The Government of Kuwait established the Industrial Bank of Kuwait (IBK) on December 16, 1973as a closed joint stock market venture. The Bank was established in partnership with key private sector institutions. The government was represented through the Ministry of Finance and the Central Bank of Kuwait, while a number of Kuwaiti companies in the banking, industrial, and investment sectors represented the private institutions.
Set up with an initial capital of 20 million Kuwaiti Dinars, the establishment of IBK was a major progress for Kuwait in encouraging industrial activity and strengthening the infrastructure of this vital sector. IBK was also the first specialized bank to finance and support industrial development in the GCC.