BMI Bank, a Bahraini retail and commercial banking institution, said that it had successfully repaid its three-year syndicated term loan of $80 million, six months ahead of its scheduled due date, thanks to the the Bank’s excellent liquidity position.
The three-year oversubscribed facility was signed in February 2011 and arranged by Bank Muscat (Oman) with Bank of Bahrain and Kuwait (BBK) Standard Chartered Bank and Arab Banking Corporation (ABC) as participants.
“Repaying this USD 80 million syndicated term loan facility six months before the scheduled due date, without the need to refinance or rollover, once again reinforces our position and enhances our reputation as a strong local retail Bank with excellent liquidity and a strong Capital Adequacy Ratio (CAR) at over 17%,” Jamal Al-Hazeem, the Chief Executive Officer of BMI said.
“We recently announced a net profit of $1.4 million (BD 0.54 million), for the first half of 2013, representing our 8th straight quarter of profitability demonstrating the effectiveness of our strategy which drives the business lines and service channels at our Bank. We will continue with our positive growth momentum through investment in our products and services to better serve our customers as we continue with the transformation of our business into a stronger one backed by our excellent capital position and strong liquidity,” he added.
“I would like to take this opportunity to thank all the participating Banks for their support and look forward to further building on our relationships in the years to come.”