2nd Quarter
April - June 2008
CGM & CEO Message:
Dear Staff
Once again I would like to welcome all of you in this Issue of Tijari News where we always meet to highlight our Bank's achievements and successes over the period which preceded this Issue. The Bank's record net profit for the first quarter which exceeded KD 34 million came at the forefront of our achievements during the review period. Further, the first quarter of the current year saw the issuance of the Bank's first consolidated financial statements for the Bank and its subsidiary company, "Tijari Capital", the investment vehicle of Commercial Bank of Kuwait. Our achievements were not restricted to the above but we have continued our expansion plans to bring innovative banking services and products to our customers at their fingertip where the Bank has inaugurated its new branch in Fahad Al Salem Street to increase the number of our branches to 52. As I have confirmed in many occasions, all these successes and achievements are attributed to the sincere efforts of all staff members. I believe all of you realize the competitive environment in which our Bank operates and which imposes on us a number of challenges in terms of the banking services provided to our customers where better customer service should be a first priority to all of us. I am confident that we will work together towards achieving customers' utmost stratification in order to make Commercial Bank of Kuwait the Bank of choice for customers across all segments under our vision statement to become the premier provider of financial solutions and customer services through a team of highly experienced and professional staff members. Finally, the translation of our vision requires the continuous & dedicated efforts of each staff member to maintain and attain more successes and achievements.
Al Mazaya Holding Company
Honors Commercial Bank
As a leading financial institution that always receives the appreciation from the business community in which it operates, Commercial Bank was honored by Al Mazaya Holding Company where Mr. Loai Mukamis - GM, Corporate Credit at CBK received a commemorate shield from Mr. Rashid Al Nafeesi - Chairman, Al Mazaya Holding Company at a reception organized to mark the convention of the Third Financial Transparency Conference.
This honor comes within the Bank's successes in its permanent support to the national companies and its leading role in the economic development drive in the country.
CBK Sponsors the Activities of Bait Lothan Photography Club
The 8th Annual photography exhibition of Bait Lothan for 2008 was inaugurated under the auspices of Mr. Abdulmajeed Al Shatti, CBK Chairman & Managing Director.
Private Banking- GM Message
Fulfilling our incessant mission of providing the best banking products and services, CBK has introduced Tijari Private Banking to distinguish high net worth individuals, and protect their wealth across generations through the guidance and support of an experienced team of investment professionals.
In Tijari Private Banking, we set the bar higher than the competition; our goal is to maintain a long lasting relationship with our clients, understand their needs and financial horizons at all life stages, and offer them respective investment solutions that would exceed their expectations. All this is guaranteed to be achieved under the "Personal Concierge" theme and embedded with complete privacy and confidentiality.
CBK Participates in Kuwait Real Estate & Finance Exhibition
Within the Bank's endeavors to provide its customers with state-of-the-art banking services and products, CBK participated in "Kuwait Real Estate & Finance Exhibition" which was organized during the period from 14 - 18 April 2008 by Top Expo Group at Kuwait International Fair Grounds. The Bank's participation in this Exhibition was represented in setting up a special booth to present its diversified banking services which meet the needs of the Exhibition's visitors.
On this Occasion, Mr. Ali Al Mudaiheem - General Manager - Retail Banking DIvision confirmed that the Bank's participation in this Exhibition mainly aims at supporting all economic activities, where this Exhibition represents a good opportunity for the Bank to get its customers familiarized with the innovative financing solutions and loan products offered by the Bank.
Al-Tijari a Major Sponsor for the First International Conference for Physical Education, Sports & Health
In keeping with its sponsorship activities of important events and conferences, CBK sponsored the first International Conference for Physical Education, Sports and Health which was organized by the Physical Education, Sports and Health Section / the Faculty of Basic Education at the Public Authority for Applied Education & Training under the patronage of Mr. Abdulla Al Fares, Hawalli Governor and in the presence of Sheikha / Na'eema Al Sabah and
Dr. Ya'qub Al Refa'i, GM - PAAET.
Among the various activities of the conference, CBK set up a special booth to present its banking services to the visitors where Sheikha / Na'eema commended the Bank's significant role in supporting several sporting activities and wished the Bank further progress and success.
Recognition Award from Wachovia Bank
On 24/04/2008, a delegation of Wachovia Bank senior executives from Dubai & USA, headed by Mr. Michael Heavener, Executive Vice President, presented to CBK, a "Quality Recognition Award for 2007", for the achievement of a high quality Straight Through Processing (STP) rate of the US Dollar payments in excess of 98%, routed through CBK's correspondent account held with Wachovia Bank, during the year 2007.
Mr. Al-Mudaiheem, General Manager - Retail & Virtual Banking Division, commented that such an award serves as an obvious recognition of CBK's success in improving quality of payment formatting, and the use of efficient settlement techniques.
CBK Honors Outstanding Employees for March & April
CBK honored his outstanding employees and branches for March and April 2008 in recognition for their dedicated efforts.
