Bur­gan Bank Group suc­cess­fully com­pletes its rights is­sue

Rights is­sue over­sub­scribed with healthy share­holder par­tic­i­pa­tion

Kuwait Times - - Business - Ma­jed Essa Al-Ajeel

KUWAIT: Bur­gan Bank, Kuwait’s sec­ond largest con­ven­tional bank by as­sets, an­nounced suc­cess­ful com­ple­tion of its Rights Is­sue, whereby the bank raised KD 62.55 mil­lion of eq­uity by is­su­ing 240.58 mil­lion shares. The Rights Is­sue was over­sub­scribed with healthy par­tic­i­pa­tion from its ex­ist­ing share­hold­ers, un­der­scor­ing the strength of the fran­chise.

Ma­jed Essa Al-Ajeel, the chair­man of Bur­gan Bank com­mented: “We are very pleased with the re­sults of the rights is­sue and grate­ful for the sup­port and trust that our share­hold­ers have put in us. The over­sub­scrip­tion re­flects their con­fi­dence in the bank’s per­for­mance and its fu­ture prospects.”

The Rights Is­sue rep­re­sents a 10.6 per­cent of in­crease in the is­sued share cap­i­tal of the bank and as a re­sult, the to­tal num­ber of is­sued shares has in­creased to 2,500,000,000 shares. The net pro­ceeds of the Rights Is­sue will be used to fur­ther strengthen the Bank’s cap­i­tal po­si­tion, and for gen­eral cor­po­rate pur­poses.

Bur­gan Bank K.P.S.C. en­com­passes op­er­a­tions in Kuwait, and its share from its re­gional sub­sidiaries, namely Bur­gan Bank Turkey, Gulf Bank Al­ge­ria, Bank of Bagh­dad, Tu­nis In­ter­na­tional Bank, with one of the largest re­gional branch net­works across Kuwait, Turkey, Al­ge­ria, Iraq, Tu­nisia, Le­banon and rep­re­sen­ta­tive of­fice in Dubai-United Arab Emi­rates.

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 9001:2015, mak­ing it the one of the few banks in the GCC and Kuwait to re­ceive such cer­ti­fi­ca­tion for the Fifth con­sec­u­tive time. 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.

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