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 140.5 228,988
GFH 0.58
AMLAK 1.14 18,569,315
BATELCO 0.23
SABIC 99.9 648,774
ALMARAI 82 205,840
SECO 24.12 140,394
Recent News

Deyaar Development launches Deyaar Al Khair Initiative
: Deyaar Development PJSC, one of the UAE’s leading property development and real estate services companies, has launched Deyaar Al Khair, an initiative that will provide free maintenance services to

Eurozone economy hits ‘speed bump’ in July
Eurozone private sector business activity slowed in July for the second month running but was still running near six-year highs, a closely watched survey showed yesterday.

Analysts said that

Bahrain, Pakistan discuss strengthening cooperation in tourism sector
Bahrain and Pakistan are looking to deepen their relations and broaden their cooperation across all fields, especially the tourism sector.

Shaikh Khalid bin Humood Al Khalifa, chief execut

Alba’s H1 net income surges 111pc to $115 million
Aluminium Bahrain (Alba) has posted a net income of BD43.3 million ($115.2 million) for the first half of 2017 versus BD20.5 million ($54.5 million) for the same period in 2016, marking an increase o

UAE surplus reserves surge to top $11.bn in June
Surplus reserves at UAE banks and other financial institutions surged to Dh42.8 billion ($11.6 billion) by the end of June, a growth of 77.6 per cent, or Dh18.7 billion, from Dh24.1 billion in the fi

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?