BBK

Capinnova’s paid-up capital increases to $151.5 million after taking 50% stake in Sakana

Thu, 04 Feb 2010 03:54:42 GMT

Capinnova Investment Bank, the Shari’a compliant investment banking arm and fully owned subsidiary of BBK, has acquired 50 per cent stake in Sakana Holistic Housing Solutions. Bahrain based Sakana was earlier a 50:50 joint venture between BBK and Shamil Bank. BBK took the decision to transfer the ownership of Sakana to Capinnova to strengthen and diversify the bank’s investments in the Islamic financial sector while complying with the principles of Islamic law. After the approval of the Central Bank of Bahrain, Capinnova’s issued and paid-up capital has increased to US$151.5 million. Capinnova took this stake in Sakana in January 2010 and is in process to complete all legal proceeding of the transfer.

Sakana known as the innovative Islamic mortgage finance provider has been in commercial operations for 3 years and asset base as at 30 November 09 based on un-audited results was approximately US$ 100 Mil. Sakana was awarded the “Best Islamic Mortgage Provider in the Middle East” in the International Real Estate Finance Summit – IREF ME 2009 last month in London. Sakana has won this award for the 2nd year in a row.

“Our industry is evolving and it is important to embark upon such initiatives to enhance the performance and also taking the organization to the next level. We are proud to have a highly respected entity – BBK, which is committed to the growth of not only Capinnova and Sakana but the industry as a whole. We are delighted to offer our customers and stakeholders more services and we are looking forward to synergize our combined wealth of knowledge and expertise,” said Mr. A. Karim Bucheery, Chairman of Capinnova Investment Bank.

“Despite the depressed global market conditions in the real estate sector over the past year, Sakana continues to remain profitable, aims to be an innovator and catalyst. We aim to scale new heights and set a new benchmark for the industry in the years to come and we will continue to strengthen and innovate our Islamic products’ framework to provide our investors with the best services,” said Mr. Jamal Hijres, Chief Executive Officer at Capinnova Investment Bank.

Capinnova aims to provide quality investment products and innovative solutions to companies, financial institutions and high net worth individuals.

BBK Chief Executive Abdulkarim Bucheery is ‘Banker of the Year’

Thu, 04 Feb 2010 19:37:22 GMT

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Bahrain’s pioneer in commercial and retail banking, BBK, recently added another success story to their list of achievements through the year 2009. Abdulkarim Bucheery, the Bank’s Chief Executive was recently awarded ‘Banker of the Year’ accolade for 2009 at the World Finance Awards.

The World Finance Awards, now in its third year, is an annual event that recognises industry leaders, individuals, teams and organisations that represent the benchmark of achievements and best practice in the financial and business world. The awards recognise individuals who have, over the course of the year, raised the standards within the banking industry with their innovative strategies and diligence towards their respective institutions.

“I am very pleased by the decision of the World Finance magazine to designate our Chief Executive, Abdulkarim Bucheery, as Banker of the Year for 2009. I would like to congratulate him on this achievement”. said Murad Ali Murad, Chairman – BBK. “This recognition by an international and reputed body reflects Abdulkarim’s accomplishments and also demonstrates the success of BBK’s vision to continue investing in talented and dedicated Bahraini executives.” he added.

Abdulkarim Bucheery, who has worked with the Bank since 2002, was appointed as Chief Executive of BBK in April 2008 and ever since his appointment, it has been his main focus to sustain and improve the competitive positioning of the Bank. His aim of raising the benchmark and quality of banking products and services across the board to create a unique position for the Bank in the local, regional and international market has been gradually taking shape as the Bank sees expansions across the Kingdom of Bahrain with new ‘Financial Malls’ being opened, new products and special services being launched to service the Bank’s VIP, Corporate and NRI clientele.

