Burgan Bank finances projects worth KD 741 million

Press release

Published June 26th, 2011 - 07:51 GMT

Raed Al-Haqhaq, Chief Banking Officer - Senior General Manager at Burgan Bank

Burgan Bank announced today that the bank’s Corporate Banking Group has successfully completed a range of finance deals for major projects during the year 2010 and the first five months of 2011. The deals which were valued at KD 741 Million, have been financed both for government and private sector projects.

Raed Al-Haqhaq, Chief Banking Officer - Senior General Manager at Burgan Bank said, “Burgan Bank’s Corporate Banking Group has completed a range of finance deals with its corporate clients to support the execution of their major projects with a total value of KD 741 Million. These projects cover different industry sectors ranging from construction, infrastructure, oil & gas, trading and services. During 2010, the Corporate Banking Group has also financed projects worth of KD 490 Million, while in the first five months of 2011, and for the period ending May 31^st, 2011, the total value of finance deals reached KD 251 Million. This will reflect positively on the Bank’s financial results and performance by end of 2011”.

“As the first half of 2011 is over, the group continues to expand its finance deals with its corporate clients to support them in executing their projects. Our support reiterates our commitment to develop and provide the best financial solutions to our clients and their businesses,” Al-Haqaq concluded.

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.