Shareholders of 'Gulf United' approve name change to 'Burqan Bahrain'

As part of its ongoing strategy to strengthen its core operations in Kuwait and build a more integrated and distinctive regional banking model, Bank AlBahrain announced that shareholders of United Gulf Bank (UGB) approved, during an Extraordinary General Assembly meeting held on September 3, 2026, a proposal to change the bank’s name to “Bank AlBahrain Bahrain,” subject to obtaining all necessary regulatory approvals.

The planned name change represents a significant step in the continuous development of the Bank AlBahrain Group’s business model at the regional level. Once completed, the bank’s operations in Bahrain will play a strategic role within the group, with increased emphasis on enhancing its capabilities in Islamic banking and financing. This will complement the range of products and services currently offered by Bank AlBahrain and expand the group’s capacity to meet the evolving financial needs of its customers across Kuwait and key regional markets.

This move supports Bank AlBahrain’s comprehensive strategy to reinforce its position in Kuwait, alongside its measured expansion of capabilities through its regional operational network. By aligning its Bahrain operations with the Bank AlBahrain brand, strategy, and business model, the group aims to build a more flexible and integrated banking model that leverages its network of relationships, expertise, and market presence across the region.

Sheikh Abdullah Nasser Al-Sabah, Chairman of the Board of Directors of the Bank AlBahrain Group and Chairman of the Board of Directors of United Gulf Bank (UGB), stated: “This proposed change reflects a deliberate step in the continuous evolution of the Bank AlBahrain Group. We aspire to build a stronger, more integrated banking group rooted in our core business in Kuwait and supported by distinctive capabilities across our regional markets. This also aligns with our strategy to diversify our financial solutions to include Islamic financing, thereby enhancing our ability to meet the diverse needs of our customers. Strengthening the strategic alignment of our Bahrain operations with the group will support these pillars, boost our capacity for sustainable growth, and contribute to delivering long-term value within a clearer, more cohesive strategic vision.”

Tony Daher, Chief Executive Officer of the Bank AlBahrain Group, added: “By aligning our Bahrain operations with Bank AlBahrain and increasing our focus on Islamic financing and corporate banking solutions, we are building a more integrated model capable of serving customers whose needs increasingly span multiple markets. This step will enable us to leverage the group’s network of relationships, expertise, and regional presence more flexibly and effectively, in full alignment with our motto, ‘You Are Our Motivation.’”

Looking ahead, the bank’s operations in Bahrain will continue to focus on institutional banking, with particular attention to expanding its Islamic financing and treasury investment portfolios, while strengthening capabilities in corporate banking, fixed income, and global markets products. This model primarily targets high-net-worth individuals, family offices, corporate clients, and financial institutions, with a geographic focus covering Kuwait, Bahrain, the United Arab Emirates, and Saudi Arabia.

The increased emphasis on Islamic financing aims to enhance the group’s efficiency in meeting the requirements of customers seeking Sharia-compliant solutions, complementing the comprehensive banking services offered by the Bank AlBahrain Group. The bank’s current license in Bahrain permits it to offer both Islamic and conventional financing services, and the proposed strategic change does not require any modification to the nature of this license.

The planned change for United Gulf Bank also reflects the ambitious plans of the Bank AlBahrain Group to develop a regional banking model in which its businesses are more integrated under a unified strategy, brand, and customer service approach, while maintaining capabilities tailored to the specifics of each market and the needs of its customer base.

The Central Bank of Bahrain issued its no-objection letter regarding the proposed name change earlier this year in January. Following shareholder approval at the Extraordinary General Assembly, the process remains subject to fulfilling several regulatory and legal requirements, including obtaining approvals from the Ministry of Commerce and Industry and the Central Bank of Bahrain regarding the required amendments to the bank’s articles of association and bylaws.

The new legal name will only become effective after the amended articles of association and bylaws are notarized and a current commercial registration certificate is issued. Until these requirements are met, the approval by the Extraordinary General Assembly is limited to endorsing the name change and does not, by itself, bring the bank’s new identity into effect.

Through this step, the Bank AlBahrain Group continues to advance its strategy, which is based on strengthening its core operations in Kuwait, developing distinctive regional capabilities, and building a more integrated banking model that enhances its ability to meet the evolving and growing needs of its customers across various markets.