NBK set to implement IBAN


06/12/2010 00:00 AST  Al Watan

National Bank of Kuwait (NBK), the leading bank in Kuwait and the highest rated in the Middle East, is well set to introduce International Bank Account Number (IBAN) to all local and international incoming payments as well as outgoing payments to other IBAN-compliant countries. IBAN is simply a customer's existing account number in a format/structure that makes it internationally recognizable, NBK stated in a press release on Sunday. The implementation of the IBAN, which will come into effect on Jan. 1, 2011, is in compliance with a directive by the Central Bank of Kuwait (CBK).

Commenting on IBAN, Deputy General Manager of Operations Group at NBK, Abdulla Abu Al-Hous said that IBAN is a simple, standard way to identify account details and helps to speed up the clearance of payments. This will be to the benefit of all retail and corporate customers who make or receive payments.

"Under the new system, no outgoing payments will be made to IBAN compliant countries such as Lebanon, Saudi Arabia, Mauritius, Turkey and Europe amongst others, as these payments will be immediately rejected by NBK if it does not have an IBAN. This will eliminate these payments being rejected by the beneficiary bank resulting in delays for the customer," he said.

Abu Al-Hous indicated that IBAN, which will become compulsory in Kuwait from Jan. 1, 2011, will apply to several types of payments i.e. payments made or received from another local bank, international payments and standing orders to other IBAN compliant countries as well as new local standing orders established after Jan. 1, 2011. Customers who are receiving their salaries through telex transfers from abroad will have to ensure that their employers include their IBANs.

National Bank of Kuwait - NBK
2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | News Archive

JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT
Most Viewed Companies
Ticker Price Volume
EMAAR 10.35 18,139,980
SABIC 116.18 5,746,668
SPIMACO 46.74 1,153,774
RIBL 20.33 1,160,267
SORAYAI 21.71 2,346,253
EEC 85.73 1,781,277
TAWUNIYA 69.17 822,764
Recent News

Salam International announes 3rd Q 2014
Salam International disclosed the interim financial statements for the period ending September 30, 2014. The interim financial statements revealed a net profit of QR 67.2 million for the nine months

Australia Inflation Adds 2.3% On Year In Q3
Consumer prices in Australia advanced 2.3 percent on year in the third quarter of 2014, the Australian Bureau of Statistics said on Wednesday.

That was in line with expectations and down

China's third-quarter growth touches 5-year low
CHINA'S third-quarter economic growth ground to its slowest pace in five years as the country continues to struggle with a downturn in the property sector, overcapacity and weak export demand. Analys

Dollar/Saudi riyal forwards jump as spot market pressured
DUBAI: The Saudi riyal fell sharply against the U.S. dollar in the forwards market on Tuesday to its lowest level since March 2011, when the Arab Spring uprisings briefly shook confidence in the poli

WTI Holds Above $82 as Fuel Supply Seen Falling; Brent Steady
West Texas Intermediate crude held above $82 a barrel before a report that may show motor-fuel inventories shrank to a two-year low in the U.S., the biggest oil consumer. Brent was steady in London.<

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Which of the following do you think is the best long-term investment?