Message from the CGM & CEO
I am pleased to meet you once again through this issue of Al-Tijari News where we shed light on our Bank's achievements over the previous period as well as the development of the global financial crisis which swept a number of global financial markets and left over negative implications on Kuwait and GCC countries.
After Eighteen months from the outbreak of the global financial crisis which took its toll on financial institutions & banks and investment companies, some lessons should be extracted learnt from this financial turmoil among which is the importance of curbing excessive lending and high risk taking activities, the importance of carefully reviewing the financial statements of parties seeking finance, and recognizing the fact that international rating agencies' ratings of the companies seeking finance and their proprietary investment instruments should not be taken as a base for granting credits. Further, obtaining eligible collaterals against the credit facilities and taking up a rationalized investment policy that aims at diversifying income sources, along with hedging against any unfavorable market conditions that may leave adverse effect on investment & credit activities were among the major, but most, important lessons of the financial crisis. However and since the outbreak of the global financial crisis, our Bank adopted a conservative policy that aimed at building a solid base of additional provisions to meet unfavorable business circumstances particularly in such periods of uncertainty. On another front and as acceptably practiced when the judgmental additional provisions recorded in the Bank's books are no longer required and markets recover, these provisions will be released to profits.
Now and after 18 months since the global financial meltdown broke out, signs of economic pick-up began to appear in the horizon, where U.S.A. announced that the global financial crisis is over. Further, Kuwait government has launched a number of projects that will contribute in stimulating the economic drive, add to this is the five-year development plan which included a number of projects targeting the support of development activities in Kuwait. Undoubtedly, companies awarded these projects will seek financing from banks; hence business activities will rebound and restore to the long term trend that prevailed prior to the crisis.
I am confident that our Bank will utilize and benefit from such low risk & promising investment opportunities. Let's work together for expanding the Bank's retail & corporate customer base and exert our utmost efforts to provide sophisticated banking services and products to our customers so that CBK remains A Star Leading The Way.
A note of thanks from the Chairman & Managing Director
I would like to take this opportunity to meet you through this issue of Al-Tijari News and extend my deepest thanks to all of you for your co-operation & dedication and your sincere efforts in serving the Bank, and which were translated into several achievements your Bank realized during the previous period and contributed in placing the Bank among the leading banks in Kuwait. On behalf of the Board of Directors, I am pleased to extend my heartfelt greetings to all of you wishing you and CBK all success & prosperity.
CBK Celebrates the Graduation of Employees who Participated in IBS Professional Programs
Commercial Bank of Kuwait celebrated the graduation of a new group of its employees who successfully passed the professional programs accredited by Institute of Financial Studies - Britain in conjunction with Institute of Banking Studies - Kuwait. These programs included certificates on "Credit Management", "Branch Manager" and "Branch Assistant Manager". Proud enough to mention that the Bank's employees who participated in these programs were ranked among the top performer. The graduation party was held at Kuwait Chamber of Commerce & Industry in the presence of a team from the Bank's Executive Management and a number of the Bank's employees.
The professional & specialized training programs are among the training techniques adopted by the Bank to equip staff members with the on-the-job skills required for upgrading the Bank's performance.
CBK Supports the Sporting & Social Activities of the Public Authority for Industry
Out of its belief in the saying "A Sound Mind in a Sound Body" and the importance of sport in building an athletic community, Commercial Bank of Kuwait offered a financial contribution for supporting the sporting activities of the Public Authority for Industry. The Bank also sponsored the fourth annual honoring party for the pensioners and the outstanding employees of the Public Authority for Industry. Mr. Adel Al-Dhulaiee - Executive Manager, Retail Banking Division at CBK welcomed Mr. Salem Al Mehanna, Head of Public Relations at PAI and handed him over the two cheques of financial contribution. Mr. Al Mehanna expressed his appreciation for the proactive role of CBK in supporting all the social and sporting activities organized by the Public Authority for Industry.
CBK Supports Academy for Creative Computer Youth
In a bid to emphasize its corporate social responsibility, Commercial Bank of Kuwait supported and sponsored Academy for Creative Computer Youth Project established by the Center for Community Services and Continuing Education - Kuwait University. The Academy aims at equipping the qualified youth with the specialized and extensive information technology background through consecutive intensive courses supervised by the Academy.
On this occasion, Ms. Huda Yacoub Sadeq, AGM - HRD commended the role of the Center for Community Services and Continuing Education in establishing and completing this significant project. On her part, Ms. Fawzia Abdul Mohsen Marafie expressed her appreciation to the Bank for its support and sponsorship of the Academy.
CBK Honors the Top-Performing Branches in 2009
Commercial Bank of Kuwait held the regular Branch Managers meeting in recognition of their commendable efforts and performance, their compliance with quality standards and their ongoing endeavors to provide high quality services to customers through the sophisticated channels. The meeting was held in Marina Hotel Kuwait in the presence of all Branch Managers and Region Managers and Managers at Retail Banking Divisions, where the top-performing branches for 2009 were honored.
At the end of the meeting, Mr. Adel Al-Dhulaiee - Executive Manager, Retail Banking Division honored the top-performing branches in appreciation of their consolidated efforts and excellent performance for customers' satisfaction and upgrading a distinct customers' service level.
CBK Staff Among the Top Performer in the Credit Certification Program
Commercial Bank of Kuwait celebrated its employees who successfully completed the training required for the Credit Certification Program organized by the Institute of Banking Studies which equips the trainees with the necessary skills for performing their job duties efficiently and effectively. The graduation of this group of employees comes in completion of a training plan which mainly targets the national labor within localization process adopted by the Bank.
Tijari News wishes the Bank's top performers all the best for the future.
