Burgan Bank signs USD 1 billion issue at World Bank meet

The signing of this multi-year transaction was completed when all involved parties met at the International Monetary Fund (IMF) / World Bank summit in Singapore.

Burgan Bank, which is the youngest commercial bank in Kuwait, is rated BBB+/A-2 by S&P and P-1/A2 by Moody's (having just been upgraded from P-2). This deal strengthens the Banks' positioning as it looks to expand its geographical presence and diversify its sources of funds in view of building its client portfolio, not just locally, but also internationally. The US$ 1 Billion issue is one of a few planned investment opportunities that will target predominantly international investors.

According to Mr. Jonathan Lyon, Chief Executive Officer, Burgan Bank,

"The Kuwait financial market has witnessed excellent growth rates over the last couple of years. This has been fueled by the high oil prices and increased investor confidence not only from the region, but also beyond. Burgan Bank looks to leverage on the market confidence and gradually become a stronger regional player".

Mr. Ziad Sarawan, Senior General Manager, Treasury & Investment Banking, Burgan Bank, said, "Burgan's reputation for innovation and flexibility in the financial sector coupled with the strong international commitment from our partners seen in this programme, will help to ensure the long-term success of this issue as well as contributing to the Bank's continued success."

The Bank has grown prudently over the last few years but it continues to set its sights on becoming one of the leading banks in the region.