BMI repays $93.7m syndicated facility
Manama, August 7, 2011
BMI Bank, a leading Bahraini retail and commercial banking institution, has repaid its three-year Islamic term loan equivalent to $93.7 million on the scheduled due date demonstrating its liquidity position.
The three-year facility was signed in July 2008 by a total of 9 international and regional institutions including BankMuscat, Commerzbank, Banque BIA, National Bank of Abu Dhabi, Mashreq Bank, Commercial Bank of Qatar, Qatar International Islamic Bank, and Gulf International Bank.
“The repayment of the facility on time, without having to refinance or rollover, demonstrates our continuing priority on maintaining a healthy liquidity position in order to fulfill our commitments to customers,” said Jamal Al-Hazeem, chief executive officer of BMI.
“This also underlines our strong reputation with partners and other institutions, as well as the wider market. BMI Bank is amongst the best capitalized banks in Bahrain with a 19 per cent capital adequacy ratio and excellent liquidity.”
“As we move forward in 2011, we will continue to focus on our strategy to create a stronger local bank through the introduction of better customer-centric products and services as well as enhancing our network of branches and ATMs, to bring us closer to our customers,” he added.
The bank had earlier announced that it had repaid its maiden three-year syndicated term loan of $120 million in July 2010 followed by the repayment of a $30 million Islamic facility during the first half of 2011. – TradeArabia News Service