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Bahrain BMI chief executive steps down

MANAMA, December 7, 2014

BMI Bank, a subsidiary of Al Salam Bank – Bahrain (ASBB), has announced that its director and chief executive officer Jamal Al-Hazeem has stepped down from his role for personal reasons.

Al Hazeem, a veteran Bahraini banker who took on the helm of BMI Bank in 2010, termed the decision as “mutual and amicable.” He will however continue as the board director, said a statement from the bank.

BMI recently posted strong core results for the nine months ended September 30, 2014. Total assets and total financing portfolio as at the end of the period stood at BD 0.74 billion and BD 0.37 billion whilst customer deposits grew to BD 0.56 billion at the end of the third quarter of 2014 at an annualised growth rate of eight per cent.

The bank continues to maintain a healthy financing to customer deposit ratio of 67 per cent with an excellent capital adequacy ratio of over 15 per cent.

BMI Bank is currently finalizing the operational aspects of its business combination with Al Salam Bank - Bahrain (ASBB) as it converts its business to a Sharia Compliant one.-TradeArabia News Service




Tags: Bahrain | BMI Bank |

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