Bahrain-based BankMuscat International (BMI) announced it has received a licence to set up its first overseas branch and operate at the Qatar Financial Centre (QFC).

The banking licence, issued by the Qatar Financial Centre Regulatory Authority (QFCRA), permits the bank to engage in regulated activities including providing and arranging credit facilities, accepting deposits and dealing in investments.

'BMI is the first Bahrain-based Retail Bank to be granted authorisation by the QFC, and this is a significant achievement for us,' said BMI chairman Shaikh AbdulMalik bin Abdullah Al Khalili.

'The GCC region is enjoying its best growth in years and Qatar has consistently been a strong catalyst and driver of this growth.

'BMI has been authorised as a Category One licensee. Through this authorisation, it will be able to provide a wide range of banking services, including providing and arranging credit, deposits and private banking as well as trade finance services. We plan to launch our services in Qatar before the end of the year,' he added.

BMI recently posted strong financial results, announcing a net profit of $3.4 million for the first quarter ended 31 March 2007, an increase of 44 per cent on the corresponding period in 2006 when the bank recorded a net profit of $2.4 million. TradeArabia News Service