Dr Mohammad Y. Al-Hashel, governor of Central Bank of Kuwait (CBK), disclosed there have been exchange of letters between the CBK and the China Banking Regulatory Commission (CBRC) for mutual cooperation in the field of banking supervision within the framework of guidelines and recommendations promoted by the Basel Committee on Banking Supervision (BCBS), and for the exchange of information on banking matters between Kuwait and the People’s Republic of China. He said Kuwait’s National Bank of Kuwait has a presence in China and a Chinese bank the Industrial and Commercial Bank of China (ICBC), has a branch in Kuwait. He said as per prevailing regulations for the licensing and operation of branches of foreign banks in Kuwait, regulatory authorities in which the bank is headquartered are required to comply with the principles of consolidated supervision and exchange of information as recommended by the BCBS.
