Burgan Bank provides facilities worth US $150 Million to United Arab Shipping Company (UASC)

Press release
Published April 16th, 2012 - 08:03 GMT
Burgan Bank
Burgan Bank

Burgan Bank announced today that the bank’s Corporate Banking Group has successfully completed a finance deal with United Arab Shipping Company (UASC), the largest shipping company in the Middle East. The US $150 million loan will be used for financing the capacity expansion undertaken by UASC through the acquisition of nine A13 class container ships, one of the largest of their kind in the shipping industry at present. 

Majed Essa AL Ajeel, Burgan Bank Chairman said during the signing ceremony on the 15th of April: “Burgan Bank’s Corporate Banking Group has proved over the years to be a reliable partner for growth by industry leaders such as UASC. The group continues to expand its finance deals with its corporate clients to support them in executing their strategic plans. Our support reiterates our commitment to develop and provide the best financial solutions to our clients and their businesses.”

UASC is owned by six Gulf countries, namely Kuwait, Qatar, Saudi Arabia, Bahrain, United Arab Emirates and Iraq. 

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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