Mr. Bucheery shares the credit of this achievement by saying, “This is a proud moment not for me in particular, but for BBK and all its staff members at large and I am happy to have received such recognition for all the commitment that has been invested towards attaining a pioneer status for our Bank. Thanks to the support and loyalty of the Bank’s highly qualified employees, we were able to ensure recurring success across all platforms and enable innovative ideas take shape.”
The award handover and an interview was conducted by Hywel Jones formerly of the BBC at the media centre at the London Stock Exchange and the same can be viewed on www.worldfinance.tv

BBK announces the launch of eRemittance service to India

Thu, 04 Feb 2010 19:42:32 GMT

With a promise of making their customers’ banking experience brighter every time, Bahrain’s pioneer in commercial and retail banking, BBK, recently launched their eRemittance to India service. Through the new service, BBK customers can now transfer funds from their accounts by logging onto www.bbkonline.com portal to any valid bank account across India.

With a host of benefits like electronic funds transfer at a charge of BD1 for each transfer, the comfort and convenience of conducting the transaction from your home or office and the security offered by the Internet banking website, all have been combined into a single service which has seen a rise in demand from the expansive NRI customer base of the Bank.

Axel Hofmann, Head of Retail Banking – BBK shared his thoughts by saying, The trust and loyalty that our NRI client base has shown in us, gives us the impetus to provide them with various innovative services that will assist us in providing them with a brighter banking experience every time they bank with us. In order to enhance that experience we decided to launch the eRemittance to India service that will ensure quick, safe and easy transfer of funds for our Indian customers at an affordable price.”

He further added, “we understand that There are various occasions that demand an urgent transfer of funds, and Now our customers will be able to do the needful with a simple click of a button and from the convenience of their homes on our highly secure eBanking portal without paying high prices to conduct such transactions. We look forward to servicing our customers’ requirements with more such beneficial services in the future.”

BBK Newsletter

Thu, 04 Feb 2010 19:54:44 GMT

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BBK donates to help patients receive Bone Conduction Hearing Processors

Thu, 04 Feb 2010 20:44:54 GMT

BBK has donated a sum of BHD. 25000/000 (Twenty five thousand Dinars) to the Bahraini Society for Cochlear Implantation and Hearing Impairment (B.CI and HI Society), for purchasing Bone Conduction Hearing Processors to help hearing impaired patients. The cheque handover ceremony took place on Monday the 21st of December at the Banks headquarter at Manama in the presence of the Banks Chief Executive Mr. Abdulkarim Bucheery and Mr. AbdulHussain Bustani Assistant General Manager -Human Resources and Administration. The cheque was handed over to Dr. Ahmed J. Jamal, President of the Bahraini Cochlear implant and Hearing Impairment Society and Society delegates Mr. Omar Al-Sharif, General Secretary and Mr. Mohammed Hassan Ali treasurer of the Society.

The Bone Conduction Hearing Processors are electronic devices used to restore hearing for those patients with hearing impairment. It functions in a way to give direct bone conduction which allows the bone to transfer sound to a functioning cochlea, thereby by passing the ear canal and the middle ear. It is indicated in cases with conductive hearing loss or single sided hearing loss or with mixed hearing loss.

Examples of cases indicated for such device use are: Malformation of external ear canal or middle ear, Infection of ear canal resulting in chronic draining ear, Single sided deafness for causes like viral infection, Meniere’s disease, trauma, measles, acoustic neuroma and sudden deafness.

The Bahraini Society for Cochlear Implantation and Hearing Impairment will later hand over the 2 apparatuses donated by the BBK to Ministry of Health for the Centre of Hearing Impairment and Cochlear Implantation of Salmanyia Medical Complex and Ear, Nose and Throat Department to complete the surgery and implant these devices for the needed patients. The priority will be for the children among the present waiting list of 7patients. This list is expected to increase when the devices are available.

The Bahraini Society for CI and HI express its sincere thanks to BBK for this particular donation as it will be the first of such devices to be found in the Kingdom of Bahrain in addition to allow access to conduct surgeries related.

BBK announces special fixed deposit campaign winners

Thu, 04 Feb 2010 20:46:52 GMT

BBK, Bahrain’s pioneer in retail and commercial banking, recently announced a special offer for all its new and existing fixed deposit customers to allow them the benefit of putting their money to Brighter use.

