Bahrain-based BankMuscat International (BMI)BankMuscat International (BMI) unveiled its ambitious expansion plans and announced that the bank is all set to add three million customers to its portfolio in next few years, a top official revealed yesterday.

Andrew Bainbridge, chief executive officer of BMIBMI said that the bank has strengthened its position in Bahrain over the past three and half years and is now looking at emerging markets.

Now the time has come, the CEO said, to explore growth opportunities by entering the emerging markets and that's where the bank will be looking at serving two to three million customers. "Apart from the GCC, which has been a strong base for the bank, we are also keen to explore opportunities in North Africa, Levant and Sub-Saharan African countries. These markets are very promising and BMIBMI with a capacity to deliver in many areas of banking will be an ideal candidate to get market share in such markets. We have very strong standing as a retail and commercial bank and the expertise can be transferred to other markets where the bank is keen to enhance the business."

"BMIBMI currently offers its customers a range of retail products and services. These services include SME banking, mortgage, consumer and vehicle loans, credit cards, savings and current accounts with plans to shortly launch visa electron cards. "Our ambition remains that of providing great service to our customers and being their first choice partner in financial services."

"Since the launch, BMIBMI has been only present in Bahrain and the bank managed a growth pace with that of the overall development pace within financial sector. Overall the Kingdom's economic sector has been growing at a rapid pace which has been reflected on BMIBMI business model."

Talking about the regulatory regime, he said that Central Bank of BahrainCentral Bank of Bahrain has been a strong and good regulator. "The towering reputation of Bahrain as a financial centre has helped CBBCBB in creating a stability for the banking sector as well as security to funds etc. The CBBCBB is approachable for all banks working in the Kingdom which obviously boost the confidence among all players."

Referring to a recent acquisition of $6.5 million Diners Club he said that it would further strengthen bank's card portfolio.

BMIBMI had acquired Diners Club Bahrain from Orient 1. Diners Club, a premium brand card issuing and acquiring business, currently services local merchants as well as affluent customers.

"Diners Club is a prestigious brand and gives important additional benefits to our customers. In addition, this acquisition adds an acquiring capability to our business, enabling us to further deepen relationships with many of our commercial customers. We intend to invest further in the brand and the services as part of our ambition to provide great products and service to all of the residents of Bahrain."

BMIBMI had announced a net profit of BD1.6 million for the first quarter ended 31 March 2008, an increase of 24 per cent compared to the corresponding period last year when the bank recorded a net profit of BD1.3 million. At end Q1 of 2008, total assets stood at BD615 million, an increase of 65 per cent compared with Q1 2007.

In February, BMIBMI had increased its total equity (share capital and reserves) to BD133.5 million, an increase of 247 per cent from the BD38.5 million as at 31st December 2007. The increase is a result of a fresh injection of BD95 million from the existing shareholders who reinforced their confidence and commitment to the long-term strategy of the bank.

By Mahmood Rafique Business Correspondent

© Bahrain Tribune 2008

 

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