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
More Finance & Capital Market Stories
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013
- Veteran Saudi banker to head AMF
- Dubai World prepays $284m to creditors
- EFG-Hermes sells Damas stake to Mannai
- Ultra rich number to grow 35pc in Mideast
- Saudi IPO market 'set for big year'
- RAK 'exploring' ceramics unit stake sale
- Bahrain Bourse wins key UK award
- Alba backs Euromoney forum
- URC bond rating upgraded to stable outlook
- GCC urged to set up onshore financial centres
- Consolidation push paying off for Bahrain banks
- Mubadala to focus more on US, Europe
- Six banks join plan for shared customer data register
- UAE economy grows 4pc in 2013
- Egypt foreign reserves up to $17.3bn
- StanChart opens second branch in Iraq
- Oil below $90 to hit GCC economies
- Payfort offers zero deposit scheme to SMEs
- In a first, NCB Capital names female CEO
- Du enters $1.17 billion financing deals