Burgan Bank's brand rating re-affirmed as AA with a positive outlook

The only bank in Kuwait and one of only 5 banks in Middle East that has achieved an absolute rise in its brand value

Kuwait - 9^th February, 2013: Burgan Bank today announced that Brand Finance, the international brand valuation company has re-affirmed Burgan Bank brand rating as AA with a positive outlook.  Burgan Bank is the only bank in Kuwait that witnessed an increase in its total brand value, which came at $199 million compared to $175 million last year. The brand ratings and values were recently published in "The Banker" magazine, a Financial Times publication, where Brand Finance has featured the world's most valuable 500 banking brands. 

Bashir Jaber, Burgan Bank's Assistant General Manager - Corporate Communications said: "We are delighted with the recent ratings published by Brand Finance, and ranking at the top of the banking brand ratings in Kuwait. Burgan Bank is the only conventional bank in Kuwait and one of only 5 banks in Middle East that has achieved an absolute rise in its brand value. Our brand model has been an essential component of our corporate strategy, one which aims at 1) increasing market share with profitability in the core market 2) achieving scale, capabilities and footprint through strategic acquisitions".

Burgan Bank enjoys an award winning strong branding platform that reflects its values of trust as well as partnership to deliver international best practices throughout its operations.

"Going forward, Burgan Bank's performance is on the right trajectory. We remain focused on further developing the bank's brand in Kuwait, and across the markets we operate in. Recently, Burgan Bank announced the expansion of its regional brand platform to Turkey following its recent acquisition of Eurobank Tekfen, where as of January 28, is operating under the name of Burgan Bank - Turkey," added Jaber.

In 2012, Burgan Bank won the "Best Bank Branding" award by the Banker Middle East. The bank was recognized for its creative approach towards continuously building its brand name and values, an element that is reflected across all forms of communications including the physical application of its brand concept within branches and channels to provide seamless services to customers.

The global 500 banking brands, is an annual report published by "Brand Finance" in association with "The Banker" - a "financial times publication".  Each brand is rated on the basis of a benchmarking study of the brand's strength, risk and future potential relative to its competitors and a summary measure of the business's financial strength and delivery.

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About Burgan Bank
Established in 1977, Burgan Bank is the youngest commercial Bank and third 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 five majority owned subsidiaries, which include Gulf Bank Algeria - AGB (Algeria), Bank of Baghdad - BOB (Iraq & Lebanon), Jordan Kuwait Bank - JKB (Jordan) Tunis International Bank - TIB (Tunisia), and fully owned Burgan Bank - Turkey, (collectively known as the "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. Earlier this year, 'Brand Finance' - the international brand valuation company- rated Burgan Bank brand as AA with positive outlook.  The rating places Burgan Bank Brand at 2nd amongst the most valuable banking brands in Kuwait.

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 first bank in the GCC, and the only bank in Kuwait 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 for twelve consecutive years.

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. Burgan Bank was recognized in 2011 as Kuwait's "Best Private Bank", by World Finance. The bank also won, in 2011, the coveted "International Platinum Star for Quality" award from Business Initiative Directions, and "The Best Technical Award" from Banking Web Awards. In 2012, Global Banking and Finance Review online magazine recognized Burgan Bank as the "Best Banking Group in the MENA" as well as the "Best Corporate Bank in Kuwait". The bank also won the coveted "Best Bank Branding" award by the Banker Middle East. For the second consecutive year in 2012, Burgan Bank also won World Finance's "Best Private Bank" award, as well as the "Best Private Bank in Kuwait 2012" award from Capital Finance International. The bank recently won the "Best Bank in Kuwait" award from EMEA Finance.

Burgan Bank, a subsidiary of KIPCO (Kuwait Projects Company), is a strongly positioned regional Bank in the MENA region.

© Press Release 2013