Kuwait bank upgrades

Source: Xinhua | 2017-03-23

THE National Bank of Kuwait has become the first bank from the Middle East to operate a branch in Shanghai.

The bank’s Shanghai branch, which opened yesterday, will focus on loans for Chinese infrastructure projects, including subways and stadiums, in the Middle East country, according to the lender. The bank hopes to boost outbound business of domestic companies and will also serve the needs of China’s Belt and Road initiative, the Shanghai Office of the China Banking Regulatory Commission said. The CBRC approved two other foreign banks to upgrade their representative offices to branches in 2016 — the United Arab Emirates’ Union National Bank and Japan’s Shoko Chukin Bank — but they haven’t opened their branches.