Burgan Bank wins CITI Bank New York’s ‘Excellence Quality Recognition Award’

Award acknowledges bank’s consistent, high quality performance

KUWAIT: Burgan Bank announced that it has received the coveted ‘Excellence Quality Recognition Award’ for the year 2017 from CITI Bank New York. The award acknowledges the bank’s consistent, high quality performance and standards in the complete range of US dollar funds transfer and Treasury operations the management and staff have maintained during the year.

CITI Bank recognizes the bank for achieving 95 percent straight-through processing (STP) in the MT103 category, and 97 percent in the MT202 Category, thus, entitling Burgan Bank to this high prestigious ‘Excellence Quality Recognition Award’ in these two categories. Burgan Bank was among the few banks across the MENA region to receive this esteemed award for its customers’ transfers.

Mohamad Ahmed, Vice President, Correspondent Banking, at CITI bank, said: “We have presented this Excellence Quality Recognition Award to acknowledge the consistent, high quality performance of our clients’ fund transfer operations management and of their staff. I would like to congratulate Burgan Bank for being one of those few deserving it, which further illustrates the bank’s leading presence in the global financial services market.”

Commenting on the bank’s prestigious win, Haroon Ravat, Burgan Bank AGM – Head of Correspondent Banking, said: “The CITI Bank award demonstrates Burgan Bank’s commitment to quality offered to its clients, for MT 103 and MT202 Payments. We are proud to have one of the best-in-class straight-through processing STP rates and it is testimony to the hard work and dedication of our operations team in achieving the best in class solutions to meet customers’ financial needs.”
He added: “On behalf the entire team at Burgan Bank, I would like to thank CITI Bank for recognizing our exceptional financial services, and to thank our employees in maintaining high quality performance and standards for funds transfer operations, which always proves our motto: “Driven by you” .

CITI Bank has presented awards to selected USD clearing clients that achieved a best in-class level of operational excellence. These awards are given to clients who achieve outstanding straight-through results by properly formatting their SWIFT payments. The criterion used for the excellence award is for those banks who achieve straight through processing of 90 percent and above (90 percent of their outgoing traffic volume for each category being STP as opposed to manual intervention which is being the minimum standard STP rate).

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