FOR this year, several banks in Kuwait shined in the region amid the wave of the banking crisis in the US and Europe that alarmed the global banking system.
Seven Kuwaiti banks entered the “Forbes Middle East” list of the 50 largest banks in terms of market value for the year 2023.
These banks altogether boast a total market value of $76.2 billion, as of February 28.
The figure constitutes about 13.9 percent of the total value of the 50 banks within the list which totaled $48.1 billion.
Kuwait Finance House scored the highest among the seven Kuwaiti banks, with a market value of $37.5 billion, and ranked fifth overall.
Meanwhile, the National Bank of Kuwait followed as the top sixth largest bank in the Middle East, with a market value of $26.3 billion, followed by the Commercial Bank of Kuwait; The Gulf Bank; Burgan Bank; Al-Ahli Bank of Kuwait, and the Warba Bank.
Although the banking sector is going through a difficult year after the collapse of the US Silicon Valley Bank, the report posted by the “Forbes Middle East” showed it has no connection to influential dealings with American banks that were ravaged by the crisis.
The report also pointed out the rapid growth of Islamic finance among Gulf Cooperation Council countries.
The analysis provided by Moody’s Investors Service showed that Gulf banks enjoy a great deal of flexibility in facing the crisis of American banks, as they are supported by the governments of the region.
