Burgan Bank wins J.P. Morgan Elite Quality Recognition Awards for outstanding achievements of 2015

Press release

Published December 6th, 2015 - 05:47 GMT

J.P. Morgan Awards Received

Burgan Bank announced that it has received the coveted ‘Quality Recognition Awards’ for the year 2015 from J.P. Morgan Chase. The awards acknowledge the bank’s consistent, high quality performance and standards in the complete range of USD funds transfer operations the management and staff have maintained during the year.

J.P. Morgan Chase recognizes the bank for achieving 99.0% straight-through processing (STP) in the MT103 category and 99.7% 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 customer and bank to bank transfers.

Sherif Abdelsalam, Executive Director – Treasury Services - Head of GCC Financial Institutions Coverage at J.P. Morgan Chase, said: “Since 1997, we have presented the Quality Recognition Award to acknowledge the consistent, high quality performance of our clients’ fund transfer operations management and of their staff. This year, less than 1% of our fund transfer clients were qualified for this highly remarkable award. For that, I would like to congratulate Burgan Bank for being one of those few deserving it, which further illustrates the bank’s leading presence in the global financial services market.”

Commenting on the bank’s prestigious win, Adrian Gostuski, Burgan Bank Group’s Chief Operating Officer said: “The J.P. Morgan Chase awards demonstrate Burgan Bank’s commitment to quality offered to its clients, for both MT 103 & MT 202 Payments. We are proud to have the best-in-class straight-through processing STP rates and it is testimony to the hard work and dedication of our operations team in achieving the best in class solutions to meet customers’ financial needs.”

He added: “On behalf the entire team at Burgan Bank, I would like to thank J.P. Morgan Chase for recognizing our exceptional financial services, and to thank our employees in maintaining high quality performance and standards for funds transfer operations, which always proves our Objective “Driven by you.”

Since 1997, J.P. Morgan Chase has presented awards to selected 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.