Charles Dallara, managing director of the Institute of International Finance, which represents more than 450 financial institutions, has joined the National Bank of Kuwait SAK’s international advisory board, the Gulf state’s biggest lender said today in an e-mailed statement.
The 19-member board, which meets annually, also includes Josef Ackermann, the former chief executive officer of Deutsche Bank AG, Mohamed El-Erian, CEO of Pacific Investment Management Co., and former Citigroup Inc. Senior Vice Chairman William Rhodes.
Dallara, a former U.S. Treasury official, announced in June his decision to step down as the Institute of International Finance’s managing director after leading negotiations for private creditors in Greece’s debt swap. He will be replaced at the Washington-based institute by former U.S. Treasury Undersecretary Tim Adams.
National Bank of Kuwait posted a 37 percent increase in third-quarter profit to 108.1 million dinars ($384 million). NBK Group CEO Ibrahim Dabdoub said in October the “operating environment” is posing challenges to the lender’s growth potential.
Kuwait, the fourth-biggest producer in the Organization of Petroleum Exporting Countries, unveiled a $110 billion four-year development plan in the 2010-2011 fiscal year to diversify its oil-reliant economy and modernize infrastructure. Kuwaiti private-sector borrowing grew at the slowest pace in at least 17 years in 2011 as the country failed to meet spending pledges and stimulate investment. The Central Bank of Kuwait in October cut the key interest rate by 50 basis points to 2 percent to spur growth.