BMI Bank launches Qatar operations
First Bahrain based Commercial Bank to get a license to operate at the Qatar Financial Centre (QFC)
Bahrain Based BMI Bank (BMI) today announced the launch of its Qatar branch at a ceremony held at the Four Seasons Hotel in Qatar. BMI’s Qatar branch is the first overseas branch for the bank and operates at the Qatar Financial Centre (QFC) under a Category One banking license, issued by the Qatar Financial Centre Regulatory Authority (QFCRA). The branch 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.
Speaking at the launch, Andrew Bainbridge, Chief Executive Officer of BMI said:
“I am delighted to announce the launch of our first branch in Qatar. Having a physical presence there enables us to tap into one of the most attractive markets in the region with excellent economic growth and banking sector performance. BMI 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 Seychelles as well as our stake in Gulf African Bank in Kenya, we are moving forwards.
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 BMI to our Qatar business having previously been the General Manager in Bahrain. ”
The launch was attended by Shaikh AbdulMalik bin Abdullah Al Khalili - Chairman of BMI Bank, Andrew Bainbridge- Chief Executive Officer of BMI Bank, Government officials, senior dignitaries as well as other bank officials, guests and valued customers.
“Establishing a green field operation in a mature, multibanked market is a challenge which BMI has taken up and we are excited with 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. I would like to take this opportunity to thank the QFC for their support, guidance and encouragement and look .We look forward to providing our clients a pleasant banking experience with an expanding product range.” said Abbas Al Derazi, Managing Director Qatar Branch
The QFC is a financial and business centre established by the government of Qatar in 2005 to attract international financial services and multinational corporations to grow and develop the market for financial services in the region. QFC provides access to over US$140 billion of investment in Qatar over the next 5 years as well as to over US$1 trillion planned investment across the GCC. QFC consists of a commercial arm, the QFC Authority and an independent financial regulator, the QFC Regulatory Authority. It also has an independent judiciary which comprises a civil and commercial court and a regulatory tribunal. Many global and regional financial institutions – spanning commercial banks, investment banks, insurance companies and financial services firms - have been granted authorization by the QFC.
BMI recently reported a net profit of USD 7.4 million for the first half ended 30 June 2008, an increase of 23 % as compared to the corresponding period during the previous year. Loans and Advances stood at USD 1,185 billion as compared to USD 853 million at 30 June 2007. BMI’s “Investment Grade” rating positions it amongst the top few in Bahrain. The ratings are a reflection of its profitable profile, diversified revenue streams and strong support from its shareholders. BMI announced an increase in its total equity (share capital and reserves) to USD 360 million, an increase of 253% from the USD 102 million as at 31st December 2007. The increase, a result of a fresh injection of USD 250 million 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
