Commercial Bank Of Kuwait Slashes Bad Loans As Settlements Reached - Gulf Business

Commercial Bank Of Kuwait Slashes Bad Loans As Settlements Reached - Gulf Business:



"Commercial Bank of Kuwait (CBK), the Gulf state’s fifth-largest lender by assets, has reached a string of debt settlements with clients that have helped to slash its non-performing loans, the bank’s acting chief executive said.



Kuwaiti investment companies were hit hard by the global financial crisis in 2008-2009 and many were forced to enter debt restructuring talks. This has pressured Kuwait’s banking sector over the last several years.



CBK’s success in reaching debt settlements with such firms suggests the banking sector is now leaving that problem behind."



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