1st Quarter
January - March 2008
CGM & CEO Message:
Dear Staff
It gives me pleasure to meet you once again through this issue of Tijari News to pass in quick review our Bank's achievements over the previous year, 2007 which was a remarkable year for CBK on all fronts with the Bank generating record profits exceeding KD 120 million reflecting thereby the sound business strategies adopted by the Bank. Apart from these record profits, the Bank continued its activities with the objective of achieving its domestic expansion plan throughout Kuwait to bring innovative banking products to its customer base by opening more branches, renovating certain branches and by launching new banking products & services and upgrading its existing product offerings. Undoubtedly, your consolidated efforts effectively contributed to the successes of our Bank and as I confirmed before on many occasions that maintaining success is more difficult than attaining it. As such, the excellent accomplishments achieved by the Bank will impose on us certain challenges over the coming period where we have to exert our best efforts to maintain such accomplishments and record performance and pursue further successes within a highly competitive banking environment. From this standpoint, in 2008 we look forward to continue working with the spirit of the one team and with more determination towards reinforcing the Bank's presence as the customers' preferred provider of banking products & services and innovative investment solutions which satisfy their needs through a qualified & professional team devoting their efforts to better service customers. Further success and accomplishments will be certainly achieved through your teamwork's sincere efforts and dedication towards customer service which are the momentum for confirming our presence as the Bank of first choice to customers.
CBK Holds Its General Meetings
The Ordinary & Extra-Ordinary General Meetings of CBK were held under the headship of Mr.Abdulmajeed Haji Alshatti - Chairman & Managing Director and in the presence of the Board Members, Chief General Manager & CEO Mr. / Jamal Abdul Hameed Al Mutawa and a number of the Bank's valued shareholders. Al Shatti said that Commercial Bank of Kuwait continued its excellent performance generating record net profits of KD 120.4 million for the 9th consecutive year with 20% increase compared to 2006. Earnings per share rose 16% to 99.8 fils in 2006. In view of this incredible and solid performance, the Board of Directors recommended the distribution of cash dividends at 85% of the share nominal value (i.e. 85 fils per each share) in addition to bonus shares at 5% (5 shares per each 100 shares). Al Shatti added that Commercial Bank of Kuwait's successes & achievements are the culmination of the combined efforts of both Top Management Team and all the employees who possess the leading & creative skills. Further, Al Shatti explained that CBK shall continue in achieving the highest levels towards customer service to cope with the future challenges and achieve more success and prosperity.
CBK Shares UKB its Silver Jubilee Celebration
Commercial Bank of Kuwait participated in the celebration organized by the Union of Kuwaiti Banks which was held at the Chamber of Commerce and Industry on the occasion of the 25th anniversary of UKB. The Bank's participation in this event demonstrates the cooperation and coordination among the banks' members at UKB for reinforcing the general objectives of UKB and its effective role in servicing Kuwait banking sector through the principles and concepts set by UKB to enhance and upgrade the banking profession's ethics.
Legal Department
Senior Manager - Legal Message
Legal Department assumes a significant role which is based on achieving a set of legal principles & objectives that legally facilitates the course of work and seeks to enhance and achieve the aspired goals of the Bank for attaining the leadership position among local and international banks through the product offerings and banking services with the objective of providing corporate and individual customers with state-of-art banking products. From this standpoint, Legal Department endeavors to coordinate with all departments and branches to render the legal consultations and draft all the types of contracts & agreements as required by the business functions at the Bank so that CBK becomes at the forefront of Kuwaiti and international banks. Additionally, Legal Department represents the Bank before all courts and public prosecution to safeguard the Bank's, its shareholders' and employees' rights. The Bank's financial results and performance during the previous years stand as a manifestation of cooperation among all departments.
CBK Supports the Umra Trip for Khaldiya Co-op's Shareholders
Commercial Bank of Kuwait offered a financial donation to support the Umra trip organized by Khaldiya Co-op for its shareholders. On this occasion, Mr. Rashid Al Malham, Manager of Khaldiya Branch offered the donation cheque to Mr. Usama Salem Al Bakr - Khaldiya Co-op's Board Member who praised the Bank's remarkable gesture which demonstrates its concern for serving Kuwaiti society and wished the Bank staff all the best. Commenting on the Bank's role, Mr. Usama Salem Al Bakr said that CBK is a major contributor to a number of sporting, cultural and health activities that benefit the Kuwaiti society and this accentuates the Bank's mission and its proactive role in all society related services and interactions.
