BMI Bank to start operations in Qatar |
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DOHA - BMI Bank (BMI)BMI Bank (BMI)
of Bahrain will be commencing operations from the Qatar Financial Centre (QFC)Qatar Financial Centre (QFC) with a 'Category 1' licence. This will be the first overseas branch for the bank and will initially focus on establishing a corporate foothold within the country and offer services to corporate customers including working capital facilities, trade and treasury products and term deposits in addition to private banking and global trade services. Andrew Bainbridge, BMIBMI CEO, said: "Having a physical presence here enables us to tap into one of the most attractive markets in the region with excellent economic growth and banking sector performance. BMI BankBMI Bank was set up with a vision to create a universal bank and with the launch of our Qatar branch, along with the recently-launched offshore operations in the Seychelles as well as our stake in Gulf African Bank in Kenya, we are moving forward."
He said: "The launch of our Qatar business will help us in providing financial solutions to both existing and new customers. Abbas Al Derazi, our Managing Director for Qatar, brings the culture, values and vision of BMIBMI to our Qatar business having previously been General Manager in Bahrain." The launch, held at the Four Seasons Hotel, was attended by Sheikh Abdul Malik bin Abdullah Al Khalili, BMI BankBMI Bank Chairman, Bainbridge and government and bank officials. Al Derazi said: "Establishing a green field operation in a mature, multi-banked market is a challenge which BMIBMI has taken up and we are excited about the prospects for business. We have put together a team of experienced and committed staff, with simple and efficient processes in place that will make a difference in the market in the way we respond to customer needs."
BMIBMI reported a net profit of $7.4m for the first half of this year, an increase of 23 percent compared to the corresponding period the previous year. BMIBMI recently announced an increase in its total equity (share capital and reserves) to $360m, an increase of 253 percent from the $102m as at December 31, 2007. The increase, a result of a fresh injection of $250m from the existing shareholders would be used to fund the banks organic growth and provide necessary capital to expand into other regions and markets in line with the banks strategy. Abbas Al Derazi
© The Peninsula 2008
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