Mr. Majed Al-Ajeel “Increase in Number of Members of the Board During the Extraordinary General Meeting '

Kuwait, 16 February 2020:   Burgan Bank announced during the 35th Extraordinary General Meeting the approval of the recommendation of the Board of Directors to increase the number of members to eleven members, and amend articles (16) and (17) and (18) of the Bank's articles of association.

Mr. Majed Essa Al-Ajeel, Chairman of Burgan Bank, said: “This amendment comes as part of Burgan Bank’s commitment to maintain and implement best governance practices and to ensure the implementation of the Central Bank of Kuwait’s guidelines issued on 10/9/2019 regarding the rules and regulations of governance in Kuwaiti banks. This falls within the framework of the ongoing efforts and commitment by the Board of Directors of Burgan Bank Group to achieve the regulatory requirements.”

Al-Ajeel further added: “In order to fulfil the requirements, the Board of Directors has approved its work plan and schedule for the implementation stages, including the increase in the number of members of the board to 11 members, with the addition of two independent members before the date of 30/6/2020 to raise it to four independent members before 6/30 /2022.'

Burgan Bank encompasses operations in Kuwait and its regional subsidiaries, namely Burgan Bank Turkey, Gulf Bank Algeria, Tunis International Bank. It has one of the largest regional branch networks across Kuwait, Turkey, Algeria, and Tunisia as well as a representative office in Dubai, United Arab Emirates.