BEIRUT: The general secretariat of the Union of Arab Banks announced on Monday the entry of seven Kuwaiti banks into the list of the 100 strongest Arab banks for 2023. The capital of these banks amounted to about $35.6 billion and their assets amounted to about $336.6 billion, Wissam Fattouh, secretary general of the Union, said in a statement.

Fattouh explained that the data containing the 100 strongest Arab banks in terms of capital showed that the total core capital of these banks amounted to about $451.9 billion, while their assets amounted to about $4.2 trillion. The National Bank of Kuwait ranked first locally and ninth in the list in terms of capital, followed by Kuwait Finance House in second place locally and tenth in the Arab world, then Burgan Bank in third place locally and 38th in the Arab world. Gulf Bank ranked fourth locally and 42nd in the Arab world, followed by Commercial Bank of Kuwait, fifth locally and 49th in the Arab world, Ahli United Bank, sixth locally and 51st in the Arab world, and Kuwait International Bank, seventh locally and 61st in the Arab world.

In terms of assets, Kuwait Finance House ranked first locally and eighth in the Arab world, followed by the National Bank of Kuwait in second place locally and ninth in the Arab world, Burgan Bank in third place locally and 41st in the Arab world, and Gulf Bank in fourth place locally and 42nd in the Arab world. Ahli United Bank ranked fifth locally and 44th in the Arab world, followed by Commercial Bank of Kuwait in sixth place locally and 57th in the Arab world, and Kuwait International Bank in seventh place locally and 64th in the Arab world.

The United Arab Emirates recorded the largest number of Arab banks in the list of the 100 strongest banks by entering 18 Emirati banks, followed by Egypt (12 banks), Saudi Arabia (11 banks), Bahrain and Jordan (nine banks each), Qatar and Morocco (eight banks each), Kuwait and Oman (seven banks each), Tunisia (six banks), Lebanon and Algeria (two banks each), and Palestine (one bank).

The Secretary General of the Union of Arab Banks stated that 21 Islamic banks entered the list of the 100 strongest Arab banks by core capital for 2022, including four banks from Qatar and Saudi Arabia, three banks from Kuwait, the UAE and Bahrain, two banks from Egypt, and one bank each from Jordan and Oman. —KUNA