BMI 01 July 2007...  BMI today announced that it had received a license to set up its first overseas branch and operate at the Qatar Financial Centre (QFC). The banking license, issued by the Qatar Financial Centre Regulatory Authority (QFCRA), permits the bank to engage in regulated activities including providing and arranging credit facilities, accepting deposits and dealing in investments.

Announcing this new strategic initiative, Sheikh AbdulMalik bin Abdullah Al Khalili, Chairman of BMI said:

“BMI is the first Bahrain-based Retail Bank to be granted authorization by the QFC, and this is a significant achievement for us. BMI was set up with a vision to become a dynamic regional bank and with the planned launch of our first branch outside Bahrain we are well on our way to achieving it. The GCC region is enjoying its best growth in years and Qatar has consistently been a strong catalyst and driver of this growth. Having a physical presence in Qatar enables us to tap into one of the world’s fastest growing economies.”

The QFC was established by the government of Qatar, and formally opened on 1 May 2005. It has been designed to attract international financial institutions and multi-national corporates to establish business operations in a "best-in-class" international environment. Many global and regional financial institutions – spanning commercial banks, investment banks, insurance companies and financial services firms - have been granted authorization by the QFC.

“BMI has been authorized as a Category one licensee. Through this authorization, BMI will be able to provide a wide range of banking services, including providing and arranging credit, deposits and private banking as well as trade finance services. We plan to launch our services in Qatar before the end of the year” added Sheikh AbdulMalik bin Abdullah Al Khalili