Leading Kuwaiti bank Burgan has announced that shareholders of United Gulf Bank (UGB) have approved a proposal to change its trade name to Burgan Bank Bahrain.

The proposed name change would bring UGB, the Bahrain-based banking operation, under the Burgan Bank brand as part of the group’s strategy to strengthen its core business in Kuwait while developing its regional operations.

It represents an important step in the continued evolution of Burgan Bank Group’s regional model. Upon completion, the Bahrain platform is intended to play a strategically important role within the Group, with an increased focus on Islamic banking and financing capabilities that complement Burgan Bank’s existing offering and expand the Group’s ability to serve clients whose financial requirements extend across Kuwait and key regional markets.

The move supports Burgan Bank’s broader strategy of strengthening its position in Kuwait while selectively expanding the capabilities available across its regional network. 

By bringing the Bahrain operation into closer alignment with the Burgan Bank brand, strategy and operating model, the Group aims to create a more agile and connected proposition that can leverage its combined relationships, expertise and market access across the region.

On the strategic move, Sheikh Abdullah Nasser Al Sabah, Chairman of Burgan Bank Group and UGB, said: "This proposed trade name change reflects a deliberate step in the continued evolution of Burgan Bank Group. Our strategy is to build a stronger, more integrated banking group anchored by our core franchise in Kuwait and supported by differentiated capabilities across our regional markets."

"This also forms part of our strategy to diversify our financial solutions to include Islamic financing, further strengthening our ability to address the diverse needs of our clients. Bringing our Bahrain operations into closer strategic alignment with the Group strengthens that foundation and positions us to pursue sustainable growth with greater focus, connectivity and long-term value creation," he added.

Burgan Bank said the Bahrain operation would remain focused on wholesale banking, with greater emphasis on Islamic financing and treasury and investment activities, alongside corporate banking, fixed income and treasury and global markets products.

The business will target high-net-worth individuals, family offices, companies and financial institutions, with a focus on clients across Kuwait, Bahrain, the United Arab Emirates and Saudi Arabia, the bank said.

"Our strategy is to build a stronger, more integrated banking group anchored by our core franchise in Kuwait," stated Sheikh Abdullah.

Burgan Bank Group CEO Tony Daher said: "By aligning the Bahrain operation more closely with Burgan Bank and increasing its focus on Islamic financing and wholesale banking solutions, we are creating a more connected platform capable of serving clients whose needs increasingly extend across markets."

"It will allow us to bring together the Group’s relationships, expertise and regional reach in a way that is more agile, more relevant and firmly aligned with our ‘Driven by You’ philosophy," he stated.

Under its future strategy, the Bahrain operation will remain focused on wholesale banking, with particular emphasis on expanding its Islamic financing and treasury investment portfolios, alongside capabilities across corporate banking, fixed income, and treasury and global markets products, he added.-TradeArabia News Service