Success Story
Prior to the year 1976, the banking services in Jordan were rendered by a relatively few number of banks. In those days the banking activities were almost confined to traditional and classical services, lacking automation and modern banking systems.
In 1976, a number of Jordanian and Kuwaiti investors had the idea that if they brought in capital from a wealthy country, like Kuwait, and invested it wisely in a country that is renowned for its highly developed workforce, like Jordan, something good must come out, and sure it did. Today, Jordan Kuwait Bank is considered one of the few successful Jordanian enterprises established with Inter-Arab interests.
The bank’s paid-up capital was gradually increased from JD 5 million to 10 million by end of 1994, to JD 20 million by end of 1997 and to JD 25 million in 2001 and to JD 31.250 million in 2004 and to JD 40 million in 2005 and to JD 75 million in 2006 and to JD 100 Million in 2008 respectively.
After 35 years of banking activities, steady expansion efforts and modernization plans, the Bank has become a well established, highly prestigious and deeply rooted banking institution, boosting a network of 50 branches strategically located throughout Jordan and two Branches in Palestine and a Branch in Cyprus. The clients of the bank enjoy the convenience of being able to make their deposits or withdrawals at any branch through on-line service, and electronic delivery channels.
Equipped with modern technology tools, on-line banking facilities, backed by highly experienced employees, Private Banking concepts and high quality service standards, Jordan Kuwait Bank stands ready to fulfill the numerous demands of its retail and wholesale client base, through its branch network.
In June of 2008, the structure of the Bank’s ownership underwent an organizational change, when the Kuwait Projects Company Holding (KIPCO) transferred the share of the United Gulf Bank (Bahrain) in JKB’s capital, as well as in other regional subsidiary banks, to its owned Burgan Bank, thus becoming the regional banking arm of KIPCO Group. From our view, we see this change as an important step towards strengthening the relationship between Jordan Kuwait Bank and the Group banks. This will reflect positively on the performance of the Bank and the development of its operations and will provide an added value to JKB and all KIPCO banks.
In respect of foreign banking operations, the Bank enjoys a sound position. The correspondent network covers most parts of the world through a number of major international prime banks.
The Change...The Challenge
On July 15th 1997 a new era emerged that embarked upon the future comprehensive development of the Bank. On that date the General Assembly of Shareholders elected the 6th Board of Directors of JKB. The major characteristic of the new Board of Directors was the return of the Kuwaiti and Gulf businessmen to the Bank. The Kuwaiti and Gulf investors bought new shares, raising their share to almost 50% of the Bank capital, accordingly, becoming an influential factor in the new Board of Directors:
The newly elected Board of Directors symbolizes a turning point in the history of the Bank hence, the Kuwaiti and Gulf Investors show again their confidence in the future of Jordan economy in general and this bank in particular. Moreover, the Social Security Corporation became the major Jordanian Shareholder after they increased their stake to nearly 20% of the bank's capital.
The election of this Board and handing over the Chairmanship to H.E. Abdel Karim Kabariti as Chairman was a clear sign of the Board's intention to have a major change in the Bank's strategy, mission, and image.
It is well known that Mr. Kabariti is not only a former Prime Minister but also is a dynamic person who copes with difficult situations and interacts with challenges. In addition, he is a hard driving executive who leaves his thumbprint on every matter he handles. For example, in less than six months in the office many achievements were recorded, the market value of the Bank's share was improved, the general confidence in the Bank has notably increased, and new elite customers have been attracted. All attributed to an increasing confidence in the Bank and its future.
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