Burgan Bank Convenes its 57th Ordinary General Meeting

Press release

Published June 23rd, 2022 - 07:48 GMT

Burgan Bank Convenes its 57th Ordinary General Meeting

During the event

Highlights

Burgan Bank has convened its 57th Annual General Assembly meeting on Wednesday 22nd of June at KIPCO Tower with a quorum of 85.138%.

Burgan Bank has convened its 57th Annual General Assembly meeting on Wednesday 22nd of June at KIPCO Tower with a quorum of 85.138%. During the meeting, all the items on the Assembly’s agenda were approved, including the nomination of the Board of Directors for the 2022-2024 board cycle. In conformity with the Central Bank of Kuwait’s mandate on independent Board membership, Burgan Bank shareholders have elected five independent board members with proven leadership and extensive expertise.

Following its first meeting, the new Board of Directors announced that it has elected Sheikh Abdullah Nasser Sabah Al Ahmad Al Sabah as a new Chairman to succeed Mr. Majed Essa Al Ajeel, who chaired Burgan Bank’s Board for the past 12 years.

On this occasion, Sheikh Abdullah Nasser Sabah Al Ahmad Al Sabah, Burgan Bank’s Chairman stated: “I am confident that, with the expertise and capabilities of the Board members, and the trust of our esteemed shareholders, we can keep steadily advancing Burgan Bank towards further sustainable development, growth and excellence.”

Sheikh Abdullah Nasser Sabah Al Ahmad Al Sabah further added “I would like to thank Burgan’s executive management and all the Bank’s employees for their dedication and perseverance that led to the positioning of Burgan Bank as one of the leading financial institutions in Kuwait”, he added.

Mr. Masoud M.J. Hayat, Burgan Bank’s Vice Chairman and Group Chief Executive Officer, declared: “Today we welcome the new Board Chairman and members, wishing them success in their mission during the new cycle. We will continue, with the expected support of the Board of Directors, to successfully implement the Bank's plans and strategy. With this new cycle, we will pursue our strategic course and focus closely on diversifying our business offerings, expanding our product portfolio and accelerating our investment in innovation and digital transformation.”

Burgan Bank’s Board of Directors members elected for the next three-year term, are as follows:

Chairman: Sheikh Abdullah Nasser Sabah Al-Ahmad Al-Sabah

Deputy Chairman: Mr. Masoud M. J Hayat

Member: H.E Abdulkareem El-Kabariti

Member: Mr. Abdullah Mohammed AlSharekh

Member: Mr. Faisal Mansour Sarkhou

Member: Mr. Mazen Issam Hawwa

Independent Member: Mr. Fouad Husni Douglas

Independent member: Mr. Faisal Mohammed Al-Radwan

Independent member: Dr. Amani Khalid Bouresli

Independent member: Mr. Sager Abdullah Al-Sharhan

Independent member: Mr. Michel A. Accad

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.