Kuwait’s Burgan Bank announced that it was recently granted a licence to offer wealth management services to its clients by the Capital Markets Authority (CMA). 

 

The licence, issued as a preliminary approval that’s valid for six renewable months, marks a new chapter for Burgan Bank in its pursuit of comprehensive financial excellence and offering premium advisory and management solutions to its elite clientele.

 

According to the initial approval under CMA resolution No. 200 of 2022, Burgan Bank is now licenced to offer its clients a new range of services that includes investment advisory, unregistered securities brokerage, and investment portfolio management. All of this will be operated by the bank’s Wealth Management team and facilitated by dedicated and professional Relationship Managers whose responsibilities entail assisting clients in fulfilling banking transactions that range from simple, everyday operations to big scale domestic and international investments.

 

Major leap

Hameed Abul, Chief Private Banking and Wealth Management Officer at Burgan Bank, said: “This enables us to take a major leap forward in our offerings, expanding not only our portfolio of services, but also the scope of client segments we can cater to. With this new development, we are now better positioned than ever to cater to our customers’ needs and meet their aspirations, able to serve them in more ways than ever before. With this wealth management licence, we are committed to explore new horizons and expand our investment capabilities.”

 

Abul further noted that Burgan Bank is moving ahead with plans to establish itself as a first-class wealth management service provider in the market. “The first milestone for our Wealth Management division is working towards is fulfilling the CMA requirements needed for the three-year renewable licence, and we are looking forward to plenty of growth in this area in the coming future,” he added. 

 

As a leading financial institution in Kuwait, Burgan Bank remains committed to supporting its customers and being their trusted financial partner; a goal that has always driven the bank to grow and tap into new banking and financial services that enable customers and propel the national economy forward.-- TradeArabia News Service