Securities & Investment Company (Sico), the largest trader on the Bahrain Bourse, has been granted a conventional wholesale banking licence by the Central Bank of Bahrain.

Sico previously had an investment banking licence which had been granted in 1997.

The very robust requirements of the licensing regime, including a high capital base and strict adherence to regulations and governance, position Sico in its growth path, primarily by giving the firm additional flexibility in servicing its customers, while further giving it the ability to manage the balance sheet more optimally.

As of March 31, Sico's paid-up capital was BD42.6 million ($113 million) while total assets were BD94.9 million with shareholders' equity of BD54.47 million.

The board and management of Sico have expressed their sincere appreciation to the Central Bank of Bahrain for the continued support and guidance.

'The award of our wholesale licence heralds a new chapter in the history of the firm,' said chairman Shaikh Mohamed bin Isa Al Khalifa.

'The licence award will support our consistent strategy to focus on serving the GCC region, grow and diversify our business and revenue and maintain a disciplined approach to managing our costs, risk and capital,' he added.-TradeArabia News Service