Kuwaitis Hold 55% Of The Management Positions In Banks

EFG Hermes Financial Group revealed that Kuwaitis hold 55% of the managerial positions in local banks and the banks are planning to increase this percentage, Al-Rai reported.

Hermes indicated that, based on the annual reports of Kuwaiti banks for the year 2020, currently 55% of the management positions (excluding the middle management) are occupied by Kuwaitis. In KFH and Boubyan 70% of management positions are held by Kuwaitis.

The Central Bank of Kuwait circulated to all local banks the importance of localizing jobs in upper and middle departments and obligating them to increase the percentage of Kuwaitis at the upper and middle positions to up to 70%.

Hermes pointed out that the effect of this decision is limited considering that banks were already working to increase this percentage to 70 percent, which is not very far away.

Hermes noted that over the past few years, there has been an increase in the number of Kuwaiti executives in the banking sector.

The Central Bank and local banks to work on continuing to increase the number of Kuwaitis in senior positions and to achieve 70 percent at the leadership level. The banks had already put in place training and succession plans to achieve this goal.

 

SOURCE  TIMESKUWAIT

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