Kuwait: Burgan Bank announced during the 35th Extraordinary General Meeting the approval of the recommendation of the Board of Directors to increase the number of members to eleven members, and amend articles (16) and (17) and (18) of the Bank's articles of association.
Mr. Majed Essa Al-Ajeel, Chairman of Burgan Bank, said: “This amendment comes as part of Burgan Bank’s commitment to maintain and implement best governance practices and to ensure the implementation of the Central Bank of Kuwait’s guidelines issued on 10/9/2019 regarding the rules and regulations of governance in Kuwaiti banks. This falls within the framework of the ongoing efforts and commitment by the Board of Directors of Burgan Bank Group to achieve the regulatory requirements.”
Al-Ajeel further added: “In order to fulfil the requirements, the Board of Directors has approved its work plan and schedule for the implementation stages, including the increase in the number of members of the board to 11 members, with the addition of two independent members before the date of 30/6/2020 to raise it to four independent members before 6/30 /2022."
Burgan Bank encompasses operations in Kuwait and its regional subsidiaries, namely Burgan Bank Turkey, Gulf Bank Algeria, Tunis International Bank. It has one of the largest regional branch networks across Kuwait, Turkey, Algeria, and Tunisia as well as a representative office in Dubai, United Arab Emirates.
About Burgan Bank
Established in 1977, Burgan Bank is the youngest commercial Bank and second largest by assets 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 majority owned subsidiaries in the MENAT region supported by one of the largest regional branch networks which include Gulf Bank Algeria - AGB (Algeria), Bank of Baghdad - BOB (Iraq & Lebanon),Tunis International Bank – TIB (Tunisia), and fully owned Burgan Bank – Turkey, (collectively known as the “Burgan Bank Group”). Furthermore, Burgan Bank has a present in the UAE through its corporate office (“Burgan Financial Services Limited) which had helped the bank to participate in multiple financing opportunities in the UAE.
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.
The bank was re-certified with the prestigious ISO 9001:2015, making it the one of the few banks in the GCC and Kuwait to receive such certification for the Fifth consecutive time. 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 for twelve consecutive years.
Burgan Bank, a subsidiary of KIPCO (Kuwait Projects Company), is a strongly positioned regional Bank in the MENA region.© Press Release 2020
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