KNet General Assembly Approves Warba Bank Registration in The List of its Shareholders

The chairman of the Shared Electronic Banking Services Company (Knet) Mr. Jassim Safar declared at the Company’s extraordinary general assembly meeting on Monday 27th May 2013 that Warba Bank has become a member of the Company, i.e. member no. 11 of the member shareholders. During his speech to the shareholders, Mr. Safar stated that the Company is endeavoring to cope up with the banking progress and added that approval of Warba Bank request to become a member would promote the Company’s role in the field of economic sector services in general and the banking sector in particular in addition to the provision of excellent services to all clients and customers of banks. He pointed out that the Company is committed to playing its role in the field of provision of some electronic services through different e-pay channels to all financial institutions on the local, regional and world levels. He stressed out that the fruit of such commitment is that the Company would achieve many of its achievements in its march during which it has provided several electronic banking services to all banks and members through stable policy. Safar added “the expansion in the region in particular and the world in general in the field of technology and electronic payment services has made many banks and companies cope up with such rapid progress to fulfill the client requirements with this technology. Therefore, the Company has to transform its strategy from a company specialized as the main operator in Kuwait into a multi-banking services company and consequently the expansion of the provision of its services to include other sectors such as the government sector. In the other hand, Warba Bank stated that their membership of Knet is an example of mutual cooperation and benefit in the banking service sector. The Bank’s services are integrated with the services offered by Shared Electronic Banking Services Company in the local market, placing Warba in competitive position among other Kuwait banks. He added that this would enable the Bank to activate corporate and merchant point of sale service in the local market establishing Warba Bank presence in the commercial activity in addition to possible participation in special discount offers to the customers holding Warba Bank cards of different types. They stated that their membership of Knet is long term investment that would provide Warba with continuous returns over the next years and ensures the obligation of development of the state of art technology for provision of solutions and services compatible with the highest client banking standards.