The Union of Arab Banks Names Adel Al-Majed (Arab Banker of the Year 2020) Due to His Banking Role & Achievements Domestically and Regionally

The Union of Arab Banks has announced that Mr. Adel Al-Majed, Vice-Chairman & Group Chief Executive Officer of Boubyan Bank Group, has been named “Arab Banker of the Year 2020”. This is the highest recognition given by the Union for excellent achievers in the Arab financial and banking business.

The Board of Directors of the Union of Arab Banks has unanimously approved to honor and recognize Mr. Al-Majed, who is the current Chairman of Kuwait Banking Association, in recognition of his career that contributed to the growth of the banking industry in Kuwait and the region over the past 4 decades that he dedicated to the banking industry while working for the National Bank of Kuwait, after which he moved to Boubyan Bank in 2009.

It is expected that he will be recognized and honored during the International Arab Banking Summit to be held in Rome, Italy, in next June in a special ceremony to be attended by important bankers including Arab and international bankers.

Al-Majed is a Kuwaiti banker with a proven record of successful achievements whether in strategic positioning, increasing sales, or improving financial results of organizations while leading operational developments that aim to boost production and cost control in addition to being one of the most significant contributors to the growth of the Kuwaiti banking sector in terms of regulatory aspects and joint projects.

This recognition coincides with Boubyan Bank’s celebration of its 16th anniversary after being established as the second Islamic bank following the offering of shares to citizens, which was then considered to be the largest public offering in the history of Kuwait with a KWD 76 million of capital.

Over those years, Boubyan Bank managed to confirm its status as one of the most important Kuwaiti banks that made lots of achievements and successes in the local market despite its establishment since a relatively short period.

Boubyan Bank’s journey of success started in August 2009 with the new executive management led by Mr. Al-Majed, after NBK had obtained the approval of the Central Bank of Kuwait of the acquisition of a controlling interest in Bank of Kuwait to make it its Islamic arm.

At that time, the bank developed a strategy in collaboration with one of the top international advisory firms, which relied on returning to the basics of the banking business while focusing on the local market by rearranging the branches’ network, offering new services and products, and focusing on customer service.