Khaleeji Commercial Bank (KHCB) has signed a three-way memorandum of understanding (MoU) with Bahrain Defence Force's Military Consumer Association (MCA) and its main supplier Glabrous International (GI).
The signing took place at KHCB's headquarters in Bahrain Financial Harbour marking a significant step forward in its retail business endeavours.
Having worked with MCA for a number of years, GI has gained immense experience in providing high-level services and products on an instalment basis to selected elite accounts in Bahrain.
GI established a solid business relationship with MCA and has been a pioneer in retailing by offering various services and distributing products in relation to mobile handsets, laptops, electrical appliances, electronic items, furniture, insurance and travel packages to their customers.
In this regard, KHCB recognised the collaboration between MCA and GI to be a beneficial one and chose to enter into a joint MoU with both parties.
The aim of the initiative is to establish a working relationship between the three organisations, allowing BDF personnel to benefit from KHCB's financing scheme that allows them to purchase items on instalments through GI, which is located within MCA.
"Through this partnership with MCA and GI, KHCB aims to strengthen its relationship with BDF entities and provide military personnel with easy banking facilities all under one roof," said the bank's acting chief executive Silval Varghese.
"Moreover, staff members of KHCB will also be able to enjoy the benefits offered by MCA."
"MCA and GI are proud to be partnering with KHCB on this venture to provide BDF personnel with an easy financing scheme for their purchase requirements through GI at MCA and through the signing of this MoU, we are confident that our relationship will only become a stronger and more prosperous one as we progress into the future," said MCA general manager Colonel Sameer Jassim Showaiter.
"MCA and GI recognised that KHCB is a growing bank with great potential and innovative services. KHCB management is very well versed with the Bahraini economy and fully understands the requirements of the citizens."