Burgan Bank wins J.P. Morgan’s 2014 Quality Recognition Award

Press release

Published May 31st, 2015 - 04:43 GMT

The Awards

Burgan Bank today announced that it has received the coveted ‘Quality Recognition Award’ for the year 2014 from J.P. Morgan. The award acknowledges the bank’s consistent, high quality performance and standards in complete range of USD funds transfer operations management and staff has maintained during the year.

J.P. Morgan recognized the bank for achieving 99.7% straight-through processing (STP) in MT103 category and 99.98% in the MT202 category, thus, entitling Burgan Bank to the ‘Elite Quality Recognition Award’ in both categories. Burgan Bank was among the few banks across the MENA region to receive the Elite level of the award for both its treasury and commercial activities.

Commenting on the bank’s prestigious win, Adrian Gostuski, Burgan Bank Group’s Chief Operating Officer said: “This award is a testament to Burgan Bank’s ability to achieve and perpetuate excellence in its financial services across the MENA region. J.P. Morgan has constantly recognized Burgan Bank’s operations excellence, a step which further illustrates the bank’s leading presence in the global financial services market.”

“On behalf the entire team at Burgan Bank, I would like to thank J.P. Morgan for recognizing our exceptional financial services, and to thank our employees in maintaining high quality performance and standards for funds transfer operations.” added Gostuski.

Since 1997, J.P. Morgan has presented awards to select U.S. dollar clearing clients that achieved a best in-class level of operational excellence. These awards are given to clients who achieve outstanding straight-through results by properly formatting their SWIFT payments.

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.