Burgan Bank wins “Best Bank in Kuwait” award from EMEA Finance

Press release

Published November 28th, 2012 - 06:53 GMT

Bashir Jaber, Assistant General Manager - Corporate Communications

Burgan Bank announced today that it has won the coveted "Best Bank in Kuwait" award from EMEA Finance, a prominent publication and information source in the finance industry. The award reflects the bank’s performance and financial delivery in 2012. The bank’s latest achievement follows another important recognition gained earlier this year, in which Burgan Bank Group earned the "Best Banking Group in MENA" award from Global Banking & Finance Review.

Bashir Jaber, Assistant General Manager - Corporate Communications said: “We are honored to have been awarded recently the “Best Bank in Kuwait" as well as the “Best Banking Group in the MENA” during this year. Executive Management and Board are pleased with the Bank’s performance and quality of earnings despite economic stagnation as we continue to adapt the right formula which results in steady growth in Burgan’s financial delivery."

In terms of profitability, Burgan Bank is ranked first in Kuwait with annualized Return on Equity of 14.1%, Return on Tangible Equity of 23.1% for the first nine months. The leading indicators have positioned the Group as the fastest growing bank in Kuwait as business segments grew with Customers Deposits rise of 27.7% and loans of 26.8%. The consistency in high quality earnings has placed Burgan Bank in a good position for sustainable future revenue streams. In addition, Burgan Bank inorganic expansion strategy is also materializing, we received Central Bank of Kuwait’s approval to acquire 99.26% of Eurobank Tekfen in Turkey and 25% of FIM Bank, Malta.

"This outperforming growth pace that is a result of a focused execution of an ambitious corporate strategy that is aimed at gaining market share with profitability in the core markets and at acquiring scale, capabilities and footprint through strategic acquisitions,” added Jaber.

"We thank our shareholders, customers, and the Central Bank of Kuwait for their continued support and trust and our employees for their dedication and perseverance and we are committed to continue growing and delivering on our promise" concluded Jaber.

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.