
Burgan Bank Wins J.P. Morgan's ‘Elite Quality Recognition' Award for 2021
The only Bank in Kuwait to have won the Award for the period from 2001-2021 consecutively
Mr. Mohammad Najeeb Al-Zanki, Head of Corporate Banking - Assistant General Manager, and Mr. Mohammad Al Zayed, Head of Operations at Burgan Bank receiving the award from J.P. Morgan’s representatives
Kuwait, 2 July 2022
Burgan Bank recently received the coveted ‘Elite Quality Recognition Award’ for the year 2021 from JPMorgan Chase N.A., in recognition of its consistently high-quality performance. The award highlights the Bank’s advanced standards maintained in the complete range of client US Dollar funds transfer operations by both management and staff.
J. P. Morgan Chase commended the Bank for achieving 99.91 percent straight-through processing (STP) in the MT103 category and 99.89 percent for the MT202 category of payments, thus, entitling Burgan Bank to the ‘Elite Quality Recognition Award’ in both categories. Highlighting the best-in-class straight-through processing (STP) rates, Burgan Bank was among the few banks across the MENA region to receive the Elite level of the award for both its customer and bank-to-bank transfers.
Mr. Masoud M. J. Hayat, Vice Chairman and Group CEO of Burgan Bank Group with Burgan Bank team
It serves to mention that the awarding methodology, employed in J.P. Morgan Chase’s approach to quality recognition, is based on dividing the categories for the year 2021 into two specific groups, each classified according to the optimal performance level exemplified in its STP procedures. Accordingly, The MT103 category pertains to a minimum of USD 10,000 in transfers, where the ‘Quality Recognition’ Award in this category is granted to achieving 90% to 98.9% STP rate. The ‘Elite Quality Recognition’ Award, on the other hand, is granted to those achieving an STP rate of 99.0% or higher. The MT202 award category however pertains to a minimum of USD 8,000 in transfers, nabbing a ‘Quality Recognition’ Award at 98% to 99.69% STP, followed by an Elite Award for 'Quality Recognition' achieving 99.7% STP and above.
Commenting on the Bank’s accomplishment, Mr. Mohammad Al Zayed, Head of Operations, Burgan Bank, said: “As the only Bank in Kuwait to have won the J.P. Morgan Chase Quality Recognition Award consecutively for the period from 2001-2021, we are proud of the legacy that once again comes with us achieving one of the highest STP rates for the USD dollar transfers. This clearly underscores premium quality, efficiency and reliability and indicates the leading role Burgan Bank plays in this domain. Moreover, the J.P. Morgan Chase awards reflect Burgan Bank’s commitment to ensuring systematic outstanding financial services and solutions that cater to our customers’ requirements.”
J.P. Morgan Chase has been supporting the industry by awarding selected US dollar clearing clients since 1997, who have managed to successfully achieve a first-rate level of operational excellence and exemplary straight-through results by properly managing their SWIFT transfer procedures.
Home >> Business and Economy Section
Passenger Growth Hits 5% in May
May Air Cargo Demand Up 2.2% Despite Trade Disruptions
KIB promotes financial awareness and banking literacy among visitors of Assima M ...
Hibrid and Alibaba Cloud Sign MoU to Deliver Advanced Streaming and Comprehensiv ...
Get Ready for Fabulous Summer Looks with BADgal BANG! Power Blue Mascara!
Burgan Bank Appoints Mohammed Al-Roomi as Deputy General Manager of Information ...
KIB signs strategic partnership with IE Business School under Waed program
Bigger Thrills and Better Rewards Await You This Dubai Summer Surprises at Merca ...
KIB hosts a panel discussion titled ‘Financing and Mortgages: Opportunities and ...
Burgan Bank Organizes Field Visit for ‘Academy X' Students at its Headquarters i ...
Kuwait celebrates National Day at Expo 2025 Osaka with a striking showcase of cu ...
CASIO Middle East & Africa Marks Six Decades of Calculator Legacy
EASA and IATA publish comprehensive plan to mitigate risks of GNSS interference
African Energy Week (AEW) 2025 to Host Dedicated Energy Finance Track
EGYPTAIR discloses order for an additional six Airbus A350 aircraft
KIB Group, represented by KIB Invest, serves as Joint Lead Manager in Boubyan Ba ...
Riyadh Air places firm order for 25 Airbus A350-1000 aircraft
Burgan Bank Raises Financial Awareness and Digital Innovation Initiatives by Col ...
essence launches Fondation Stick: A New Take on Makeup, Friendship, and Sharing ...
AviLease orders Airbus A350F freighters and A320neo Family aircraft