Bahrain-based Khaleeji Commercial Bank (KHCB) said it plans to open three more branches in the kingdom and also strengthen its work force by 15 per cent this year.

The new branches will open at Sanad, Muharaq and Budaya during this year, said a statement from KHCB.

Dr Fuad Al Omar, chairman of KHCB said, 'The key focus for us in the medium term is to build the scale necessary for the bank to become a leading player in the local and regional market.'

'We will continue to aggressively grow our commercial and retail banking business while exploring other options including viable acquisitions of other entities and asset portfolios,' he noted.

As part of its growth plans, the bank is also exploring options to acquire portfolio of assets and entities with existing consumer finance business. 'We believe that there are attractive opportunities in the local market for acquisition of portfolios,' he added.

In line with its revised business model and strategic direction, KHCB said it had unveiled a full suite of consumer finance products in 2010 including auto financing, personal financing, mortgage financing and visa-branded credit card.

'We would like to build on the positive market response to these products and use the new branches to reach a larger segment of customers. We will continue to hire qualified and experienced professional to meet the requirements of our expansion,' said Al Omar.

'In 2011, we expect to increases the number of staff by about 15 per cent, on top of 10 per cent increase in 2010,” he added.

KHCB CEO and board member Ebrahim H. Ebrahim said:'We have only two branches, both in Manama (in Zamil Tower and BFH), limiting our access to a large segment of the population. The new branches will help us enhance our reach and increase market share.'

'Ultimately we intend to have branches in all the key population centers of Bahrain. Our electronic banking channels including ATMs, and internet banking will continue to be available to our customers at no additional cost to them,' he added.

On the investment banking front, Ebrahim said KHCB was working towards some potential exits during the year as the markets gradually improve, especially in countries like India and Qatar.

'In 2011, we are well positioned to take advantage of the opportunities and grow our business,' he added.-TradeArabia News Service