Cash Donation to the UN World Food Program
As a leading financial institution committed to its social responsibility for supporting all the societal activities and non-profit making organizations inside and outside Kuwait, the Commercial Bank of Kuwait has offered cash donation to WFP School Feeding Program.
All WFP's activities reflect its main goals & endeavors to eradicate hunger all over the globe by providing food aids, assisting the refugees, enhancing the social development and offering relief aids.
From his part, WFP's representative commended the pioneering role of CBK and its generous donations to WFP pointing out that the Bank's donation will contribute in providing food to almost 2500 children daily and for one entire year. Further, WFP's representative confirmed that this initiative is a beginning for a long term cooperation between CBK and WFP and wished all the best to CBK and its staff members.
Graduation of a New Group of Trainees
A new group of trainees has graduated from CBK's intensive and structured 3 months training program covering retail banking. Such program aims at equiping the trainees with the needed knowledge, skills and attitude to perform their job duties in a manner satisfying all the Bank's customers. This Program was supported by a number of the theoretical and practical approaches which target customer service with the objective of developing the skills of the branches' employees and the basic principles for providing customers with better services.
CBK Honors Outstanding Employees for the last Quarter of 2007
Commercial Bank of Kuwait honored the outstanding employees for the last quarter of 2007 in recognition of their dedicated efforts. In this context, the Bank honored Ms. Shaza Hamza Gerkhi - East Ahmadi Branch, Mr. Hussein Jassim Jamal - Farwaniya Branch, Ms. Nora Salem Kaid - Ray Branch, Ms. Fatma Ali Al Hayan - Beirut St. Branch, and Ms. Hessa Salem Al Khanfar - Salhiya Branch for the 4th quarter of 2007 where they were awarded certificates of appreciation for their excellence & persistence towards promoting business and providing a distinct customers service.
Additionally, CBK Management honored the best performing branches for the same period where Beirut St. Branch was honored in recognition of its efforts in upgrading customer service levels.
Sponsorship for the Public Authority for Industry Celebration
In the presence of Mr. Falah Fahd Al Hajri, the Minister of Commerce & Industry and Dr. Ali Fahd Al Mudaf, General Manager - the Public Authority for Industry, CBK sponsored the Public Authority for Industry Celebration on the occasion of its 10th anniversary which coincided with the second annual celebration for honoring both the retired and outstanding employees.
Participation in the Job Opportunities Exhibition
Commercial Bank of Kuwait participated in the Job Opportunities Exhibition which was organized by the Faculty of Administrative Sciences under the auspices of the Prime Minister and the State Minister for the Cabinet Affairs Mr. Faisel Al Haji and in the presence of the Faculty of Administrative Sciences Dean Dr. Rashed Al Ajmi.
The attendants commended the Bank's role and its ongoing concern to participate in such events and provide the Kuwaiti youth with the chance to prove themselves and achieve their ambitions and to help them build their future career as they are considered the cornerstone for achieving development and progress to Kuwait.
CBK's Employees Ranked First in the Credit Management Program
CBK celebrated a number of its employees who successfully completed the Credit Management Program. The graduation of this group of employees comes in completion of the Bank's training plan which mainly targets the national labor and aims at enhancing and promoting the relationships with customers.
It is worth mentioning that the Bank's employees were ranked as the top performers among 35 participants from different banks that participated in the Credit Management Program which enhances their banking experience in the field of banking services, systems and operations. On this occasion, the Bank's Top Management honored the employees who came in the first positions and offered them certificates of appreciation in recognition of their outstanding performance in the Credit Management Program.
Sponsoring the Honoring Party for The College of Engineering & Petroleum's Outstanding Students
Commercial Bank of Kuwait sponsored the honoring party for the outstanding students for the Academic Year 2006 - 2007 in the presence of the Minister of Electricity & Water and (Acting) Minister of Oil, the Engineer / Mohammed Abdulla Al Aleem and an elicit of the College professors.
The Bank participated by setting up a special booth within the activities of the party held at the Palms Hotel with a view to present its various banking services which best suit the attendants such as the «Lead Account».
The Bank's sponsorship of this event comes out of its concern to support all the activities which cater for Kuwaiti society and reinforce the cultural & social ties.
