Burgan Bank wins ‘Best Banking Group in MENA 2012' award

03/04/2012 08:00 AST

Burgan Bank Group announced yesterday that it has received the prestigious “Best Banking Group in MENA 2012? award by Global Banking & Finance Review, one of the world’s leading global banking and finance online publications.

The award comes in recognition of the group’s turnaround performance and delivery of sound results across its operations in Kuwait, Jordan, Algeria, Iraq and Tunis.

Eduardo Eguren, Burgan Bank Group’s Chief Executive Officer said: “We are very pleased with our recent achievement of being recognized as the “Best Banking Group in MENA 2012?. This accolade is a testament to our turnaround process that delivered a solid financial performance across the group.”

“Our 2011 performance was marked by five major highlights that delivered a robust financial performance despite the low economic activity levels and political unrest in some part of the region: improving our top line behavior (revenues) and operating margins, reducing the cost of credit, Restoring the profitability of Kuwait’s operations, maintaining the growth trajectory modes of the regional subsidiaries, and delivering significantly improved returns to our shareholders. 2011 performance has placed the group in a strong position and we are well poised for growth in 2012 and beyond.” Added Eguren.

Burgan Bank has four majority owned subsidiaries: Jordan Kuwait Bank (Jordan), Gulf Bank Algeria (Algeria), Bank of Baghdad (Iraq), and Tunis International Bank (Tunisia), (collectively known as the “Burgan Bank Group”).

Kuwait Times