BMB concludes repayment of a $17.4m legacy obligation

Commenting on the repayment the CEO of BMB Mr. Akbar Habib said that, "The Bank's journey of restructuring has been painstaking and one carried-out amidst the most challenging environment and one that has witnessed a global financial meltdown, an European debt crises and other challenges. Notwithstanding, efforts and endeavors necessary to safeguard and preserve the interest of our valued stakeholders have all been successfully undertaken; including those that were viewed as completely irrecoverable. Repayments have been undertaken entirely by way of internally generated funds without resorting to any external funding channels. We place on record our sincere appreciation and gratitude to those who placed their trust and confidence in our efforts and our mission, as a result of which, immense benefits have been reaped by all concerned."

During the phase of restructuring, the Bank has also simultaneously built a new foundation and operating platform that encompasses multiple business lines capable of delivering and producing diversified and sustainable sources of income and one that is relatively resilient to financial market volatility. This new business model has received recent recognition from Fitch with the institution's Outlook being notched up from "stable" to "positive". The Bank's current rating is its highest, in its entire history. With these positive developments, we look to the future with an increasing level of confidence and optimism".