In this context, the Bank honored:
Ms. Meshael Adnan Al Aown - Head Office
Sara Al Jassem Karimi - South Surra Br.
Ali Kassem Al Sultan - Ali Sabah Al Salem Br.
Bashayer Kassem Al Hajery - Qurain Br.
Sahar Abdul Kader Al Awadi - Salwa Br.
Mariam Al Hadeb - Meshref Br.
Mariam Yussef Abdalla - Sulaibikhat Br. Mohammed Yussef Damerji - Veg. Market
Anwar Hussein Rabab - Hawalli Br.
Ali Mohammad Al Sayegh - Salhiya Br.
Where they were awarded certificates of appreciation and incentives for their excellence and persistence towards promoting business and providing a distinct customer service.
Al-Tijari Participates in Kuwait World Travel Exhibition
Under the auspices of the Ministry of Commerce & Industry and in the presence of a large crowd of the public, CBK participated in Kuwait World Travel Exhibition which was organized at Kuwait International Fair Grounds. Such participation was represented in setting up a special booth to get the visitors and customers familiarized with the banking services and products offered by the Bank. The Senior Manager, Advertising & PR Department received the Under-Secretary, Ministry of Commerce & Industry during his visit to the booth where she explained the state-of-the-art banking services provided by the Bank to customers.
The Bank's participation in this Exhibition comes out of its emphasis on developing the communication channels between the Bank and its customer base.
Participation in the Career Opportunities Exhibition at the Australian College of Kuwait
CBK participated in the Career Opportunities Exhibition which was held at the Australian College of Kuwait (ACK) under the patronage of the College's Chairperson Dr. Abdullah Al Sharhan and in the presence of the College's Deputy Chairman Ms. Kawthar Abu Ghazala where the Bank set up a special booth to present the career opportunities it offers to the students.
CBK's endeavors to participate in the career opportunities' exhibitions comes out of its belief that such events represent a liaison between the Bank and the undergraduate students seeking employment opportunities.
Sponsorship of the First International Conference
On Technology, Communication and Education at Gulf University
CBK sponsored the First International Conference on Technology, Communication and Education which was organized by Gulf University under the patronage of His Highness the Prime Minister, and in the presence of prime academic persons from Kuwait University and Gulf University in addition to a number of Arab & expatriate researchers.
The Bank's sponsorship for this conference comes out of its concern with technology & communications which contribute in building up well educated generations that possess the required experience in technology and communication area along with enhancing cooperation between the Bank and the participating institutions by exchanging ideas and views on such important field.
CBK the Major Sponsor for the Honoring Party of PAAET's Students
In keeping with the emphasis the Bank places on the significant role of higher & academic education, CBK was the premier sponsor for the honoring party organized for the outstanding graduates of the Public Authority for Applied Education & Training. The graduation party was held for distributing certificates to the outstanding students at the stage of Faculty of Basic Education under the patronage and in the presence of His Highness the Amir Sheikh Sabah Al Ahmad Al Jaber.
Financial Contribution for the Renovation of Al Fikryia Private Education School for Girls
In an initiative which aims at emphasizing CBK's role in servicing all segments of the society in which it operates, CBK offered a financial contribution to renovate the garden located at Al Fikryiah Private Education School for Girls - with Special Needs. The garden was inaugurated in the presence of the Senior Manager, Advertising & PR Department at CBK and the School's Director Ms. Mona Al Jassim, who commended the Bank's activities and contributions to the private education schools.
Further, the Director - Department of Special Education Schools Mr. Dekhail Al Enazi appreciated the Bank's financial contribution to renovate the school's garden and praised the leading role the Bank assumes in community servicing activities.
Participation in the Career Opportunities Exhibition of Gulf University
CBK participated in the Career Exhibition which was organized by the vocational Development and Monitoring Center for Undergraduates & Postgraduates and in cooperation with the league of Gulf University's students under the patronage of Dr. Abdul Rahman Al Muhelan, the Dean of Gulf University for Sciences & Technology.
The Bank's participation in this Exhibition aims at attracting the ambitious young Kuwaitis to join the Bank in under its mission of "Building the Future Together".
CBK Sponsors the Legal Aspects of the State's Domain Conference
As a part of its policy which aims at supporting the diverse activities, Commercial Bank sponsored the Legal Aspects of the State's Domain Conference organized by the Faculty of Law / Kuwait University under the patronage and in the presence of the Minister of Education & Minister of Higher Education, Ms. Nouria Al Subieh and at the presence of Dr. Bader Jassim Al Ya'qub, the Dean of Faculty of Law and a number of law experts from all over the globe.
During her visit to the Bank's booth, the Minister of Education and Minister of Higher Education commended the Bank's participation and sponsorship of the different activities & events including the subject conference indicating the significant role of sponsors in making such important conferences a success.
