Burgan Bank Increases Authorized Capital in Its 34th Extra-Ordinary General Meeting
Press release
The Bank’s authorized capital ceiling was raised from KD 250,000,000 to KD 400,000,000 and it to be utilized in the future as needed.
Burgan Bank, Kuwait’s second largest conventional bank by assets, raised its authorized capital ceiling after obtaining shareholders’ approval in the 34th Extra-Ordinary General meeting held yesterday.
The Bank’s authorized capital ceiling was raised from KD 250,000,000 to KD 400,000,000 and it to be utilized in the future as needed.
Mr. Majed Essa Al Ajeel, the Chairman of Burgan Bank commented: “We are grateful for the continuous support and trust our shareholders have placed in us. Increasing the authorized capital ceiling will allow the Bank in the future, and when needed, to maintain healthy capitalization ratios in accordance with the standards adopted by the regulatory authorities. It will also allow the Bank to capture growth opportunities in the future.”
The Bank also approved the report of the External Auditors in this regard and the amendment of Article (6) of the Memorandum of Association and article (5) of the Articles of Association of the Bank as stipulated in agenda of Burgan Bank’s 34th Extra-Ordinary General Assembly which was held at on Sunday.
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. It has one of the largest regional branch networks across Kuwait, Turkey, Algeria, Iraq, Tunisia, and Lebanon as well as a representative office in Dubai, United Arab Emirates.
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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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