BMI Bank repays $120m loan

Manama, July 20, 2010

Bahraini retail and commercial banking institution, BMI Bank (BMI) said it had paid back its three-year syndicated term loan of $120 million on the scheduled date demonstrating its strong liquidity position.

The $120 million three-year syndicated term-loan facility, was signed in July 2007 by a total of 16 regional and international financial institutions from the Far East, Australia, Europe and Middle East, indicating BMI’s strong reputation within the financial world.

Jamal Al-Hazeem, chief executive officer of BMI said: “This repayment, which was achieved without the need for refinancing or roll over reinforces our position as a strong Bahraini bank with excellent liquidity having one of the strongest Capital Adequacy ratios in the Kingdom, at over 20 per cent.'

Jamal thanked all participating banks for their support during its maiden syndication and said he looked forward to cementing stronger relationships with these banks in the future.

'We will continue with our strategic plans to grow organically within Bahrain through the introduction of customer-centric products and services as well as enhancing our network of branches and ATMs, making it convenient for our customers to bank with us,' he added.-TradeArabia News Service

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