BMI 06 August 2005...  Board approves Chairman, Deputy Chairman and Chief Executive Officer of BankMuscat International

It may be recalled that the Bahrain Monetary Agency (BMA), had in November last year granted approval to BankMuscat (SAOG), the largest bank in the Sultanate of Oman, to set up BMI, an independent Banking entity that will be focussed on becoming a truly GCC regional bank. Partnering the Bank in BMI are some of the strongest and most respected financial institutions from across the GCC region including Royal Court Affairs (Oman), Overseas Investment S.P.C (Bahrain)*, Istithmar (UAE) and Global Investment House (Kuwait).

The Board of Directors unanimously agreed that Sheikh AbdulMalik bin Abdullah Al Khalili, chairman of BankMuscat (SAOG) should take on the chairmanship of BankMuscat International, Bahrain and Sheikh Khalid bin Mustahail Al Mashani, deputy chairman of BankMuscat (SAOG) the deputy chairmanship of the newly formed bank.

The remaining 7 directors on the newly constituted board of directors represent the other key shareholders of the Bank. The composition of the Board is expected to allow BMI to draw on the experience and strengths of its key shareholders.

The Board of Directors also approved the appointment of Musallam Al Shukairy, who currently serves as Assistant General Manager - Trade Finance and Overseas Credit at BankMuscat (SAOG) as Chief Executive Officer of BankMuscat International.

A postgraduate in Management from the University of Strathclyde, an associate of the Chartered Institute of Financial Services, (ACIB) and member of the Chartered Institute of Banking and Financial Services, UK, Musallam Al Shukairy is a professional banker with over 22 years of experience in retail and corporate banking.

Confirming these appointments, Sheikh AbdulMalik bin Abdullah Al Khalili, chairman, BankMuscat (SAOG) and chairman-elect of BMI said:

'For some years now BankMuscat has believed that there is a definite need for a strong regional bank that understands the needs of the region as a whole and the cultural / economic sensitivities of the people across the GCC countries.

I am extremely glad that we have been able to set up BankMuscat International - a bank aiming to be truly regional in terms of its vision, its ownership and in time, hopefully its spread of operations and business interests. I am deeply grateful to our co-partners in the venture who share with us our vision of greater economic integration across the GCC region.

On behalf of BMI, I would like to express my sincere gratitude and appreciation to the Central Bank of Oman and the Bahrain Monetary Agency for the key role they have played in the formation and establishment of BMI. '

The creation of BankMuscat International, it may be recalled, was envisioned out of the need for a strong regional bank in the face of the Gulf Cooperative Council (GCC) countries rapidly moving towards economic integration and the creation of a common market. The Bank will be registered in the Kingdom of Bahrain and monitored by the Bahrain Monetary Agency (BMA).

^{*Overseas Investment S.P.C is a 100% wholly owned subsidiary of Premier Group, Bahrain}