CBK Contributes to Young Woman Club's Activities
Encouraging all types of sporting activities, social and cultural activities has always been a major concern of CBK with a view to enhance communication between the Bank and all segments of society. From this standpoint, CBK supported the annual marathon for the 2nd walking race which was organized by Al Fatah (Young Woman) Club Management under the patronage of Sheikha / Fariha Al Ahmad Al Sabah.
Al Fatah (Young Woman) Club's Chairman expressed her deep thanks to the Bank for its effective support for such event. From her part, Sheikha / Fariha Al Sabah offered the Bank's representative a commemorative trophy in recognition of the Bank's commendable efforts.
CBK Hosts a Group from The American Creativity Academy's Students
CBK hosted a group of students from the American Creativity Academy's at the Head Office. On this occasion, Adv. & PR Department prepared an explanatory program about the Bank in cooperation with the Corporate Credit and Retail Banking to get students familiarized with the banking business and the services offered by the Bank to its customers.
It is worthwhile to mention that CBK supports all the educational & cultural activities which assist in building up a new talented generation and in boosting the student's competence for achieving excellence in their studies. Further, the program designated on this occasion aimed at acquainting students with banking business and the services the Bank offers to customers with a view to get students familiar with the banking business.
CBK Shares Fahd Center's Children The National & Liberation Day Celebrations
CBK participated in the National & Liberation Day celebrations by offering sponsorship to Fahd Center at the Physical Medicine & Rehabilitation Hospital in order to bring happiness and fun to children. This participation reflects the Bank's concern to interact with all the segments of the society, particularly the children, while celebrating such national events.
The Head of Children Section at the Physical Medicine & Rehabilitation Hospital expressed her appreciation to the Bank for this generous gesture which helped to draw happiness on the children's faces on the occasion of Kuwait's celebration of the National & Liberation Days and wished the Bank staff success and prosperity.
Sporting Championship for Woman
Commercial Bank of Kuwait sponsored the 1st Sporting Championship for Woman at the Gulf Cooperation Council (GCC) countries which was held in Kuwait under the patronage of Sheikha / Na'imah Al Ahmad Al Sabah.
This initiative comes out of the Bank's concern to support all the diverse sporting activities including the woman related activities.
Sponsoring Bait Lothan Photography's Activities
Commercial Bank of Kuwait sponsored the youth related activities arranged by Bait Lothan Photography. On this occasion and under the auspices of Sheikha Nouf Salem Al Ali Al Sabah, the first seasonal photography exhibition was inaugurated in Bait Lothan. This initiative comes out of the Bank's belief in the importance of communication with all the segments of the society.
Mr. / Bahaa Al Deen Al Qazweeni the General Supervisor - Bait Lothan Photography Club expressed his deep thanks to CBK for its sponsorship and financial contribution to Bait Lotahn. Al Qazweeni further added that this sponsorship reflects the Bank's constant endeavors to participate in all the social activities and also its permanent support to the young Kuwaitis.
Sponsoring the 1st GCC Projects Development Forum
Commercial Bank of Kuwait sponsored the activities of the 1st GCC Projects Development Forum, where this sponsorship comes out of the Bank's concern to communicate and deal with all the issues related to the development of projects due to their importance in achieving the full development at the Gulf Cooperation Council (GCC) countries.
CBK continues its drive in supporting all the activities which demonstrate its distinctive role towards the community service.
SIGNATURENET
From 1st January 2008, CBK was the first bank in Kuwait to enroll with SignatureNet. SignatureNet was set up by a group of Swiss banks to manage Authorised Signatures between banks using a secure web based facility. The benefits to us are that we no longer need to prepare and dispatch signature books around the world and neither do we have to send details of new signatures nor advise deletions when people leave.
Instead, we simply update the secure website and the change is immediate. This reduces risks associated with delaying changes to our list of Authorised Signatures using traditional methods, and is considerably more efficient.
The project to implement SignatureNet brought together a team comprising staff from CPD, IBD, ITD and IT Security. The End2End project was managed by PMO.
Supporting Dasman Exemplary School's Students Activities
Commercial Bank of Kuwait supported Dasman Exemplary School's sporting activities by providing sporting uniform to the volleyball team to encourage the school's sporting activities which positively affect in building up the students. This initiative comes to confirm the Bank's social mission which aims at sustaining the communication between the Bank and all the society servicing institutions.
