BMB says repaid $17.4m legacy debt
- Bahrain: Wednesday, January 09 - 2013 at 03:24
Bahrain Middle East Bank (BMB) has announced the full repayment of a $17.4m legacy debt obligation as inherited by the current management who took charge of the firm's affairs in early 2009, Saudi Gazette has reported. Repayments have been undertaken entirely by way of internally generated funds without resorting to any external funding channels, said BMB chief executive, Akbar Habib. "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," Habib said.
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