BMI Invests in Local Expansion
Bahrain based BankMuscat International (BMI) Monday inaugurated its newest full service branch in Muharraq. An official opening ceremony was conducted by Anwar Khalifa Al Sadah, Executive Director - Financial Institutions Supervision at the Bahrain Monetary Agency (BMA), and was attended by Sheikh AbdulMalik bin Abdullah Al Khalili, Chairman BMI, Musallam Al Shukairi, Chief Executive Officer of BMI as well as other bank officials, guests and media.
Al Sadah reiterated the BMA’s commitment to the ongoing development of the banking sector in the Kingdom.
“This latest branch is testimony of the prudent regulatory environment which exists in Bahrain which promotes the continued growth and development of the banking and finance sector and we extend our full support to BMI’s endeavours in its growth aspirations,” said Al Sadah.
Conveniently located in the heart of the Muharraq commercial centre, this latest addition to the Manama head office and to the bank’s second branch, which was opened in Sanad earlier this year, brings the total number of branches to three. BMI has invested more than US$ 270,000 to establish the branch in the area, which features both a large residential population and a growing number of businesses.
Sheikh AbdulMalik bin Abdullah Al Khalili, Chairman, BMI said:
“The growth of BankMuscat International in such a short span of time is an achievement of which we are particularly glad, as the opening of this latest branch forms part of a larger strategic expansion initiative which will see an additional three branches supported by a network of 15 ATMs across the Kingdom during 2006.”
Retail banking is one of the core services provided by BMI where customers can take advantage of a comprehensive range of personal financial solutions. These have been customised and developed by the bank with flexibility in mind based on an in-depth understanding of customer needs. The result is innovative, high quality products and services backed by a team of professional banking staff who provide personal, helpful and responsive customer services. The range of retail banking products and services includes deposit products, saving accounts, loans, credit cards, Al Mazyona Saving Certificates, remittance services and overdraft facilities, among others.
“BMI is committed to being a customer centric and market driven bank and we believe that our presence in Muharraq is an ideal fit with the accelerating infrastructure and real estate developments which are taking place in close proximity. Our ultimate objective is to be as close as possible to our customers and to servicing their banking needs fully and this branch aims to play a key role in helping to achieve this,” added Musallam Al Shukairi, CEO of BMI.
Customers can take advantage of the bank’s services between 7.30am and 1.00pm from Sunday to Thursday and from 4.00pm to 6.00pm on Sunday, Monday and Wednesday. In addition, services are also available 24 hours a day through an ATM machine, which complements the latest branch.
In addition to retail banking, BMI offers Global Trade Services, Corporate Banking, Islamic Financial Services, Private Banking and Treasury with plans to develop and introduce many new products. In addition to its local expansion plans, the bank also aims to achieve growth on a regional scale.
About BankMuscat International (BMI)
BMI, set up in January this year, is an independent Banking entity, with a vision to become a dynamic regional bank. BMI has been set up in association with some of the strongest and most respected financial institutions from across the GCC region including BankMuscat SAOG (Oman), Royal Court Affairs (Oman), Overseas Investment S.P.C (Bahrain)*, Istithmar (UAE) and Global Investment House (Kuwait).