| 25 Nov 2008 |
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Bahrain Association of Banks Hosts the Financial Institutions from Singapore
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Building stronger business ties between two financial hubs
25 November, Manama, Bahrain: The Bahrain Association of Banks (BAB) hosted the Investment Management Association of Singapore - including the Managing Director of the Monetary Authority of Singapore, H.E. Heng Swee Keat - to share ideas and forge new connections between the two international financial hubs.
Opening the event, Mayank Malik, Chairman of BAB, commented: "The Bahrain Association of Banks always looks to have the financial community come together to share ideas and establish new business relationships. We look to provide a platform that will help in knowledge creation - which can only strengthen the fabric of the finance sector in Bahrain.
"By hosting this delegation from Singapore - which includes the Monetary Authority of Singapore - we are looking to learn from the Singapore experience and put the information to practical use. We see this country as a role model for the financial sector and are honoured to have them here for this interaction today."
With the central theme of 'Asset Management', speakers discussed the current economic outlook and investment opportunities in Bahrain and Singapore. The event also discussed issues like market stability and trends.
Anthony C. Mallis, Chief Executive of Securities & Investment Company (SICO)Securities & Investment Company (SICO)
, kicked off the morning discussion with a GCC Markets outlook. When focusing on the financial sector, he provided some assuring macroeconomic fundamentals to the region, saying: "Although oil prices have declined to US $45 - 50 a barrel - current oil prices, reserves and debt capacity provide enough cushion to sustain strong economic momentum."But the GCC economies will experience a period of lowered growth for the 4 Q 2008 and a slowdown (with Qatar as the exception) in 2009. The silver lining is that it will reduce inflationary pressures and present a period of consolidation for future forward growth.
"Going forward, increased revenue from the non-oil sectors, coupled with wealth created by sovereign instruments, should help diversify the sources of revenue."
In the later session, the Singapore delegation provided a broad overview of Singapore's financial centre (which includes over 600 financial institutions), and a landscape of the various asset classes. Like Bahrain, Singapore provides a broad range of financial services including banking, insurance, asset management and investment banking.
With total assets under management of over US $800 billion - which continues to see steady growth - Singapore is recognized as one of the premier asset management locations in Asia.
Similar to Bahrain, Singapore has a reputation for having rigorous regulation, good economic ties (both hold FTAs with America), responsiveness to changes and an open immigration policy.
This forum is one in a series of events that the Bahrain Association of Banks will create in order to develop understanding between the finance sector of Bahrain and the international community.
From this inaugural meeting between the Investment Management Association of Singapore and the Bahrain Association of Banks, both look to grow and strengthen future ties between Bahrain and Singapore.
Aside from this Networking event, the Singapore delegation is in Bahrain to attend the World Islamic Banking Conference which runs from 23-25 November 2008.
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For further information on BAB, please contact:
Heyam Naif
Events & PR Manager
Bahrain Association of Banks
Tel: +97317823000
Email: eventsmgt@banksbahrain.org
Natasha Sterling
Promoseven Weber Shandwick
Telephone: +973 3 995 6730
Email: Natasha.sterling@promoseven.com
© Press Release 2008
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