Kuwait's warba bank plans to diversify services

 Warba Bank's plans to diversify banking services in order to compete in domestic market coupled with the bank's existing solid financial position, the CEO said Monday. Warba Bank strategy aims at boosting assets and profits as well as reducing risks through diversification of investment at quantitive and geographic levels, Jassar Al-Jassar, also bank's vice-chairman of board, told a news conference a day before Warba Bank was due to listed in Kuwait Stock Exchange (KSE). Al-Jassar said Warba Bank arranged over KD 100 million in funding of a complex for the National Industries Group. Many local and regional banks contributed to the funding, he added. He said Warba Bank's assets amounted to KD 343.61 million by last June, growing by 54 percent compared to the end of last year, while shareholders' equity was around KD 91.3 million. Al-Jassar said Warba Bank was committed to providing jobs for Kuwaiti citizens who make up more than 60 percent of total workforce. Warba Bank was established in April 2010. Kuwait government owns 24 percent and the rest by citizens.