Burgan Bank Launches the First Co-branded MasterCard in
Kuwait in Partnership with Virgin Megastores

Press Release
Kuwait, 08 May 2005

Yesterday marked the beginning of a new era for banking in Kuwait. Burgan Bank launched the VIP (Virgin Important Person) the first co- branded MasterCard in partnership with Virgin Megastores introducing a whole new concept in the Entertainment world to the Kuwaiti public.

The co-branded card known as the VIP-Burgan Bank Card is available as both a pre – paid card and a credit card. It has a number of unique value propositions that will attract a very positive response from existing and new customers alike bearing in mind the on-going special discounts and offers at Virgin Megastores, a unique worldwide points program rewarding customers with redemption for free products of their choice at Virgin Megastores (Kuwait), and monthly fully paid trips to entertainment and sports events in the region. In addition, the VIP of the Year will receive an entertainment package of a lifetime.

The VIP Burgan Bank Card can be used locally in Kuwait and globally in over 210 countries and territories where MasterCard is accepted. This means access to over 24.6 million merchant locations and over 1 million ATMs worldwide. The partnership offers customers unparalleled benefits- innovative and creative banking services from Burgan Bank, access to the global entertainment industry through Virgin Megastores and truly global card acceptance through MasterCard.

To facilitate the introduction of The VIP Burgan Bank Card, Burgan Bank has established an easy and convenient system to give total customer satisfaction. A dedicated counter has been set up at Virgin Megastore to service VIP Burgan Bank Card members, with a second counter promoting all Burgan Bank services and products to all Virgin Megastores shoppers.

Jonathan Lyon – CEO of Burgan Bank, quoted: “This unique partnership is part of our bank’s strategy of introducing innovative and creative concepts that will reward customers by meeting their cultural and entertainment needs”.

Jean–Claude Torbey – Regional Director of Virgin Megastores, quoted: “We have built the VIP Loyalty program that was first initiated by Virgin Megastores France and tailored it to the region into a Pre-paid and Credit Card loyalty program partnership with one of the top banks. It is our way of saying thank you to our customers and rewarding them with life fulfilling entertainment benefits from Virgin Megastores and partners.

Mohammad Daher of Virgin Megastores and Managing Partner of Group Seven, added: “We have built the VIP program to say thank you to our customers for their loyalty and reward them with life fulfilling entertainment benefits from Virgin Megastores and Partners”.

“We are pleased to have worked closely with Burgan Bank and Virgin Megastores to launch this co-branded MasterCard program in Kuwait. This unique payment card demonstrates how MasterCard is a leader in providing its customer financial institutions and their cardholders with a variety of innovative and secure payment solutions," said Denzil Lawson, Senior Vice president & General Manager, MasterCard International Middle East & North Africa. "MasterCard continues to be a leader in co-branded programs that offer customers expanded benefits including global acceptance and loyalty rewards” he added.

The VIP Burgan Bank Card brought to you by Burgan Bank in partnership with Virgin Megastores & MasterCard International aims to become a key part of fulfilling the wide entertainment needs of thousands in Kuwait.

About Burgan Bank

Burgan Bank is now the leading technological bank in Kuwait. Its many achievements in this field include Bee Bank - the first and most professional internet banking site in Kuwait, B-24 – the first fully automated branches, B-Everywhere – the first and only Mobile ATM service in Kuwait, B-SMS – the first and only interactive SMS based account information service. 2005 will see Burgan Bank introduce further innovations, the first of which is M-Commerce in partnership with Wataniya telecom.