An offer that assisted in increasing the customers returns from their fixed deposits, also allowed the customer to enjoy highly competitive interest rates when the investment was of BD10,000 or more. In addition to the amazing offer the Bank also gave these customers a chance to win one of two Yamaha Jet Skis that were sponsored by the AJM Kooheji Group.

The Bank conducted the draw to select the winners’ names on the 8th of December 2009 in their main branch hall under the supervision of Yasser Buallay, Ministry of Commerce and Industry representative and in the presence of representatives from the Internal Audit, Internal Control, Retail Marketing and Retail Banking departments. The two lucky ladies, Nahid Isa Asheer and Maymoona Mohd Bastaki won one Yamaha Wave Runner VX700 Jet ski each as part of the campaigns prize offerings.

Axel Hofmann, Head of Retail Banking – BBK shared his thoughts on the winners’ announcement by saying, “This campaign was launched as part of our drive and constant effort to provide our loyal customers with value added benefits and excellent service. We would like to give our hearty congratulations to both customers and thank them and all our other customers for investing with us, it goes to show the level of trust our customers hold with us and our aim is to build on that trust and provide them with many more such prize winning moments.”

Providing enhanced security for your safety

Thu, 04 Feb 2010 20:48:19 GMT

Giving priority to enhanced security and greater privacy, Bahrain’s pioneer in retail and commercial banking, BBK, had recently announced the launch of their new EMV Compliant Visa Electron Debit Card, which is now powered by Smart Chip technology.

The Bank is now in the process of distributing those cards to enable its customers to transact on their accounts with greater security and ease. All the customer needs to do is to call the Bank’s call centre on 17207777 to arrange for the card to be delivered or collected.

“Our aim at BBK has always been to provide our customers with products that result in complete customer satisfaction. The new EMV Smart Chip Debit Card will assist us in getting closer to achieving that aim to ensure that our customers obtain the security and comfort of having the latest technology while conducting their daily transactions. The EMV Visa Electron Debit Card is equipped with security enhancements to reduce fradulent transactions and hence it is very important for all our customers to get their new cards collected at the earliest by contacting our call centre,” said Axel Hofmann, Head of Retail Banking Division – BBK

In due course, BBK will stop all magnetic strip cards, the date of which will be communicated in the future.

BBK and Dadabhai Travel tie up in New Service Partnership at BBK Financial Malls

Thu, 04 Feb 2010 20:49:49 GMT

With an aim to provide its customers with various value-added services and the convenience of availing these services all under one roof, Bahrain’s pioneer in retail and commercial banking, BBK held a press conference on the 14th of December at its Head Office in Manama and announced a tie up with Dadabhai Travel, one of the Kingdom’s leading travel agencies.

The signing ceremony which was graced by Abdulkarim Bucheery, CE of BBK and Mohammed Dadabhai, Chairman of Dadabhai Travel took place on the same day and was attended by GMs and senior management of both organisations as well as GMs from Gulf Air, Qatar Airways, and Jet Airways.

In this visionary collaboration, Dadabhai Travel, along with the above mentioned airlines and with Avenue Car Rental, will now offer special travel related deals, promotional offers and exclusive holiday packages for BBK customers through the Adliya Financial Mall, Budaiya Financial Mall and City Centre branch as a start with a plan to expand the coverage to other Financial Malls at a later stage. While adding to the numerous services that BBK provides its customers with, this will come as an exclusive service via dedicated travel counters manned by bi-lingual professional consultants of Dadabhai Travel at the above stated venues that will be available to service customer requests in line with the Bank’s working hours.

“We are very proud to have established this partnership with Dadabhai Travel as they are one of the leading travel agencies in the Kingdom and a trusted name for years. Our aim at BBK has always been to ensure that the widest range of services are made available to our customers and what better brand to affiliate ourselves with non other than Dadabhai Travel. Our Bank has been a trusted brand for more than 35 years and we can say the same for our newest partner. With this alliance of two strong brand names coming together, the breadth of services as well as the level of service provided will result in a significant added value for our customers and that is our goal,” were the words used by Mr. Bucheery to express his sentiments at the announcement of the partnership.

