Jamal al Hazeem CEO BMI Bank steps down

Manama: BMI Bank, a subsidiary of Al Salam Bank – Bahrain (ASBB), announced that Jamal Al-Hazeem, Director and Chief Executive Officer of the Bank had stepped down.

Jamal, a veteran Bahraini Banker who took on the helm of BMI Bank in 2010 as CEO, has cited personal reasons for his resignation and called the decision to step down as CEO of the Bank as mutual and amicable. Jamal will, however, continue to stay on as a Director on the Board at BMI Bank.

BMI Bank posted strong core results for the nine months ended 30th September 2014. Total assets and total financing portfolio as at the end of the period stood at BD 0.74 billion and BD 0.37 billion whilst customer deposits grew to BD 0.56 billion at the end of the third quarter of 2014 at an annualized growth rate of 8%. The Bank continues to maintain a healthy financing to customer deposit ratio of 67% with an excellent Capital Adequacy Ratio of over 15%. BMI Bank is currently finalizing the operational aspects of its business combination with Al Salam Bank – Bahrain (ASBB) as it converts its business to a Sharia Compliant one.

“It is with regret that the Board of Directors of BMI Bank would like to confirm that Jamal Al-Hazeem has decided to step down from his position as Chief Executive Officer of BMI Bank. Jamal, has over the past few years done a commendable job in consolidating the Bank’s market leading position within Bahrain through his successful and dynamic leadership and we wish him the very best in his future endeavors. BMI Bank has a strong team in place and this departure though unfortunate, will not result in our customers or correspondent banking relationships being inconvenienced in any way,” confirming the announcement, the Bank’s Board of Directors in a statement said.

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