Mubasher: Burgan Bank will renew $500 million perpetual bonds issued five years ago next September, the lender’s chairman said.

The bank will use the proceeds of its next bond issue in renewing the $500 billion bond issue carried out in five years ago, Majed Al Ajeel told Al Rai newspaper.

Al Ajeel further noted that the lender is not planning to expand, acquire, raise investments globally, or trim overseas business in the meantime.

The chairman forecast Burgan Bank to post positive results in this year, compared to 2018.

The Kuwaiti bank is facing the challenging business environment in the banking sector in some markets with prudent risk management, Al Ajeel said.

Burgan Bank’s strategy ensures raising its market shares, along with recording high fiscal performance, he added.

In the first quarter of 2019, Burgan Bank’s profits fell 5.7% to KWD 19.21 million from KWD 20.38 million during Q1-18.