Mr. Dadabhai shared his thoughts by saying, “Dadabhai Travel has been one of the most progressive travel agencies on the island and for over 25 years now, we have achieved and maintained our position as one of the market leaders. This partnership with BBK goes to strengthen our standing even further as we share a lot in common, mainly our well established backgrounds and good will in the market. We look forward to a long term, fruitful and successful business relationship with BBK and hope to service their Financial Malls customers’ requirements with the support of our dedicated team of travel consultants.”
Aziz Gilitwalla, Managing Director of Dadabhai Travel added that this innovative idea complemented by the strategic BBK locations will bring travel services to the customers door step. Our formidable reputations supported by our emphasis on quality products and comprehensive range of services will be a boon to customers and will remain an unparalleled concept.

The Bank encompasses the true meaning and concept of Financial Malls as this tie-up now makes available an additional value-added service to its customers. With a range of diverse services being offered at their Financial Malls, the Bank aims to achieve overall customer satisfaction, a top priority with BBK. The Bank already offers value-

added services from CrediMax credit cards, Western Union money transfer and Secura insurance via dedicated counters across its Financial Malls.

BBK wins first place for excellence in Corporate Governance practices

Thu, 04 Feb 2010 20:51:09 GMT

Bahrain’s pioneer in retail and commercial banking, BBK, was recently awarded with the industry’s most prestigious Bank Corporate Governance Award at a ceremony held in Dubai on the 9th November 2009. The Bank secured first place in a major regional survey on corporate governance conducted by the Hawkamah Institute for Corporate Governance and the Union of Arab Banks (UAB). Mr Reyadh Sater, General Manager Shared Services Group – BBK, attended the ceremony and accepted the award on behalf of the Bank.

On the joyous occasion, Mr Murad Ali Murad, Chairman – BBK shared his perspective by saying, “At BBK we have always given utmost priority to the core values of Corporate Governance. It is a way of life for us to maintain complete accountability and fairness through our policies that govern the basic functionality of the Bank. We are very happy to be recognized for the Banks excellence in abiding by its Corporate Governance codes and look forward to maintaining this honor in the coming years.”

Launched in 2007 by Hawkamah and UAB, the ‘Bank Corporate Governance’ Award seeks to identify and honor regional banks that show leadership and initiative in enhancing good corporate governance. The award has become a prestigious, competitive and highly coveted bank award that highlights the industry’s strong commitment to good corporate governance.

“A prime factor of being the pioneers of commercial and retail banking in Bahrain for the last 35 years for us is our diligence in complying with the policies laid down by the regulatory authorities. We have ensured that at all levels through out the Bank a high level of transparency is maintained where each employee understands the role they play in making certain our Corporate Governance code is adhered to and we are very glad that we have won such a principle award that recognizes our effort,” said Mr Abdulkarim Bucheery, CE – BBK, who together with Dr Mukund Ballal, head of Compliance and MLRO at BBK attended the panel interview for the final selection.

From his side, Mr. Reyadh Sater, General Manager Shared Services Group – BBK, conveyed his joy at the award ceremony expressing BBK’s longstanding leading position and strong commitment to good corporate governance, being amongst the first Banks in the Kingdom of Bahrain to form an Internal Audit Committee, long before it became a regulatory requirement by the CBB.

The 2009 Bank Corporate Governance Award attracted 30 applications from banks in 11 Middle East countries including UAE, Bahrain, Iraq, Kuwait, Lebanon, Oman, Morocco, Qatar, Sudan, Syria and Tunisia. An independent jury of international banking and corporate governance experts that included Professor Andrew Chambers, who has extensive experience in corporate governance, risk management and internal auditing; Alan McIntyre, Financial Services Sector Leader for the Middle East Region for PricewaterhouseCoopers; and Charles Freeland, a well-respected international banking consultant and former Deputy Secretary General, Basel Committee on Banking ,reviewed all the applications and conducted

Capinnova announces third quarter results

Thu, 04 Feb 2010 20:52:49 GMT

Click here for the Financial Statement

Capinnova Investment Bank, the Shari’a compliant investment banking arm and fully owned subsidiary of BBK, has reported a net loss for this quarter of US$ 1.1 million as compared to US$ 757k during 2008 and gross revenue of US$ 653k for third quarter of 2009 in comparison to US$ 71k from same quarter last year.

