14:46 GMT30 October 2020
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    Kuwaiti banks would open their representative offices or subsidiaries in Russia if they receive such a proposal, Kuwaiti Central Bank Deputy Governor Yousef J. Obaid told Sputnik.

    MOSCOW (Sputnik) — According to Obaid, there are currently 10 national commercial banks and a special bank successfully operating in Kuwait. The share of the Islamic banks accounts for 40 of the market, he added.

    "We have no objections to the opening of a Kuwaiti bank in Russia, if there is such a proposal, and all the conditions coincide," the deputy head said.

    Following the 2007-2008 global economic downturn, Kuwait, which has one of the oldest bank industries among the Gulf states, carried out reforms of the banking regulation, which helped improve the overall stability and performance of the Kuwaiti banking sector.


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