Burgan Bank Group Successfully Completes Its Rights Issue

Press release
Published October 14th, 2018 - 07:20 GMT
Mr. Majed Essa Al Ajeel, the chairman of Burgan Bank.
Mr. Majed Essa Al Ajeel, the chairman of Burgan Bank.

Burgan Bank, Kuwait’s second largest conventional bank by assets, announced successful completion of its Rights Issue, whereby the bank raised KD62.55 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.

Mr. 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% 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.

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.

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