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Press Releases >> For
Year 2009
“Burgan’s regional expansion progresses,” says Burgan Chairman “Transfer is excellent return for shareholders” says UGB’s Managing Director
Kuwait City, 5th May, 2009: Burgan Bank and United Gulf Bank (UGB) today announced that Burgan Bank has completed the process of transfer of Bank of Baghdad and Algeria Gulf Bank from UGB. The deal – which is part of Burgan’s regional expansion strategy – will take Burgan’s total stake in Bank of Baghdad to 45.31 per cent and 60 per cent in Algeria Gulf Bank. Burgan Bank’s expansion strategy - announced in 2008 - involved the purchase of stakes in Jordan Kuwait Bank, Algeria Gulf Bank, Bank of Baghdad and Tunis International Bank from UGB. Burgan Bank Chairman, Mr. Tariq AbdulSalam, said: “We are very pleased to have finalized the transaction with UGB. Burgan Bank now has a majority stake in Jordan Kuwait Bank in which the transaction was completed in July 2008, a 45.31% stake in Bank of Baghdad and a majority stake of 60% in Algeria Gulf Bank. We are confident that the deals will deliver strong growth and significantly increase our presence across the MENA region. Our regional expansion strategy has progressed well and is now almost complete.” UGB’s Managing Director, Mr Masaud Hyatt, said: “The transfer of the commercial banks has provided excellent return to our shareholders and will allow UGB to focus on its investment banking & asset management business.”
- Ends - Notes to Editors: About Burgan Bank Burgan Bank is a subsidiary of KIPCO (Kuwait Projects Company). The youngest and most dynamic commercial bank in the State of Kuwait, established in 1977, the Bank has acquired a leading role in the retail, corporate and investment banking sector through innovative product offers and technologically advanced delivery channels. It has continuously improved its performance over the years by applying an expanded revenue structure, good asset quality, diversified funding sources and a strong capital base. The adoption of state-of-the-art services and ground-breaking technology has positioned it as a trendsetter in the domestic market. At present it enjoys a wide reach through our network of 21 branches and over 130 ATM's making it one of the widest ATM networks in the GCC.
The brand has been created on a foundation of real values – of trust, commitment, excellence and progression to remind us of the high standards to which we aspire. ‘People come first’ is the foundation on which its products and services are developed and are further augmented by its three pillars of innovative technology, staff competency and customer service. It is committed to offering an enhanced banking experience. The Bank was recertified and is still the only bank in the GCC with ISO 9001:2000 certification in all its banking businesses. It also has to its credit the distinction of being the only bank in Kuwait to have won the JP Morgan Chase Quality Recognition Award, 10th year in succession and was also acknowledged as the ‘Best Local Private Bank’ in Kuwait in the Fourth Annual Euromoney Private Banking Survey 2007. Further, for two consecutive years, it was conferred the COMMERZBANK Recognition Award, for maintaining high standards of quality, efficiency and reliability while processing Euro currency transactions as well. The Bank’s commitment to uphold best practices was recognized when it won the region’s first Hawkamah-UAB Bank Corporate Governance Award 2007 while its marketing excellence was recognized as amongst the best in the region by the Middle East Business Achievement Awards 2008. About UGB UGB, the investment banking subsidiary of Kuwait Projects Company (Holding) (KIPCO), manages a regional network of investment/asset management companies and commercial banks. Its proprietary investments include assets in real estate, private equity, structured products and quoted securities. As of December 2008, assets under management exceeded US$ 9.0 billion (2007: US$ 8.5 billion). UGB’s core subsidiaries and associates include: Al Dhiyafa Investment Company, KIPCO Asset Management Company (KAMCO), Manafae Investment Company, Millennium Finance Corporation, Royal Capital Company, Syria Gulf Bank, Tunis International Bank, United Cable Company, United Gulf Bank Securities Company, United Healthcare Company, United Industries Company and United Real Estate Company. UGB and its subsidiary KAMCO have a proven track record of successfully completing around 60 investment banking transactions for its clients since 2001 with an aggregate value of over US$ 8 billion including corporate finance, advisory, new issue placement and underwriting, corporate restructuring, bond issuance and merger and acquisition. UGB is part of the KIPCO Group - one of the biggest diversified holding companies in the Middle East and North Africa, with assets worth more than US$19 billion under management or control. The Group has substantial ownership interests in a portfolio of over 50 companies operating across 21 countries. The company’s main business sectors are financial services and media. Through the subsidiaries and affiliates of its core companies, KIPCO also has interests in Real Estate, Industry, Healthcare and the Management & Advisory sector.
For further information, please contact:
Burgan Bank:
UGB:
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