review and study the Bank has conducted for the teenagers requirements and needs in today's modern life with advances in the means of communications and increasing awareness of teenagers.
"The launch of this new account reflects CBK's belief in the importance of enhancing the banking awareness of our young customers and encourages them to save for the future in order to be proactive in building brighter future", said Al-Mudaiheem.
The new account @Tijari tailored for our teenage customers includes a number of privileges and benefits which emphasizes CBK's concern to encourage and implant confidence of teens when they bank with Commercial Bank. Upon opening this account, teenagers will get a Visa Electron ATM card featuring designs that suits their age and they can use the card for withdrawals from ATMs or point of sale as well as a discount program exclusive to them.
Al-Mudaiheem concluded his press statements by saying that "@Tijari account" is tailored to teenagers from 14 years until 21 years old and teenagers can open their account in any of CBK branches spread throughout Kuwait by depositing KD 10\- in the account along with presenting their Civil ID.
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Commercial Bank of Kuwait:
Profit Before Provisions of KD 25.2 million for 1Q2009
Commercial Bank of Kuwait announced a profit before provisions for the three months to 31st March 2009 of KD 25.2million.
Chairman & Managing Director Abdulmajeed AlShatti commented "Commercial Bank has reported a profit before provisions of KD 25.2 million which is in line with expectations given the current economic climate. The Bank's Board of Directors has allocated the majority of this profit as provisions against the loan and investment portfolios reporting KD 3.1 million net profit for the period and will continue this prudent policy during the year. It is sensible to be very conservative in this period given the state of uncertainty both locally and internationally to ensure the Bank's continuity as a leading financial institution in the State of Kuwait. However we remain optimistic that the Economic Stability Law will have a positive effect on the general economic conditions".
Chairman and Managing Director Abdulmajeed AlShatti further explained "While we believe that the Government and the Central Bank of Kuwait have taken the right action to support the economy the future is still uncertain. Since the passing of the law asset prices are stabilising and there are encouraging signs from lending activities".
Commercial Bank's total assets are KD 4.0 billion at the end of March 2009 and its shareholders equity stood at KD 450.7 million after distribution of the 2008 cash dividend of KD 50.9 million. The Bank is continuing the process of building provisions and conserving capital. As at March 2009 the Bank has a total of KD 198 million of loan provisions with KD 111 million of specific provisions and KD 87 million of general provisions. In addition to the loan and investment provisions, the Bank has approximately KD 92 million in the retained earnings account available as an additional cushion. The capital adequacy ratio was 15.40% which comfortably exceeds the minimum 12% requirement of the Central Bank of Kuwait; the Bank continues to have a strong capital base.
Chairman & Managing Director Abdulmajeed AlShatti took the opportunity on behalf of the Board of Directors "to thank the Banks valued customers for their trust and confidence, the Executive Management team headed by Mr. Jamal Al Mutawa and the Banks staff for their hard work and loyalty and shareholders for their continued support and faith".
With 55 branches Commercial Bank of Kuwait operates the second largest full service network in Kuwait. For 24/7 information on Commercial Bank of Kuwait products or services contact 888CBK.
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Commercial Bank of Kuwait Markets its Diverse Accounts in "Brand USA 2008" Trade Exhibition
Within the Bank's continuous endeavors to occupy a prominent position in providing distinctive banking, financial and marketing services, CBK continued its marketing and promotion programs by exhibiting its marketing services & products in "Brand USA 2008" Trade Exhibition of the American Business Council Kuwait (ABCK) which sheds light on the American products in Kuwait given the increasing demand on such products and the increasing volume of inter-trade between Kuwait and the United States of America.
CBK participated in the Exhibition by setting up a special booth to get the visitor and the American companies & their employees familiarized with the banking services and the investment opportunities offered by the Bank to its customers. Commercial Bank of Kuwait's booth was visited by Mr. Rasheed Al Tabtabaee, Under-Secretary, Ministry of Commerce & Industry and the American ambassador Ms. Bedora Jons who were received and welcomed by Ms. Amani Al Wara'a, Senior Manager - Adv. & PR Department. Al Wara'a outlined the Bank's effective role in all the activities which serve different segments of the society emphasizing the Bank's continuous endeavors to present innovative marketing concepts for attracting and serving a large number of customers through such programs and confirming the Bank still have a number of promotional and marketing programs in the pipelines intended to be announced in the very near future.
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