Burgan Bank receives STP Award 2016 from CitiBank

Burgan Bank, Kuwait’s most dynamic bank, is pleased to announce that it has recently been granted Citibank Straight through Processing Excellence Award in recognition of its secure and commendable paying processing services. The prestigious award by one of the most prominent international banks further demonstrates Burgan Bank’s commitment to technological advances, operational excellence and unparalleled customer service.

Straight through Processing (STP) allows for the entire trade process and payment transactions to be conducted electronically without the need for re-keying or human intervention, thus ensuring quality and accuracy in delivering commercial payments.

Venkat Menon, Group Chief Operations & Technology Officer said: “We are pleased by this distinction as it further recognizes our advanced technological infrastructure, matching business and regulatory needs and delivering an enhanced banking experience. We remain committed to investing in the latest technologies and in our people to ensure fast, accurate and reliable transfers and other banking operations.”

Citibank Straight through Processing Excellence Award 2016 is the first for Burgan Bank. Previously, it has also been awarded, for several consecutive years, the Commerzbank Award and the JP Morgan Chase Award, in recognition of its outstanding straight-through results by properly formatting their SWIFT payments.

Held annually, the Citibank Award aims to ensure the highest standard of banking solutions are practiced across its wide network with accuracy being among the top criteria in assessing financial institutions’ eligibility for the award.

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.

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 9001:2008, making it the first bank in the GCC, and the only bank in Kuwait to receive such accreditation for the third consecutive year. 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.