Bahrain-based Securities and Investment Company (SICO) announced that it had secured a conventional wholesale banking license from the Central Bank of Bahrain (CBB). SICO had been previously granted an investment banking license in 1997.
The very robust requirements of the licensing regime, including a high capital base and strict adherence to regulations and governance, positions SICO well in its growth path, primarily by giving the firm additional flexibility in servicing its customers, while further giving it the ability to manage the balance sheet more optimally.
As of March 31st 2011, SICO’s paid-up capital was $113.1 million while total assets were $251.7 million, with shareholders’ equity of $ 144.5 million.
The board and management of SICO have expressed their sincere appreciation to the Central Bank of Bahrain for the continued support and guidance.
“The award of our wholesale license heralds a new chapter in the history of the Firm. The license award will support our consistent strategy : to focus on serving the GCC region, grow and diversify our business and revenue ; pursue a best–of- class, client-focused business model; and maintain a disciplined approach to managing our costs, risk and capital,” Sheikh Mohamed Bin Isa Al Khalifa, Chairman SICO said.
SICO offers a selective range of investment banking services, including asset management, brokerage, corporate finance and market-making, on a regional basis and with a particular emphasis on Bahrain. Through its wholly owned subsidiary, SICO Fund Services Company (SFS), SICO also provides custody and fund administration services.
SICO’s shares have been listed on the Bahrain Bourse since May 2003. SICO was the first ‘closed’ company to list on the exchange.