CBK Participates in "The 6th Careers Fair" & "The Future Maker Exhibition"
The Bank realizes that providing job opportunities to the ambitious Kuwaiti graduates is among the basic elements of its corporate social responsibility. As such and in emphasizing the Bank's ongoing endeavors for attracting Kuwaiti graduates to work in the banking sector, Commercial Bank of Kuwait participated in the 6th Careers Fair.
Commercial Bank of Kuwait also participated in "The Future Maker and Employment Opportunities Exhibition" organized by the Faculty of Administrative Sciences under the auspices of Dr. Moudhi Al Homoud, Minister of Education and Minister of Higher Education. The Bank's participation in this Exhibition aimed at supporting young Kuwaitis seeking job opportunities. On this occasion, Dr. Moudhi Al Homoud commended CBK's effective role and its ongoing endeavors to participate in such events.
The participation in this event allows the Bank to present the job opportunities available for fresh graduates at the Bank and the privileges of working in banking sector in general and in Commercial Bank in particular and also aims to attract the Kuwaiti graduates to work at the Bank where the Bank provides the graduates with the required knowledge and experience through the training courses the Bank organizes.
CBK Participates in Illuminating Yarmouk's Mayor Building
On celebrating the National & Liberation Days and in collaboration with the Mayor of Yarmouk, Commercial Bank of Kuwait participated in illuminating the Yarmouk's Mayor Building. This comes within the Bank's constant efforts towards society service and out of its participation in all social activities and events. On this occasion, Ms. Fatma Al Rasheed, Manager - Yarmouk Branch offered a contribution cheque to Mr. Abdulaziz Thunayan Al Mishary, the Mayor of Yarmouk district who expressed his appreciation to the effective role the Bank plays in supporting all the social activities.
CBK Rejoices the National and Liberation Days' Celebrations with the Elderly
In a further step that accentuates the Bank's corporate social responsibility, a team from Adv. & PR Department visited the Elderly House to celebrate the National & Liberation Days with the elderly to bring happiness to them and to draw smile on their faces while celebrating the occasions.
The celebration was held while the elderly were listening to melodies of the old Kuwaiti heritage where they enjoyed listening to the folkloric and national songs that recalled their nice memories. Public Relations Team was keen to create an atmosphere bearing some features from the old Kuwaiti heritage such as folk dancing and traditional foods. On this occasion, Mr. Jassim Al Dalwi, Assistant Manager - Elderly Care Department expressed his thanks and appreciation to the Bank for this generous gesture which brought happiness to the hearts of the elderly wishing more success and prosperity to the Bank's staff.
CBK Celebrates the National and Liberation Days with Al-Rajaa School's Children
In another step which aims at emphasizing the Bank's support to the children with special needs and its belief in their important role in the society, Commercial Bank of Kuwait rejoiced the National & Liberation Days with Al-Rajaa School's girls. This comes as a clear manifestation of the Bank's social responsibility towards this segment to bring happiness to their hearts and draw smile on their faces.
The Director of Al-Rajaa School, Ms. Hana'a Al-Mutairi expressed her heartfelt appreciation for such kind gesture from the Bank which made the celebration a success by supporting children and boosting their self-confidence so that they can adapt to their society.
CBK Shares Al-Refaa Exemplary School's Students its Entertainment Festival
Within its ongoing endeavors for achieving its social mission by providing support to various educational and development activities, Commercial Bank of Kuwait contributed to the entertainment festival organized by Al-Refaa Exemplary School - Jahra.
On this occasion, Mr. Al Humaidi Al Hussaini, Manager - Jahra Branch participated in honoring the winners in the contests conducted by the School's Administration. Mr. Shuaib Al Harbi, Director of the School expressed his appreciation to the Bank commending the leading role the Bank plays in serving the community and wishing more success and progress to the Bank's Management.
Al-Tijari Participates in "My Ambition Overcomes My Disability" Exhibition
Commercial Bank of Kuwait sponsored "My Ambition Overcomes My Disability" Exhibition organized by the Faculty of Law - Kuwait University under the patronage of Dr. / Bader Al Ya'qub, the Faculty of Law Dean.
The Bank continues to be in the heart of all events related to people with special needs, where Commercial Bank always endeavors to participate in all diverse social activities directed to this segment. The Bank also believes that its participation in such exhibitions assists in boosting the moral spirit of the people with special needs and enhancing their capabilities and skills to interact positively with their community.
CBK Presents @Tijari Account at Kuwait's Private Universities
Within its efforts to develop possible communication channels with customers through a comprehensive marketing campaign, Commercial Bank of Kuwait organized a promotional campaign for @Tijari account by presenting the account in a number of Kuwait's private universities with a view to attract new customers. Further, CBK allocated a number of gifts that students may obtain upon opening this account (e.g. two free movie tickets from Cinescape and other amazing offers from Kozmo, Zebaret, Issa Hussein Al-Youssefi Co. and Best Electronics).
This campaign provides students the chance to open @Tijari account to benefit from the privileges offered on this account.
CBK the Premier Sponsor of the Honoring Party of the Social Sciences Faculty's Graduates
Within the Bank's continued focus on the significant role of higher education in building a thriving community, Commercial Bank of Kuwait participated in the honoring party of the graduates of Social Sciences Faculty - Kuwait University as the premier sponsor. The Bank offered the graduates valuable awards by opening @Tijari account, especially tailored to the youth, for the graduates in recognition of their efforts and as a motivation for more success and excellence in their future endeavors.
On this occasion, Dr. Abdul Reda Asiri, the Dean of Social Sciences Faculty - Kuwait University commended the Bank's sponsorship of the outstanding students and expressed his thanks and appreciation to the Bank's Management indicating that such generous initiative and sponsorship of this educational event reflect the Bank's support to science and development in Kuwait.
