Kuwait 30 May, 2011: Bank of Baghdad (BoB) announced today that it has signed a strategic partnership with Citibank (Citi) to manage the bank's global client cash management requirements in Iraq.

The new partnership allows Citi's global clients' with business interest in Iraq to directly leverage from Bank of Baghdad's world class cash management platform and extensive branch network. BoB will offer Citi's clients a number of comprehensive products and service portfolios that include account services, domestic and international payments and collection, liquidity management and electronic banking solutions.  The partnership in turn allows BoB in leveraging Citi's global network across 100 countries for cash management solutions and other banking services.  

This Strategic alliance marks another major milestone in Burgan Bank Group's expansion plans. The partnership comes at a very important time for the Burgan Bank Group, as we are committed to offering our clients world class services.

Burgan Bank Chief Executive Officer Eduardo Eguren said, "This winning partnership will bring together our regional expertise and Citi's global experience under one platform. The strategic alliance will indeed add value to both Bank of Baghdad and Citi clients' as well as to Burgan Bank group clients."

"Bank of Baghdad is a fast growing member of Burgan Bank group and has successfully placed itself as one of the major players in Iraq." Added Mr. Eguren

Bank of Baghdad was the first licensed bank in Iraq established in 1992. The bank offers retail and corporate banking services through a 36 branch and over 30 ATMs network. Bank of Baghdad is listed on the Iraqi Stock Exchange. Burgan Bank Group includes key subsidiaries that are Jordan Kuwait Bank, Gulf Bank Algeria, Bank of Baghdad and Tunis International Bank.

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About Burgan Bank:
Burgan Bank, a subsidiary of KIPCO (Kuwait Projects Company), is a strongly positioned regional Bank in the MENA region. Established in 1977, Burgan Bank is the youngest commercial Bank based in Kuwait, with a significant focus on the corporate and financial institutions sectors, as well as having a growing retail and private bank customer base.

Burgan Bank has four majority owned subsidiaries: Gulf Bank Algeria - AGB (Algeria), Bank of Baghdad - BOB (Iraq), Jordan Kuwait Bank - JKB (Jordan) and Tunis International Bank - TIB (Tunisia), (collectively "Burgan Bank Group").

The Bank has continuously improved its performance over the years through an expanded revenue structure, diversified funding sources, and a strong capital base. The adoption of state-of-the-art services and technology has positioned it as a trendsetter in the domestic market and within the MENA region. Burgan Bank's brand has been created on a foundation of real values - of trust, commitment, excellence and progression, to remind us of the high standards to which we aspire. 'People come first' is the foundation on which its products and services are developed.

Excellence is one of the Bank's four key values and Burgan Bank continually strives to maintain the highest standards in the industry. The Bank was re-certified in 2010 with the ISO 9001:2008 certification in all its banking businesses, making it the only Bank in GCC to receive such accreditation. The Bank also has to its credit the distinction of being the only Bank in Kuwait to have won the JP Morgan Chase Quality Recognition Award, twelve years in succession.

Burgan Bank won the prestigious "Banking Web Awards" prize in the commercial and corporate Category for Kuwait. In 2010 Burgan Bank was awarded with the "Best Internet Banking Service award" from Banker Middle East Awards.

For further information:
Emeel Bishay
Senior Account Manager
Memac Ogilvy Public Relations
T: +965 22258717
F: +965 22258701
M: +965 97565732
Emeel.Bishay@ogilvy.com

© Press Release 2011