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Friday, November 13 - 2009

BMI Bank opens 8th retail branch

Bahrain based BMI Bank today inaugurated its eighth retail branch in the Kingdom at an official opening ceremony.

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  • Third from left: Yousif Hasan Yousif Director Retail Banking Supervision Directorate at the Central Bank of Bahrain (CBB).
    Third from left: Yousif Hasan Yousif Director Retail Banking Supervision Directorate at the Central Bank of Bahrain (CBB).
The opening ceremony conducted in the presence of Yousif Hasan Yousif Director Retail Banking Supervision Directorate at the Central Bank of Bahrain (CBB), Ismail Karimi Deputy Chief Executive Officer of Gulf Air, Andrew Bainbridge Chief Executive Officer of BMI, as well as Gulf Air, CBB and bank officials. The full service branch, located at Gulf Air's headquarters, will be open Sunday to Thursday from 8:30 am to 4:30 pm and will extend its complete range of services to Gulf Air staff.

Speaking at the launch Andrew Bainbridge, Chief Executive Officer of BMI said: "I am delighted to announce the launch of our latest branch at Gulf Air which further strengthens our relationship with the national carrier of Bahrain. Like Gulf Air, BMI is Bahrain based and serves customers from Bahrain and beyond. By setting up a branch within the Gulf Air headquarters we reinforce our commitment to deliver the banking requirements of the airline and its people. In addition to an onsite ATM, airline staff can also access their funds as well as withdraw cash at our multi currency ATM located at the airport's departures lounge, available to all travelers as well.

With this branch our network strength stands at 8 branches and 22 ATMs giving us the coverage to bring us closer to our customers. A further 3 offsite ATMs will be launched in a few weeks. We will continue to invest in our business, recognizing the need for excellent customer service, a broad product range and strong infrastructure to support future growth."

The new branch will offer a full array of retail banking products and services including loan and overdraft facilities, credit cards, deposit products, savings accounts, Al Mazyona saving certificates, net banking and remittance services, amongst others.

Ismail Karimi, Deputy Chief Executive Officer of Gulf Air said:
"We are pleased to join hands with BMI Bank, one of the dynamic and successful financial institutions in the region. We have had a very good relationship with BMI in recent times and the opening of this exclusive branch, dedicated to nearly 3500 staff working in Gulf Air headquarters, is one more step towards further strengthening our cooperation and relationship. I am sure our employees will find it more convenient to do their banking transactions and take advantage of the various products and services BMI has on offer."
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About BMI Bank B.S.C. (c)
BMI, set up in January 2005, is a Retail Bank, registered in Bahrain and regulated by the Central Bank of Bahrain and offers a full range of retail and commercial banking services. BMI operates in Bahrain through a network of 8 branches and 14 offsite ATMs with Net banking for easy access to services. In addition BMI has an Offshore Bank in Seychelles, as well as a 21% shareholding in Gulf African Bank in Kenya. BMI recently launched its first overseas branch in Qatar, operating at the Qatar Financial Centre (QFC) under a Category One banking license, issued by the Qatar Financial Centre Regulatory Authority (QFCRA). BMI's shareholders are some of the strongest and most respected financial institutions across the GCC, including BankMuscat SAOG (Oman), Royal Court Affairs (Oman), Overseas Investment (Bahrain), Istithmar World Capital (UAE) and Global Investment House (Kuwait).

BMI, rated as Investment Grade, recently announced an increase in its total equity (share capital and reserves) to $362m, an increase of 254% from the $102m as at 31st December 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.

For further information, please contact:
Gordon Andrade
Head, Corporate Communications
BMI Bank - Bahrain
Cell: +97339782225

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