Mubasher: Burgan Bank has received Kuwait’s Central Bank of Kuwait (CBK) approval for the issuance of Perpetual Tier 1 (AT1) capital securities at up to $500 million.  

The issuance of the perpetual securities will help the bank manage its capital and long term liquidity in accordance with regulatory requirements, according to a bourse statement released on Tuesday.

Earlier in June, Burgan received Kuwait’s Capital Markets Authority’s (CMA) approval to issue the $500 million securities.

Burgan Bank reported a 10.8% year-on-year increase in revenue during the full year 2018, recording KWD 265.3 million ($878.1 million).