Kuwait City - Burgan Bank on Monday announced the introduction of 'Value Account' -- a product aimed at the expatriate community in Kuwait. A first of its kind product in Kuwait, the Value Account offers benefits such as life insurance cover in association with the Gulf Insurance Company (GIC) and attractive currency exchange rates while remitting funds to home countries in tandem with Al Muzaini Exchange Company. Besides, the scheme offers a credit card and chances to win cash-prizes from monthly draws. Expatriates drawing a minimum salary of KD 200 and above can avail of the scheme and the monthly fee is KD 3.500.
Addressing a press conference on Monday, Jonathan Lyon, the Chief Executive Officer at Burgan Bank said: "The Burgan Value Account operates in a customer segment for which not many products exist in the marketplace presently. Based on our research, we've combined financial services that expatriate need most, including life insurance and fund remittance." Lauding the cooperation accorded by Burgan Bank, Adel Al Muzaini, CEO of Al Muzaini Exchange Company, noted: "We are extremely happy to be associated with the Value Account launched by Burgan Bank for the benefit of more than a million expatriates in Kuwait. Considering the synergies between both of us, the product will be an added value to expatriates. Our special exchange rate on the US Dollar to Burgan Value Account holders will be an added attraction and we wish more of such tie-ups with the Bank in the future".
The Value Account offers the following benefits:
n A chance to win one-year salary from monthly draws (maximum of KD 4,000).
n Credit card with a credit limit equivalent to one month's salary (subject to salary transfer and other terms).
n Life insurance cover from Gulf Insurance Company (KD 3,000 coverage for death due to any cause and KD 500 for repatriation of mortal remains).
n Branded 'Value' ATM Visa Electron card which gives access to funds from over one million ATMs worldwide, and cash withdrawals from Burgan Bank's 100-ATMs-wide local network
n Attractive exchange rates when transferring money from any Al Muzaini Exchange Company using the 'Value' ATM card
n SMS alert service when salary is credited to the account and Internet Banking accessibility
n Phone Banking accessibility to make enquiries or carry out transactions over the phone 24 hours a day, 7 days a week
For his part, Simon Clements, Burgan Bank Operations Group Senior General Manager added:
"The contribution of the expatriate community to Kuwait's economic growth is much. We are glad to introduce a product exclusively for them. This Account is one of the key value offerings of our tiered segmentation strategy." "Earlier this year, we introduced the exclusive Premier Banking Service for the affluent segment. And we completed the refurbishment of all our branches into three types -- the Financial Centers, the Solutions Branches and the Transaction branches. Each branch type meets the specific banking needs of different types of customers, replete with suitable products and services." The Burgan Value Account demonstrates the Bank's continued efforts to launch unique products for each customer segment, he added.
Tareq Al-Sahhaf, General Manager of Gulf Insurance Company, said: "We are pleased to have formed a partnership with Burgan Bank through the Value Account launch to offer Life Insurance to the large expatriate community in Kuwait. We look forward for more alliances with Burgan Bank in the near future to offer new and innovative Bank Assurance products." According to Lyon, Burgan bank foresees high profitability from the Value Account and the basic banking segment, given that the expatriate community presently comprises of nearly 65 per cent of Kuwait's total population. "The influx of expatriates into the country is expected to increase in coming years. We are glad to be ready to meet their banking needs with the Burgan Value Account," he concluded.
By Francis A. Clifford Cardozo
© Arab Times 2008
