Migration of all customer ATM cards to chip-enabled Visa Debit cards completed

50% of new chip-enabled Visa Credit cards delivered to customers

Manama, Bahrain, 11th July 2009: Bahrain based BMI Bank, an associate of BankMuscat, today announced the successful completion of its project to migrate all ATM card customers to a new chip-enabled Visa Debit card. Equipped with Smart Card Technology (also known as 'Chip and PIN'), the new card offers customers a much higher level of security against fraud as well as quicker transaction times. BMI has also converted all its Credit cards to Chip and PIN and is currently in the process of sending out these new cards to customers by courier so that Classic, Gold, Sapphire-Platinum and co-branded Geant 'La Carte' customers can use their new cards during the summer.

Andrew Bainbridge, Chief Executive Officer of BMI said:         

"In line with our commitment to constantly enhance our customers' experience of electronic payments through our card products; I am delighted to announce record progress in converting our Credit and ATM/Debit cards to the new Chip and PIN. In addition to combating fraud, Chip and PIN will improve the buying experience for customers when they travel around the world, particularly in Europe where the majority of shops and service establishments have been using Chip and PIN for many years. 

For our ATM card customers, the conversion to Chip and PIN brings even more advantages.  We have upgraded all ATM cards to Visa Electron giving customers access to use the card in over 24 million ATMs and service establishments around the world, as well as in Bahrain and the GCC.  I encourage all customers to visit their branch in the coming days to collect their new Debit card."

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About BMI Bank B.S.C. (c) 
BMI, an associate of BankMuscat the largest financial services provider in Oman today, is a retail bank, registered in Bahrain and regulated by the Central Bank of Bahrain offering a full range of retail and commercial banking services. BMI Bank operates in Bahrain through a network of 8 branches and 25 ATMs with net banking for easy access to services. The online platforms offered by BMI were recently awarded the prestigious Bahrain e-Content Award 2009 in the e-Banking category, recognizing ease of use of its comprehensive e-banking services in a safe and secure environment in which to conduct personal and business transactions.

BMI also operates an Offshore Bank in the Seychelles, a branch in Qatar and has a 21.33% shareholding in Gulf African Bank in Kenya. BMI owns the Diners Club Services Bahrain W.L.L and operates the Diners Club cards franchise in Bahrain, Syria and Yemen. BMI's shareholders include some of the strongest and most respected financial institutions across the GCC, including BankMuscat. BMI, rated as Investment Grade, maintains total equity (share capital and reserves) of USD 341 million, an increase of 234% from the USD 102 million as at 31st December 2007. The increase, a result of a fresh injection of USD 250 million from the existing shareholders, will be used to fund the banks organic growth and provide the necessary capital strength in line with the bank's strategy.

BMI currently offers its customers a range of retail products and services including savings and current accounts, Al Mazyona saving certificates, Sapphire, its Premier Banking service, credit cards including Diners Club and La Carte, a co-branded credit card in partnership with Geant Hypermarket Bahrain, consumer and vehicle loans, mortgages and fixed deposits. In addition to Retail Banking, BMI offers full SME Banking, Premier Banking, Private Banking, Corporate Banking, Islamic Financial Services, and Treasury services.

For further information, please contact:
Gordon Andrade
Head, Corporate Communications
BMI Bank - Bahrain
E-mail: gordona@bmi.com.bh
Cell: +97339782225

© Press Release 2009