Sponsorship for the Fifth Arab Media Forum's Activities
CBK sponsored the activities of the Fifth Arab Media Forum which was held during the period from 6 - 8 April 2008 under the patronage of His Highness the Prime Minister and with the participation of media and political officials from foreign and Arab countries along with international media organization, journalism and satellite channels.
CBK's sponsorship of this important event reflects the Bank's belief in the importance of media at present where the Bank has built bridges of mutual communication with the Kuwaiti society by providing sponsorship and contribution to a number of programs & conferences which help in building a strong community that serves as a solid foundation for an ideal country.
Further, CBK set up a special booth to get the visitors familiarized with the banking services offered by the Bank to its customers
Al-Tijari Participates in the First KSE Exhibition
CBK participated in the 1st Bursa/ Kuwait Stock Exchange Exhibition where the Bank set up a special booth to familiarize the visitors with the innovative banking services and the investment solutions it offers to its customers through a variety of its investment funds with a view to satisfy customers' needs. CBK staff presented to the customer full explanation on Tijari Bursa services provided by the Bank to traders in Kuwait Stock Exchange.
"My First Account" Sponsors the Open Day "We and the World" at Kuwait National English School
CBK sponsored the Open Day "We and the World" organized by Kuwait National English School on the occasion of "The Earth Day". On this occasion, CBK set up a special booth which received a number of children.
The Bank's participation in this event aims at increasing the students' awareness of the importance of environment which will in turn reflect on everybody's daily life inside or outside Kuwait. Further, CBK's participation in this event comes within its support to the School's Open Day activities.
Sponsorship of the Third Legal Educational Week
As a part of its concern to the cultural and educational related activities, CBK sponsored "The 3rd Legal Book Exhibition" organized by the Kuwait Lawyers Society under the patronage of the Minister of Justice and the Minister of Social Affairs & Labour and with the participation of a number of academic personalities and law professors inside and outside Kuwait and in the presence of representatives from the Arab Lawyers Union.
CBK Sponsors the Universal American School's Carnival
Commercial Bank's sponsorship of educational events comes amongst the Bank's first priorities. As such, the Bank sponsored the Universal American School's Carnival.
The School's Administration praised the Bank's role and its effective participation in this carnival and wished the Bank's Management all success in future endeavors.
Liverpool won against Everton in the English premier league
Our colleague Bader Al Dashti,has attended at the Infield stadium in Liverpool one of the most important football games within the English premier league.
Bader has raised the CBK flag with pride knowing the stadium was full of 44 thousand speculators.
In the midst of cheering and shouting, the CBK flag was out there raising curiosity for many about the bank's Identity.
Banking Lingo
• Mutual Fund
A mutual fund is a pool that invests money collected from investors in securities such as stocks, bonds, money market instruments and similar assets.
• Management Fee
A charge paid to fund managers of a mutual fund for their services of managing the money.
• NAV (Net Asset Value)
The KD value of a single mutual fund share, based on the value of the assets of the fund minus its liabilities, divided by the number of shares outstanding.
• YTD (Year-To-Date) Return
The performance of a mutual fund for the period from the beginning of the calendar year till the date of the declared NAV, shown as a percentage.
• Since Inception Return
The performance of a mutual fund for the period from its start date till the date of the declared NAV, shown as a percentage.
- Investment Dept
Asian Banker
Ramzi Sabboury Wins the Award of the "Most Promising Young Leaders for the Banking and Financial Services Industry"
For the first time, The Asian Banker chooses 50 individuals from the entire Asia Pacific and Middle East region as "Most Promising Young Leaders for the banking and financial services industry".
From the Gulf, Mr. Ramzi Sabboury, Executive Manager - Marketing and Research in CBK, received this recognition at the special award ceremony held in Hanoi Vietnam during the 9th Asian Banker Summit 2008.
New Births
Hana'a Ashour - Farwaniya branch - Girl
Tamara Khuraich - Investment dept. - Girl
Fatma Jamal - BML project - Girl
Manal Al Dakheel - Abu Halifa - Boy
Rana Al Abbasi - Treasury - Boy
Suad Al Enezi - Card Center - boy
Mariam Al Hadab - West Meshrif - Girl
Amal Aman - Sulaibikhat - Girl
Wafa'a Al Yahya - Yarmouk - Girl
Shoba Dorai - RBVD - APAU - Boy
Ebtisam Al Mousa - Corporate Credit - Girl
Fatma Al Mubarak - Khaitan branch - Girl - Congratulations
New Marriages & Engagements
Fatma Tifouni - ADV & PR
Mohammed Al Zanki - Corporate Credits
Faisal Al Othman - Corporate Credits
Ibrahim Fawaz - Airport branch
Mohammed Ismail - Call Center
Faisal Nairouz - Call Center
Hani Al Ostath - Call Center
Mohammed Kattan - I.T. operations - admin.
Mohammed Nabbagui - Call Center - Congratulations