Dear Valued Customers,
In clarification of what is being circulated regarding the U.S. Department of the Treasury’s decision to include Yemen Kuwait Bank on the Office of Foreign Assets Control (OFAC) list, we would like to address the following:
• The timing and motives behind this decision are politically driven, related to the current escalation between the United States and the government in Sanaa, and are not due to any violations of international banking standards by the bank.
• The bank’s management conducts its activities professionally and has neither engaged in nor been requested to finance any political parties in Yemen outside official and legal frameworks.
• This decision does not have a direct impact on the bank’s financial standing.
• The classification affects only the bank’s international operations and does not impact its local services.
• The bank continues to provide its local services as usual through all its branches, offices, and electronic channels.
• The bank’s management is working to revoke the decision through official and legal actions.
In conclusion, we hereby acknowledge that Yemen Kuwait Bank is the oldest privately-owned bank in Yemen (established in 1977). Generations have managed it and benefited from its services, making it an important national economic asset. Hence, the responsibility to stand by the bank lies not only with its management and customers but also with everyone concerned about the present and future of our beloved country.
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