MANAMA, Kingdom of Bahrain--(BUSINESS WIRE)--The Bahrain Middle East Bank (BMB) was the only financial institution in the tax haven to increase its share capital in 2017 from USD 60 to 100 million. Against the backdrop of an additional planned capital increase of EUR 500 million, followed by entry into the Luxembourg stock exchange in 2019, the bank’s international leading shareholder is the Basaran Group, rated AA+ and worth billions. Further expansion and diversification along these footsteps will drive even more attractive financial products to flow into asset and portfolio management.
Bahrain, described as a “tax haven”, is actually home to investor-friendly ideal business conditions. With a forward-looking approach to create greater independence from oil production, the island state aims to design and develop an internationally-attractive and efficient financial service sector. Low living costs, modern living and working conditions, the lack of income and company taxes and nationwide duty-free commerce ultimately contribute to a first-rate investment climate.
Korhan Alev, CEO of BMB, sees the capital increase and planned IPO in Europe as a clear and collective approval by management, employees, shareholders and regulators that the bank’s on the right course and can be sailed with an even better tailwind in the future.
A closer look at BMB
BMB is already acting as a bridgehead to the entire Gulf region. Low costs in Bahrain, tight links and close proximity to Dubai and the entire Saudi Arabia: any European investor wishing to make a financial commitment here will find open doors. No wonder: the level of returns, interest yields and profit distributions is significantly higher than those encountered in Europe.
BMB is a fully licensed bank since 1982: it’s listed and represented on the Bahrain stock exchange since 1989.
BMB works as a clearing and correspondent bank in cooperation with Standard Chartered Bank in Frankfurt.
Overcoming borders and opening new trading venues
One focus of the BMB is trade finance. For example, if a German manufacturer sells a machine tool to a customer anywhere in the world, it will deliver it directly to the customer. The seller will immediately receive payment and can even offer the customer attractive payment methods.
Asset management for European investors also benefits greatly from the diverse and flexible options offered by the BMB.
Bahrain Middle East Bank
Head Office location and address
Bahrain Middle East Bank
P.O. Box 797
Building No. 135, Road 1702, Block 317
Diplomatic Area, Manama
Kingdom of Bahrain
Wholesale Bank in Bahrain since 1982
In the Bahrain Stock Exchange since 1989
Licensed and regulated by the Central Bank of Bahrain
Compliant with Basel III & IFRS
Share capital: USD 100 million
Total assets in 2017: USD 245 million