Top international banking executive appointed Burgan Bank CEO

His appointment, previously approved by the Central Bank of Kuwait, has now been ratified by Burgan Bank's Board of Directors.

Mr. Lyon, aged 55, moves to Burgan Bank after five years as chief executive officer and country head of BNPP India. A U.S. citizen, he first joined BNPP (formerly Banque Nationale de Paris) at its Hong Kong branch in 1976. BNPP ranks as the largest Euroland bank in terms of capital and profits, and the sixth largest bank in the world in terms of total assets. He has held senior BNPP management positions of increasing responsibility in Singapore, Malaysia, Brazil and Greece, as well as becoming the bank's highest-ranked non-French executive.

"We're delighted to welcome a senior banking executive of such proven calibre, said Sheikh Mohammed AbdulAziz Al Jarrah Al Sabah, Burgan Bank chairman. "He joins us at a time when Burgan Bank is beginning an important new phase, and his experience and expertise will be vital as we move forward."

Burgan Bank is acknowledged as Kuwait's leader in electronic and automated banking, with a range of popular services. In 2003 Burgan Bank recorded net profit of KD 20.3 million, or 24.9 fils per share, a 59 per cent increase on the previous year. The Bank doubled its net profit by more than 100 per cent for the first quarter of 2004, achieving KD 6.6 million compared to KD 3.03 million for the same period of 2003. Earnings per share also increased to 8.1 fils, up by 119 per cent compared to the same period of 2003.