Offers unique benefits in association with Al Muzaini Exchange and Gulf Insurance Company

Kuwait City, 20 October 2008: Carrying forth its customer-centric strategy, Burgan Bank announced today the introduction of the Burgan 'Value Account' - a product specifically developed to cater to the needs of the vast expatriate community in Kuwait. The unique packaging of the product makes it the first of its kind in Kuwait to offer benefits such as life insurance cover in association with the Gulf Insurance Company (GIC), attractive currency exchange rates while remitting funds to home countries in association with the Al Muzaini Exchange Company, a credit card and chances to win cash-prizes from monthly draws.

"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", said Burgan Bank Chief Executive Officer Jonathan Lyon at a press conference held at the Bank's headquarters. "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," Burgan Bank Operations Group Senior General Manager Simon Clements further explained. "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.

The Burgan Value Account has been strategically tailored following comprehensive research into consumer needs and the basic banking segment, which distinguishes itself from the Bank's other segments with respect to its objective, value proposition, products and services.

Applicable to all expatriates drawing a minimum salary of KD 200 and above, the Value Account offers the following benefits:                                

  • A chance to win one-year salary from monthly draws (maximum of KD 4000)

  • Credit card with a credit limit equivalent to one month's salary (subject to salary transfer and other terms)

  • Life insurance cover from Gulf Insurance Company (KD 3000 coverage for death due to any cause and KD 500 for repatriation of mortal remains)                     

  • 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

  • Attractive exchange rates when transferring money from any Al Muzaini Exchange Company using the 'Value' ATM card

  • SMS alert service when salary is credited to the account and Internet Banking accessibility

  • Phone Banking accessibility to make enquiries or carry out transactions over the phone 24 hours a day, 7 days a week 

Adel Al Muzaini, CEO of Al Muzaini Exchange Company, said: "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".

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."

The Bank foresees high profitability from the Value Account and the basic banking segment, given that the expatriate community presently comprises of nearly 65% of Kuwait's total population. "The influx of expatriates into the country is expected to increase in coming years," says Lyon on a closing note. "We are glad to be ready to meet their banking needs with the Burgan Value Account."

-Ends-

For more information:
Leslie Mouawad
Memac Ogilvy PR
Tel: 24610371 Ext: 27
Fax: 24610376
Leslie.mouawad@ogilvy.com

© Press Release 2008