The net loss reported for the 9 month ended September 2009 was US$ 3.6 million as compared to US$ 1.5 million during 2008. The gross revenue for the period increased to US$ 2.2 million as compared to US$ 302k for 2008.

Capinnova is a newly established investment bank which started its operation at the beginning of this year with an authorized capital of US$ 500 million and paid-up capital of US$ 125 million. The net loss reported was due to the start up and initial operating costs.

Capinnova aims to provide quality investment products and innovative solutions to companies, financial institutions and high net worth individuals.

BBK reports BD 25.04 million net profits for the nine months ended 30th September 2009, up 25% from the same period of last year

Thu, 04 Feb 2010 20:56:52 GMT

To view the financial Report, please click here

The Board of Directors of BBK met last Thursday 29th October 2009 to review and approve the financial results for the third quarter 2009. Mr. Murad Ali Murad, Chairman of the Board of Directors announced that the Bank recorded BD25.04 million net profits for the nine months ended 30 September 2009 compared to BD 20.08 million for the same period of 2008, higher by 25%. Commenting on the Bank performance, the Chairman said “Though we have prudently provided against some impaired assets during the quarter, we reported 25% growth compared to last year. The Bank’s long term strategy and business policies, coupled with prudent risk management, have helped to deliver the reported growth. The additional provisions made during this quarter, reflects the Bank’s conservative approach in providing for non performing assets promptly”

The growth in net profit is attributed to lower provisioning requirement by 58% compared to the same period last year. Core business of the Bank has consistently been growing reflected in growth of its net interest income by 13%, and growth of fees and commission income from BD 16.1 million to BD 16.4 million compared to the same period of last year.

“Despite the tough and unprecedented circumstances prevailing in the market, the Bank was able to maintain a good level of profits throughout the year, and we expect to end the year with much better performance as well” Mr. A.Karim Bucheery, Chief Executive, said.

Reported profits for the 3 months ended 30 September 2009 were BD 2.7 million, against a loss of BD 4.0 million in the same period of last year. The profit included BD 9.2 million (September 2008: BD 16.8 million) of provisions which were provided as a matter of prudence against certain impaired assets. Interest income also rose by 31% compared to the three months ending September 2008.

The Bank comprehensive income rose significantly from negative BD 0.7 million as of September 2008 to BD 27.1 million as of September 2009 mainly due, beside higher net profits, to upward movement in mark-to-market pricing for investment securities as the market showed a clear trend of stability and investment prices moved higher.

On the Bank balance sheet, the loans and advances portfolio declined by 4.3%, mainly due to orderly maturity of some commercial loans; particularly in the international portfolio. On the other hand and not withstanding the general squeeze in the liquidity situation across all markets, the customer deposits portfolio has grown by 5% from BD 1,127 million to BD 1,179 million compared to the same period of last year. The Capital Adequacy ratio of the Bank continues to be higher than 18%, well above the regulatory requirements.

BBK launches SMS alert service for higher security

Thu, 04 Feb 2010 21:00:28 GMT

As a Bank that gives utmost priority to customer safety and fraud prevention, Bahrain’s pioneer in retail and commercial banking, BBK launched a new SMS based service for its Debit Card holders on 4th August 2009. The ‘SMS Debit Card Transactions Alert’ service is an additional security enhancement, initiated by the Bank, to provide its customers with the technology that assists in preventing unauthorised transactions on their accounts.

Customers whose contact information is updated with the Bank will automatically receive free SMS alerts henceforth when they transact on their cards without the requirement of any additional registrations. For customers whose contact details are not updated with the Bank, a visit to their branch or Financial Mall with an identification document as a form of authentication will assist in ensuring they receive the alerts as well. All transactions, like local purchases through point of sales (POS) machines, international transactions on their debit cards or cash withdrawals at international ATMs, are covered under this alert service.

Axel Hofmann - Head of Retail Banking, BBK shared the Banks vision of safer banking for all their customers by saying, “We are always on the move to incorporate technology based solutions to make banking a much safer experience for our customers. Continuous improvement towards better customer service is important as that enhances the trust our customers have in us as protectors of their wealth and at times their life savings. We at BBK intent to keep that trust rock solid.”

