BCCI urges merger of Bahrain’s banks
Manama, December 27, 2011
Bahrain's banks have been urged to merge and boost national growth momentum by the chairman of the Bahrain Chamber of Commerce and Industry (BCCI).
Dr Essam Fakhro also called on the government to fast-track development projects to revitalise the economy.
He made the appeal as he received at Beit Al Tijjar, Al Salam Bank chief executive Yusuf Taqi.
BCCI treasurer Othman Sharif, board member Jawad Al Hawaj, chief executive Ibrahim Ahmed Allanjawi and other senior officials attended.
Dr Fakhro stressed the crucial role of local banks in stepping up the growth momentum.
He urged national banks to merge to bolster their competitiveness and have more financial clout.
'Such mergers would boost their assets and consolidate their capacity to spearhead major housing and infrastructure development projects,' he said, stressing the strategic importance of mergers in meeting financial challenges.
'Our banks are facing the fallout of local, regional and global economic turmoil,' he pointed out, stressing the need to expand the role of the private sector in pulling the national economy out of stagnation resulting from the recent unrest.
He urged banks to adopt new funding schemes and credit programmes for the benefit of private sector firms, calling on financial institutions to play their role in backing development and economic projects. – TradeArabia News Service