BMB pays $4 million to investors
Manama, December 30, 2010
Bahrain Middle East Bank (BMB) has announced a distribution of $4 million to its investors for the fourth quarter of the year.
The payout covers BMB Technology and Communications Investment Company, a fund managed by BMB focused on the US venture capital and other funds of the bank across varying sectors.
'We are pleased with being able to reciprocate to the trust and confidence placed by investors while the bank was experiencing severe external and internal challenges,' said BMB chief executive officer Akbar Habib.
'These achievements remain testament to the relentless and vigorous efforts and commitment on part of its present management to safeguard and preserve the interest of all stakeholders.
'There have been several other initiatives taken in view of putting in place pre-requisite controls to better enable the bank serve and safeguard client interest,' he added.
'For BMB, 2009 was a year characterised by survival while 2010 was a year of restructuring and stability and now we look to 2011 for growth,' he added.
'Our goals are clear and the platform has been tested at a smaller scale ready to be implemented at a larger scale once the desired capital requirements are met - which will help the institution achieve its end vision - sooner rather than later,' he added.-TradeArabia News Service