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Tue, 09 Mar 2010 21:51:21 GMT

BBK shows support towards Bahrain Red Crescent Society - donates BD 10,000

Mon, 17 May 2010 09:31:34 GMT

In line with their strategic initiatives for a brighter community, Bahrain’s pioneer in retail and commercial banking, BBK handed over a cheque of BD 10,000 as a gesture of their support towards Bahrain Red Crescent Society. The cheque was handed over by Mr. Abdulkarim Bucheery, CE of BBK to Mr. Sadiq Abdulkareem Alshehabi Secretary General for Bahrain Red Crescent Society in the presence of Mubarak Al Hadi Executive Director for Bahrain Red Crescent Society, Mr. Reyadh Sater, GM- Shared Services Group- BBK, Mr. Hassan Burshaid- Senior Manager- Human Resources and the Corporate Communications team from the Bank.

The Society has received regular support from the Bank through various regular donations over the past years. Those contributions help Bahrain Red Crescent Society with the additional financial aid required to help needy families.

As one of the major financial institutions in Bahrain, providing regular contributions to various humanitarian causes and societies throughout the years, BBK has supported entities including major clubs, charity funds and social initiatives. These initiatives are aimed at achieving the sole goal and vision of a brighter future and community in the Kingdom of Bahrain.

BBK supports Bahrain Society for Children with Behavioral & Communication Difficulties

Thu, 27 May 2010 06:08:33 GMT

In line with their strategic initiatives for a brighter community, Bahrain’s pioneer in retail and commercial banking, BBK handed over a cheque of BD 15,000 as a gesture of their support towards the Bahrain Society for Children with Behavioral & Communication Difficulties (Alia for Early Intervention a center for supporting individuals with autism spectrum disorders. The cheque was handed over by Mr. Abdulkarim Bucheery, CE of BBK to Shk. Mohammed Bin Rashid AlKhalifa- Society Treasurer and board member in the presence of Mr. Reyadh Sater, GM- Shared Services Group- BBK, Mr. A.Hussain Bustani, AGM- Human Resources & Administration and the Corporate Communications team from BBK.

The Society has received regular support from the Bank through various regular donations over the past years. Those contributions help the institution with the additional financial aid required for the purchase of the different educational material and programmes for the early intervention center (Alia for Early Intervention). These materials are used for instructional teaching as well as vocational training purposes.

BBK shows support towards Aisha Yateem Family Counseling Centre

Mon, 31 May 2010 11:22:08 GMT

In line with their strategic initiatives for a brighter community, Bahrain’s pioneer in retail and commercial banking, BBK handed over a cheque of BD 10,000 as a gesture of their support towards Aisha Yateem Family Counselling Centre part of Bahrain Young Ladies Association. The cheque was handed over by Mr. Abdulkarim Bucheery, CE of BBK to Mrs Layla Hamed Al Basam Head of Volunteers comity, in the presence of Mrs Nawal Abdulla Head of the Board of Trustees & Mrs Raja Matter Member of comity, Mr. Reyadh Sater, GM- Shared Services Group- BBK, Mr. Hassan Burshaid, Senior Manager- Human Resources and the Corporate Communications team from BBK.

The Centre has received regular support from the Bank through various regular donations over the past years. Those contributions help the institution with the additional financial aid required to provide special services in several fields like social, psychological and legal counselling for individuals and families, in addition to training and awareness programs for problems prevention and violence intervention that individual can encounter within the family or outside.

BBK Cash Management accelerates payments for American Express

Mon, 31 May 2010 12:02:47 GMT

Manama, Bahrain: BBK, Bahrain’s pioneer in retail and commercial banking, and American Express Middle East & North Africa (AEME), leader in premium payment solutions, recently announced a new partnership. BBK will be providing Cash Management services which enables AEME to initiate more streamlined and faster payments to merchants accepting American Express Cards using BBK’s Point of Sale terminals at all locations throughout the Kingdom of Bahrain. In addition, BBK and non-BBK customers can now settle American Express bill payments over-the-counter in all BBK’s Financial Malls and branch locations in Bahrain.

