First Leasing Bank holds meeting with Bahrain Ministry of Health

Announcing the details of the discussion, a spokesperson of the bank, which is jointly owned by the Bahrain-based Gulf Finance House B.S.C and the Overland Capital Group of the US, said the ministry expressed interest and appreciated the concept of acquiring medical equipment and technology on lease.

Commenting on the meeting, Mr. Khalid Janahi, Chairman of the Board, First Leasing Bank said: 'The meeting helped us update the ministry on our products and leasing plans which will allow hospitals in Bahrain to acquire expensive and life-saving equipment and technology in a cost-effective way.'

The meeting was held between H.E Dr. Nada Abbas Haffadh, Minister of Health and First Leasing Bank represented by Mr. Khalid Janahi, Peter Panayiotou, Director, and James Cracco, CEO.

'We also informed the ministry of our formation of the Gulf Medical Equipment Fund with a value of US$50 million which is available to institutional and private investors across the GCC countries. Medical equipment leases from both the Bahrain public and private sector will be placed in the fund along with leases from the rest of the GCC,' Mr. Janahi said.

He said the bank familiarized H.E Dr. Haffadh with the various advantages of the lease plans that also include regular technological upgrades, guaranteeing that hospitals in Bahrain maintain state-of-the-art medical facilities. The Ministry delegated Mr. Ebrahim Yaqoob to follow up on the meeting with the First Leasing Bank.

First Leasing Bank was approved under the governance of the Bahrain Monetary Agency (BMA) with an authorized capital of US$50 million and a paid-up capital of US$10 million and is in the final stages of formation. The bank has been created to cater to the growing demand for leasing products and services in the GCC.

The bank's day-to-day operations are overseen by the Overland Group which has access to over US$2 billion of equipment lease investments annually through its relationships with US equipment lessors.