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Management Change at BMI
BMI 04 April 2006... Manama. April 4, 2006: BMI Chief Executive Officer, Musallam Al Shukairi, has stepped down. Mr Shukairi, who took on the reigns of the bank on its inception in January 2005, has cited personal reasons for his resignation.
This development comes in the wake of BMI posting strong financial results for the year ended 31 December 2005, during which the Bank announced a net profit of USD 10.87 million (BD 4.1 million). Total Assets for the year grew by 55% to USD 663.13 million (BD 250 million) while loans and advances grew by 59% to USD 466.84 million. Return on Equity (ROE) for the year stood at 18.6%. Earnings Per Share (EPS) for the year stood at 205 fils. BMI’s trading dispute with one of its correspondent banks last year, was amicably resolved.
Confirming this, Sheikh AbdulMalik bin Abdullah Al Khalili, Chairman, BMI said:
“With deep regret I have to confirm that Musallam Al Shukairi has decided to step down. I wish Musallam all the very best for his future endeavours.
“BMI has posted extremely encouraging results during the course of last year and we are well on the way to becoming what we set out to be – a truly regional bank that has the best interests of its customers and stakeholders at heart.”
Abbas Al Derazi, head – retail banking at BMI has been appointed Acting General Manager, BMI and will take charge of operations with immediate effect. A seasoned banker, with over 26 years of experience, Abbas has been a senior member of BMI’s management team and had successfully launched Retail Banking at BankMuscat, Bahrain in April 2002. He has also been responsible for the growth of the BMI’s retail banking operations in Bahrain. He has earlier held senior positions at Yamichi International (Middle East) E.C as Associate Investment Manager where his responsibilities included promoting financial instruments, fund management, dealing with client accounts and portfolio creation and at ABN AMRO as Relationship Manager, Assistant Vice President, International Private Banking.
“At BMI, it will be very much business as usual. We have a set of professionals heading each of our business lines and this departure, though unfortunate, will not result in our customers or correspondent banking relationships being inconvenienced in any way”, Sheikh AbdulMalik added.
BMI was set up early last year by some of the strongest and most visionary investors from across the region and is focused on capitalizing on the opportunities that are arising out of the progressive integration of the GCC states. BMI is a full commercial bank, registered in Bahrain and regulated by the Bahrain Monetary Agency (BMA)
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