Burgan Bank

Burgan Bank
Native name
بنك برقان
TypePublic
KSE:BURG
ISINKW0EQ0100077
Founded27 December 1975; 50 years ago (1975-12-27)
HeadquartersKuwait City, Kuwait
Key peopleSheikh Abdullah Nasser Al-Sabah (Chairman)
Antoine Jean Daher (Group CEO)
Fadel Mahmoud Abdullah (CEO)
RevenueIncrease KWD 543.46 million (2023)
Increase KWD 34.49 million (2023)

Burgan Bank, is a Kuwaiti bank headquartered in Kuwait City. It is Kuwait's second-largest conventional bank by assets. A subsidiary of Kuwait Projects Company Holding, it operates a network of 24 branches and over 100 ATMs. In 2007, Burgan Bank recorded a profit of 74.8 million Kuwaiti dinars, up 34% since the previous year, where they had a profit of 55.7 million Kuwaiti dinar.[citation needed]

History

In 2009, Burgan Bank acquired United Gulf Bank's stake in Bank of Baghdad, increasing its share to 51.8%.

On 23 December 2012, Burgan Bank acquired, from Eurobank, a 70% stake in Tekfenbank, which is a Turkish bank in Cyprus. The deal was reached amid increasing interest by banks in Persian Gulf nations to expand operations in Turkey.

In early 2023, Jordan Kuwait Bank acquired Burgan Bank stake in Bank of Baghdad.

In December 2023, Burgan Bank obtained the approval of the Central Bank of Kuwait and appointed Fadel Mahmoud Abdullah as the new CEO.

References

  1. ↑ "Kuwait's Burgan Bank sells $500 MLN in bonds to boost capital". Reuters. 2 July 2019.
  2. ↑ "Burgan Bank becomes majority shareholder in Bank of Baghdad". MEED. 1 November 2010. Archived from the original on 26 October 2020.
  3. ↑ Kholaif, Dahlia (23 December 2012). "Burgan Bank Concludes Purchase of Eurobank Tekfen". Bloomberg News. Retrieved 16 September 2021.{{cite news}}: CS1 maint: deprecated archival service (link)
  4. ↑ "Burgan Bank's Stake Sale In Bank Of Baghdad To Jordan Kuwait Bank Gets Iraq's Approval". Forbes ME. 21 September 2022.
  5. ↑ "Fadel Abdullah appointed as Burgan Bank's CEO - Kuwait". Kuwait Times. 10 December 2023. Retrieved 29 May 2024.