Jordan Kuwait Bank, a Jordanian public shareholding company, was founded in 1976 and has successfully evolved into a major player in the Jordanian banking system over the last few years. The bank currently operates a domestic network of 62 branches and offices distributed throughout Jordan in addition to four branches in Palestine and a branch (IBU) in Cyprus. The bank’s paid-up capital was gradually increased from JD 5 million in 1976 to JD 100 million (USD 141m) in 2008. According to the bank's website, its philosophy rests on the concept of bringing capital into Jordan from other Arab countries, especially Kuwait.