BBK, a leading regional bank, will open its fifth financial mall in Bahrain, said the chief executive of the bank as he announced the bank’s latest expansion plans.

The bank, which will open its fifth financial mall in July at Riffa, yesterday (June 28) signed agreements with contractors for the construction of two new financial malls worth more than BD1.9 million ($5 million), which are expected to open next year.

"The banking sector in Bahrain remains extremely healthy," said Abdulkarim Bucheery, chief executive of BBK, as the bank announced its latest expansion plans.

"That is particularly the case in the core areas of retail and corporate banking, where we continue to service out customers. The banking sector in Bahrain will continue to focus on these core areas of the business,’ he added.

He said that the banks in Bahrain had no problems with liquidity and that because of their prudence and the regulatory strength of the banking sector in the kingdom, banks were continuing to build their business in spite of the global economic downturn.

"As you can see from today's two contracts to build new financial malls we are continuing to expand," he said.

"Bahrain banks have not been hit with the liquidity crisis and indeed we intend to repay a $125 million credit facility next month which is a reflection of the strength of our liquidity.

"We are comfortable with our level of liquidity and while we could easily have extended this credit facility, we took the view that at the present time to do so was the wrong time because borrowing is far too expensive and we do not need it." – TradeArabia News Service