This partly demonstrates BBK’s comprehensive Cash Management suite of services. Innovative domestic and international payments and receivables services are available for efficiently managing the corporate financial supply chain.

Sh. Rashed Al Khalifa, GM – Business Group, BBK said, “Providing innovative solutions like this increases efficiencies and enhances transparency for corporations streamlining their cash management operations. BBK Transactional Banking is dedicated to providing innovative Cash Management and Trade services to our corporate customers. This latest partnership is a testament of our commitment to helping customers better manage their working capital.”

Mr. Mazin Khoury, Chief Operating Officer, American Express Middle East & North Africa said. “This initiative is one of a number of strategic agreements aimed at enhancing the American Express service experience for our Cardmembers and merchant partners. With a wide presence across the country, BBK branches will be an ideal and time-efficient channel for our customers.”

This latest partnership is the result of a team of highly qualified on-the-ground Cash Management subject matter experts who designed, developed and activated an end-to-end solution structure alongside the financial team of experts within American Express.

Mr. Rashad Akbari, Acting AGM-Transaction Banking, BBK added: “BBK Transaction Banking focuses on meeting and exceeding our customers’ needs. Our customers turn to us when they rely on a partner for accurate transaction processing, accelerating reductions in internal treasury operating costs and accessing financial insight to events driving their supply chain. We offer solutions for improving Cash Management practices, facilitating Trade and structuring project finance for businesses.”

BBK reports net profits of BD 12.5 million for the 1st Quarter 2010 with 30% growth in its operating revenues

Mon, 31 May 2010 12:11:32 GMT

To view the financial statement, please click here

Mr. Murad Ali Murad, Chairman of the board of directors of BBK, yesterday announced BBK’s financial results for the three months ended 31 March 2010, which revealed a Net Profit of BD 12.5 million compared to BD 11.9 million in 2009 representing a growth of 5.1%.

Commenting on the results, Mr. Murad Ali Murad said “The profit posted by the bank reflects BBK’s continuous thrust to improve shareholders’ value through recording balanced profits year after the other. The bank has undergone a restructuring process of retail business, corporate business as well as investment activities, which stemmed from the Banks’ Strategic Plan 2010-2012, approved by the board recently. We have witnessed some positive signs that the new adopted strategy will help growing our business in the coming months and years, which have already started to show some positive results. Also the marginal improvement witnessed in overall financial markets since the beginning of the year had contributed positively to the bank’s performance for the 1st quarter”.

The growth in profit compared to the same period last year was driven by 15.6% growth in interest income from BD 13.3 million to BD 15.4 million, and 3.4% growth in fees & commission, while FX and Investment income witnessed a growth of 112.3%, mainly due to the effectiveness of investment team in taking advantage of opportunities available in the region as well as in the global markets.

Comprehensive income has increased from BD 0.49 million in the 1st Quarter 2009 to BD 11.9 million in the 1st Quarter 2010, mainly driven by improvement of investments prices, and foreign currency revaluations.

Operating costs on the other hand increased by 7.8% compared to the same period last year, as the bank continues to invest in various strategic initiatives. The bank has also increased the level of general provisions during the quarter inline with the bank prudent risk management activities and practices.

Mr. A.Karim Bucheery, Chief Executive, said “BBK has always led the way to innovative banking across the Kingdom. The bank’s strategies were always focused on ways to deliver new concepts to the banking industry, with the aim of enhancing customer service quality and increase customer satisfaction. Those strategies have demonstrated success in enhancing shareholders’ wealth, through achievement of stable profits”.

BBK’s balance sheet has grown by 12% to BD 2,255 million, compared to the same period of last year, with customer deposits growth of 24.5% to reach BD 1,548 million, reflecting customers’ continuous trust and confidence in the bank. On the other hand Loans & advances decreased by 4.2% to BD 1,282 million, compared to BD 1,338 million in March 2009, mainly due to reduction of lending activities in the international markets in favor of the local and GCC markets.

