Jordan Kuwait Bank Overview and History
Jordan Kuwait Bank (JKB), a Jordanian public shareholding company, was founded in 1976 as the country’s fifth national commercial bank and has successfully evolved in to a major player in the Jordanian banking system over the last decade. JKB was the first example of improving and expanding economic and business relations between Jordan and Kuwait and one of the few successful Jordanian enterprises established with inter-Arab interests. The Bank currently operates a domestic network of 53 branches and offices distributed throughout Jordan in addition to two branches in Palestine and an international Banking Unit in Cyprus. JKB wholly owns Ejara for Financial Leasing and holds a controlling share of more than 50% in the United Financial Investments Co. (Jordan) and a10% stake in Algeria Gulf Bank (Algeria).
Capital Growth and Shareholder Equity
The Bank’s paid-up capital was gradually increased from JD 5 million in 1976 to JD 100 million (USD 141m) in 2008 with a shareholders’ equity of 519 million USD as of September 30th ,2012.
JKB is regarded as a trendsetter in terms of growth ratios, performance measures and financial indicators within the local banking sector. It is one of the top-rated banks in Jordan, a (BBB+) by Capital Intelligence.
Pioneering Digital Banking in Jordan
JKB was the first bank in Jordan to introduce electronic delivery and service channels. Its hi-tech infrastructure, e-branches, widely spread ATMs, efficient e-banking products and services, Internet banking facilities that provide access to external payment systems; all topped with a unique customer- friendly atmosphere, have enabled the Bank to further enhance its image as the best client-focused bank in Jordan and substantiated its slogan: “More than just a bank”.
Vision to Become a Universal Bank
In its endeavor towards realizing the bank’s overall vision that is to be Jordan’s first “Universal Bank”, JKB management capitalizes on the strong business and ownership relations with (KIPCO) and its banking arm, Burgan Bank Group. It also capitalizes on the Bank’s capabilities to provide services that encompass commercial and investment banking in addition to other business-related services (brokerage and insurance).
JKB’s major shareholders are Burgan Bank, a member of KIPCO group (Kuwait), holding 50.9% of the bank’s capital and the Social Security Corporation (Jordan) holding 21% of the capital. In addition to,Odyssey (A fully owned subsidiary of Fairfax Financial Holding) with a 5. 25 % Million shares.
Awards and Industry Recognitions
In the year 2005, JKBwas awarded “Best Bank in Jordan 2005” Award and “World’s Best Internet Bank” Award by “Global Finance Magazine”. In 2006, 2007 and 2010 the Bank received the Banker Magazine’s “Bank of the Year, Jordan” Award.
