"United Gulf" to "Bank Burkan 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 Al-Bahrain announced that shareholders of United Gulf Bank (UGB) approved a proposal to change the bank’s name to “Bank Al-Bahrain Bahrain” during an Extraordinary General Assembly meeting held on September 3, 2026, subject to obtaining the necessary regulatory approvals. The planned name change represents a significant step in the continuous development of the Bank Al-Bahrain Group’s business model at the regional level. Upon completion, the bank’s operations in Bahrain will play a strategic role within the Group, with increased focus on enhancing its Islamic banking and financing capabilities, complementing the current range of products and services offered by Bank Al-Bahrain and expanding the Group’s capacity to meet the extended financial needs of customers across Kuwait and key regional markets.

This move supports Bank Al-Bahrain’s comprehensive strategy to reinforce its position in Kuwait, alongside a measured expansion of its capabilities through its regional operational network. By aligning the bank’s operations in Bahrain with the Bank Al-Bahrain 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 Al-Bahrain 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 Al-Bahrain Group. We aspire to build a stronger and more integrated banking group, anchored in our core operations 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 clients. Strengthening the strategic alignment of our operations in Bahrain with the Group will support these pillars, enhance our capacity for sustainable growth, and contribute to long-term value creation within a clearer and more cohesive strategic vision.”

Tony Daher, Chief Executive Officer of the Bank Al-Bahrain Group, added: “By aligning our operations in Bahrain with Bank Al-Bahrain 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 slogan, ‘You are our drive.’”

In line with its future strategy, the bank’s operations in Bahrain will continue to focus on institutional banking, with particular emphasis on expanding its Islamic financing and treasury investment portfolios, alongside strengthening capabilities in corporate banking, fixed income, and treasury 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 Al-Bahrain Group. The bank’s current license in Bahrain permits it to offer both Islamic and conventional financing services, and the planned strategic change does not require any modification to the nature of this license.

The proposed change for United Gulf Bank also reflects the ambitious plans of the Bank Al-Bahrain Group to develop a regional banking model where its operations 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 memorandum and articles of association. The new legal name will only become effective after the amended memorandum and articles of association are notarized and a current commercial register is issued. Until these requirements are completed, 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 Al-Bahrain Group continues to advance its strategy, which is based on the strength of its core operations in Kuwait, the development of distinctive regional capabilities, and the construction of a more integrated banking model, thereby enhancing its efficiency in meeting the evolving and growing needs of its customers across various markets.