Sector: Banks & Financial Services
Market Value: $2.4 billion
The Burgan Bank Group was established in 1977 by the government of Kuwait and privatized in 1997. Today, it has 127 branches and 284 ATMs across Kuwait, Türkiye, Algeria, and Tunisia. In February 2023, the Burgan Bank Group completed the sale of its 51.8% stake in the Bank of Baghdad to Jordan Kuwait Bank for $125 million. In December 2022, the Capital Markets Authority granted Burgan Bank Group initial approval to offer its clients investment advisory, unregistered securities brokerage, and investment portfolio management. The bank’s net profit soared 20.5% in 2022 to $191 million. The Kuwait Projects Company (Holding), known as KIPCO, owns 64.3% of the bank.