NBK set to implement IBAN


06/12/2010 00:00 AST

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.

Al Watan
National Bank of Kuwait - NBK
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | News Archive
Most Viewed Companies
Ticker Price Volume
QNBK 146.8 84,219
SIPCHEM 17.19 1,768,707
BKMB 0.38 1,980,276
SABIC 96.61 3,459,123
DIB 5.5 4,143,030
CHEMANOL 6.85 1,427,299
JULPHAR 2.27 43,877
Recent News

Merged U.A.E. Banking Giant Seen Earning Bigger MSCI Weighting
A mega-merger of the two biggest banks in the United Arab Emirates should leave the combined company with a larger representation on the benchmark emerging-market index, triggering hundreds of millio

Saudi Aramco’s Valuation Could Top $1 Trillion After Tax Cut
Saudi Aramco could have a market value of more than $1 trillion in an initial public offering after the government slashed the oil producer’s tax burden to attract investors, analysts at Sanford C. B

Omani companies can register online from August
Omani companies can register themselves online from August, officials announced after an agreement was signed between Data Park and the Oman Chamber of Commerce and Industry (OCCI), which took place

Selling pressure drags Oman index lower
Continued pressure on the banking sector drove down the MSM30 Index by 1.08 per cent to close at 5,543.09 points. The MSM Sharia Index ended at 839.52 points, down 0.58 per cent. Bank Muscat remained

QSE gains for second day on foreign institutions' support
The Qatar Stock Exchange on Tuesday witnessed gains for the second day, mainly on foreign institutions’ increased buying support, but failed to break the 10,500 levels. Industrials, telecom and real

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

Poll

Looking ahead, what change you are more likely to make in investing in your domestic stock market?