Bahrain-based BMI Bank has appointed Frank Hoareau as the managing director of its new offshore business in Seychelles.

“Frank brings with him extensive experience and knowledge of the offshore industry and banking in general and we are confident that he will build a thriving business that will capitalise on the many exciting opportunities in the market,” said BMI chief executive officer Andrew Bainbridge.

“We see the Seychelles as an attractive location for this venture, supported by the good legal and regulatory framework of the Country as well as it's continuing economic progress,” he said.

In his previous role as MD of Barclays Seychelles, Frank led the business through a major expansion generating unprecedented profit and growth.

In 2005 he started the first Offshore Banking Unit in Seychelles which is a thriving business, contributing significantly to Barclays’ bottom line.

Frank is well known in Seychelles financial circles and is well acquainted with the workings of the Ministry of Finance as well as the Central Bank, where he held a senior position prior to joining Barclays. 

High on Frank’s agenda in addition to setting up the business, will be to bring a team of qualified personnel together to serve customers brilliantly.

The team is scheduled to undergo training that will equip them with the necessary skills in Offshore Banking and in Customer service.

BMI received its offshore banking license in March this year and is scheduled to open for business early in the 3rd quarter 2008.

BMI Offshore Bank, a Joint Venture with locally incorporated Nouvobanq, the largest bank in Seychelles, will be managed by BMI and engage in Offshore Banking and Private Banking services as well as providing access to Trust and Investment services. – TradeArabia News Service