CBK Sponsors the Activities of Kuwait Conference For Public Relations
For the second consecutive year, Commercial Bank of Kuwait sponsored Kuwait Conference for Public Relations in the presence of an elicit of the international, Arab and Gulf experts in the public relations profession. The Bank's sponsorship of the 2 nd Kuwait Conference for Public Relations comes after the remarkable success achieved in the 1 st Conference. Additionally, this event demonstrates the Bank's belief in the vital role of the public relations profession in supporting all the activities which serve the Kuwaiti society as well as the significant role assumed by the Adv. & PR Department at the Bank in reinforcing the ties and communication whether among the Bank's employees by providing all the facets of sponsorship, support and honoring or through on the social, humanitarian, sporting and educational activities level as manifested through the Bank's sponsorship to all activities which aim at servicing the Kuwaiti society.
Fowzi Al Ateeqi General Manager, Investment Dep.
Mr. Fowzi Abdul Mohsen Al Ateeqi was promoted to occupy the post of General Manager, Investment Department. This promotion reflects the Bank's confidence in his expertise in investment, banking and administration fields which he gained over the past 23 years since he joined Commercial Bank of Kuwait.
Banking Lingo
• PEP
Politically exposed person, an individual holding a position of public trust, who might have received a bribe.
• Smurfing
Form of money laundering in which large sums are broken up into amounts small enough to be deposited into the banking system without arousing suspicious.
• Shell Bank
A specific money laundering risk, particularly via correspondents banking relationships established by shell banks. A shell bank is generally defined as «a foreign bank without a physical presence in any country».
• Fraud
The infamous letters from Nigeria and neighboring states offering you untold riches, named after the section in the Nigerian penal code the deals with fraud.
• Hawala
A means outside of traditional banking for moving money across borders, used by Indian and Pakistani communities.
- from Anti Money Laundering Unit
The Exhibition of "Show Your Love To Kuwait In Its National & Liberation Days"
Under the auspices of Sheikha Nouf Salem Al Ali - Executive Manager, Adv. & PR Department at CBK, the Exhibition of «Show Your Love To Kuwait In Its National & Liberation Days» was inaugurated on Tuesday 11/3/2008 in South Surra Branch within the activities arranged by the Bank for sponsoring all kids living in Kuwait with the participation of «My First Account» kids. A number of «My First Account» young customers participated in the Exhibition and the Artwork Competition which was organized within the Exhibition's activities through the distinct drawings & artworks produced by the kids themselves and which spontaneously showed their deep love and sincere feelings to Kuwait.
The Exhibition, which represented an art gathering reflecting all feelings of love to Kuwait, saw the participation of kids' related entities. Further, the Exhibition was inaugurated in the presence of a number of managers and officials from CBK and a crowd of the public. In order to choose the winners, an assessment committee selected the best drawings for winning the prizes offered by CBK to the young customers who participated in this art competition.
My First Account is designated especially for CBK young customers and offers them a package of privileges in addition to other entertainment and cultural activities arranged by the bank on a regular basis to continuously maintain the communication with its young customers.
A Dinner for New York Bank's Chairman
Mr. Abdulmajeed Haji Al Shatti, Chairman & Managing Director held a dinner banquet on the occasion of Mr. Tom Reeni, the Chairman of New York Bank and the accompanying delegation visit to Kuwait. The Bank hosted the party and invited some of the prominent Kuwaiti businessmen who are customers of the CBK which maintains an excellent relationship with the Bank of New York.
The dinner party was also attended by a number of the Bank's Board Members and Mr. Jamal Al Mutawa - CGM & CEO and a number of the senior executive Management Team. During the party, the attendants discussed the prevailing international financial situation and Subprime loans crisis.
New Births
Bashayer Juma'a - Ardhiya branch - Boy
Bindu Aravind - Operations (PMO) - Girl
Shamali Al Shamali - Khaitan branch - Boy
Athari Jassin Ali - Retail Lending Region - Boy
Sondus Haider- Fahaheel branch - Girl
Boshra Al Mutawa - Souk Al Salmiya br. - Girl
Shareefa Al Jaber - Souk Al Salmiya br. - Boy
Bashar Al Bader - Khaldiya branch - Girl
Rami Jakman - Head Office - Boy
Tamara Khreish - Head Office - Girl - Congratulations
New Marriages & Engagements
Hassan Marafie - Central Operations
Abdulaziz Ben Salama - West Meshrif branch
Ali Fayez - Jaber Al Ali branch
Ali Al Mutawa - Sulaibikhat branch
Hawra'a Awadh - Human Resources Dep.
Rashed Al Melhem - Khaldiya Branch - Congratulations