BMI 11 April 2006...  Bahrain based BankMuscat International (BMI) recently participated in three successful syndication deals across the MENA region, expanding its involvement in the regional development. The deals signed span the spectrum of activities that define BMI’s core strengths and are in the area of Financial Institutions, Corporate Banking and Islamic Financial Services.

Abbas Al Derazi, Acting General Manager, BMI said:

“BMI was set up with the vision to become a strong regional bank by 2010. Our strategy stems from this vision and our endeavours to effectively execute it are now bringing in rich dividends. By joining hands with reputed regional banks we are participating effectively in enhancing the overall regional growth. While we continue to focus on consolidating our position in Bahrain we will ensure that we make the most of the regional opportunities.”

BMI participated in a USD 75 million syndicated term loan facility for International Finance Company K.S.C. lead Arranged by Arab Banking Corporation. The other milestone was achieved in Qatar with Al Fardan Real Estate Company where BMI participated in a USD 150 million, ten and a half year facility for two towers at Pearl Qatar and West Bay area. Gulf International Bank and National Bank of Kuwait (Bahrain Branch) were Lead Arrangers for the facility. BMI also participated in a USD 25 million Mudaraba for Bank of Beirut signed in agreement with The Arab Investment Company (TAIC)

These 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 46.4% to USD 659.6 million (BD 249 million) while loans and advances grew by 58% to USD 467.6 million. Return on Equity (ROE) for the year stood at 18.6%. Earnings Per Share (EPS) for the year stood at 205 fils.

BMI currently offers its customers a range of retail products and services including Mortgage, Consumer and Vehicle Loans, Credit Cards, savings and current accounts, and certificates of deposit. Its flagship retail product, the Al Mazyona Savings Certificate, was revised and re-launched based on the promise of offering its customers more prizes and chances to win. In addition to retail banking, BMI offers Global Trade Services, Financial Institutions Group, International Operations, Corporate Banking, Islamic Financial Services, Private Banking and Treasury with plans to develop and introduce many new products in line with the bank’s regional expansion plan.

About BankMuscat International (BMI)

BMI, set up in January 2005, is a Full Commercial Bank, registered in Bahrain and regulated by the Bahrain Monetary Agency. BMI has been set up in association with some of the strongest and most respected financial institutions from across the GCC region including BankMuscat SAOG (Oman), Royal Court Affairs (Oman), Overseas Investment S.P.C (Bahrain)*, Istithmar (UAE) and Global Investment House (Kuwait). BMI was set up with a vision to become a dynamic regional bank providing innovative and unique financial solutions.