BAB Chairman also said that the banks performance from March to June would be better than the first quarter from January to March 31st this year.
In his keynote address at the opening of a roundtable titled ‘Outlook for Foreign Banks and Insurance Companies in Bahrain’ he said that the first half of 2010 was hit by the financial crisis which affected the industry across the board. “The first quarter results were impacted by the events of the February in Bahrain and in many countries in the region,” he added.
The roundtable was held at the Al Ghazal Room, Ritz Hotel and Spa was part of the series conceived by the BAB to keep the banking community posted about the developments in the industry.
“This event follows on from the first such roundtable, which was held in early April. We are delighted that this time we are joined by the Bahrain Insurance Association. We also thank the Economic Development Board for its support.
“Much has happened over the last three months. We hope that this will be an occasion for us all to look forward, in the light of our recent experience, and to consider Bahrain’s future as a strong and thriving international financial centre,” Bucheery said.
“Despite the events of the last few months and the global financial crisis, Bahrain’s financial sector has proved resilient and innovative. As Rasheed Al Maraj, the Governor of the Central Bank, interview on the economic strength of the Bahraini banking system, we are confident that Bahrain’s strengths as a financial centre will see us through our recent difficulties and, in the long run, will re-assert themselves. The statement of the Central Bank Governor that Bahrain would continue to provide the best-regulated environment in the Middle East is very encouraging,” he said.
“The number of foreign banks and investment companies registered with the Central Bank of Bahrain is 92 out of a total of 135. Out of these, there are 15 foreign banks offering conventional retail services, 42 foreign wholesale banks and 27 foreign representative offices for conventional and Islamic banks and investment firms. There are also eight foreign institutions offering sophisticated onshore investment services with Category 1 to Category 3 licenses.”
“If we take the financial sector as a whole — adding to the banks insurance companies, investment business firms and special licensees — there are 409 entities registered at the Central bank, of which 111 are from overseas,” he said.
“This gives some idea of the depth and breadth of the foreign banking and investment footprint in Bahrain. All in all, there are banks, representative offices and investment firms from 28 different countries operating in the Kingdom, which really does reinforce Bahrain’s claim to offer the best gateway for businesses across the world to access the trillion dollar GCC market,” he said.