The licence has been issued as a preliminary approval with validity for six renewable months, reported Trade Arabia.
The approval, granted under CMA resolution No. 200 of 2022, allows Burgan Bank to offer investment advisory, unregistered securities brokerage, investment portfolio management and other services to its clients.
The bank’s wealth management team, which includes a number of relationship managers, will offer the service that ranges from local to international investment opportunities.
Burgan Bank chief private banking and wealth management officer Hameed Abul said: “This enables us to take a major leap forward in our offerings, expanding not only our portfolio of services, but also the scope of client segments we can cater to.
“With this new development, we are now better positioned than ever to cater to our customers’ needs and meet their aspirations, able to serve them in more ways than ever before.
“With this wealth management licence, we are committed to explore new horizons and expand our investment capabilities.”
According to Abul, the bank will continue to pursue its goal of establishing itself a major wealth management business in the market.
He added: “The first milestone for our Wealth Management division is working towards is fulfilling the CMA requirements needed for the three-year renewable licence, and we are looking forward to plenty of growth in this area in the coming future.”
The bank’s revenue for the nine-month period until 30 September, 2022, surged to KWD166m ($533.2m), primarily driven by 12.8% year-on-year increase in its net interest income.