Burgan Bank is Granted Wealth Management License

Press release

Published January 4th, 2023 - 09:38 GMT

Burgan Bank is Granted Wealth Management License

Hameed Abul, Chief Private Banking and Wealth Management Officer at Burgan Bank

Highlights

Burgan Bank announced that it was recently granted a license to offer wealth management services to its clients by the Capital Markets Authority (CMA).

In a new milestone for the Bank, Burgan Bank announced that it was recently granted a license to offer wealth management services to its clients by the Capital Markets Authority (CMA). The license, issued as a preliminary approval that’s valid for six renewable months, marks a new chapter for Burgan Bank in its pursuit of comprehensive financial excellence and offering premium advisory and management solutions to its elite clientele.

According to the initial approval under CMA resolution No. 200 of 2022, Burgan Bank is now licensed to offer its clients a new range of services that includes investment advisory, unregistered securities brokerage, and investment portfolio management. All of this will be operated by the Bank’s Wealth Management team and facilitated by dedicated and professional Relationship Managers whose responsibilities entail assisting clients in fulfilling banking transactions that range from simple, everyday operations to big scale domestic and international investments.

Commenting on the new wealth management license, Hameed Abul, Chief Private Banking and Wealth Management Officer at Burgan Bank, said: “We are honored to receive this license, which enables us to take a major leap forward in our offerings, expanding not only our portfolio of services, but also the scope of client segments we can cater to. With this new development, we are now better positioned than ever to cater to our customers’ needs and meet their aspirations, able to serve them in more ways than ever before. With this wealth management license, we are adamant to explore new horizons and expand our investment capabilities.”

Abul further noted that Burgan Bank is moving ahead with plans to establish itself as a first-class wealth management service provider in the market. “The first milestone for our Wealth Management division is working towards is fulfilling the CMA requirements needed for the three-year renewable license, and we are looking forward to plenty of growth in this area in the coming future,” he added.

As a leading financial institution in Kuwait, Burgan Bank remains committed to supporting its customers and being their trusted financial partner; a goal that has always driven the Bank to grow and tap into new banking and financial services that enable customers and propel the national economy forward.

Background Information

Burgan Bank

Established in 1977, Burgan Bank is the youngest conventional 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.