Capital adequacy comfortably stands over 17.51%, while other liquidity measures have also improved substantially compared to March 2009, with liquid assets (Cash and balances with central banks, Treasury bills, trading investments, and placement with financial institutions) to total assets ratio improving from 16.6% to 23.5%, loan to customer deposit ratio improving from 107.2% to 82.9%, and loans to total deposit (including deposits from Banks) improving from 92.8% to 73.3%.

Deactivation plan for magnetic stripe debit cards

Mon, 31 May 2010 12:17:45 GMT

In order to place priority on greater security and increased privacy, Bahrain’s pioneer in retail and commercial banking, BBK is planning the deactivation of its magnetic stripe Debit Cards commencing 26th April 2010 in favour of their EMV Smart Chip Debit Cards. Deactivation will proceed in stages starting from that date.

This follows BBK’s previous announcements of the launch and distribution of their new EMV compliant Visa Electron Debit Card powered by Smart Chip technology.

Customers who have received their EMV Smart Chip Debit Cards are advised to activate them as soon as possible.Customers who have not yet received their new EMV Smart Chip Debit Cards should call 17207777 to enquire about their new card.

Given the new EMV Smart Chip Debit Card is equipped with security enhancements to reduce the number of fraudulent transactions, it is very important for customers to upgrade to a more secure option.

Capinnova invests US$20 Million in EBLA Computer Consultancy

Mon, 31 May 2010 12:32:59 GMT

Capinnova Investment Bank, the Shari’a compliant investment banking arm of BBK, today announced a minority investment of $20 million in EBLA Computer Consultancy, a leading GCC entity that is engaged in the provision of IT solutions and IT consultancy services in the MENA region. GulfMerger acted as the sell-side adviser to EBLA.

EBLA was established in Kuwait in 1993, and currently has subsidiaries in Qatar, UAE, Saudi Arabia, and Egypt and branch offices in Syria, Jordan and Bahrain. Ebla has a strong customer base contributed to the company's high growth rates since inception, which made them adopt a prominent place on the regional level. “As a fast-growing, profitable company in a growth industry, EBLA ideally fits Capinnova’s Private Equity investment profile,” said Mr. Jamal Hijres, Chief Executive Officer at Capinnova Investment Bank “This is one of the largest technology investments in the GCC in this year, and Capinnova remains committed to providing unique combination of financial support, strategic guidance and a significant network of contacts through the Bank’s Board representation, enabling EBLA to continue on its growth trajectory.”

“The IT market in the Middle East showed positive growth rates despite the financial crisis the region has faced, thanks to the initiatives of both public and private sectors in terms of the tangible support, investment and expenditure on the IT infrastructure. We are very pleased to complete this investment and anticipate a successful and mutually beneficial relationship,” add Mr. Hijres.

“With upcoming opportunities in the regional IT sector, EBLA plans to use the equity injection to grow both organically through geographic expansion and by offering its clients an assortment of additional product and services as well as through strategic acquisitions. We are confident that the combined teams of EBLA and Capinnova will significantly enhance the value of the Company thus generating superior returns for the stakeholders,” said Mr. Hilal Arnaoot CEO of EBLA.

Capinnova Private Equity focuses on opportunities of investing in and partnering with dynamic medium-sized companies to help them achieve robust growth and implement best practices in management and corporate governance to enhance shareholder value. The Private Equity team at Capinnova brings extensive industry knowledge, deep financial expertise, innovative structuring capabilities and experience in implementing best practice management systems and processes to assist investee companies on a growth path. The team is committed to operating with the utmost integrity, confidentiality and professionalism at every stage of the transaction.
Capinnova aims to provide quality investment products and innovative solutions to companies, financial institutions and high net worth individuals.

More than 10% appreciation in BBK- ING MENA fund

Mon, 31 May 2010 12:35:02 GMT

Bahrain: Bahrain’s pioneer in retail and commercial banking, BBK, announced that its recently launched ‘BBK- ING MENA INVEST FUND’ which is open for investors has seen its Net Asset Value increase of more than 10% since its date of launch this February. The fund is an open ended equity fund that seeks long term capital appreciation by investing in a portfolio of companies whose securities are listed in the GCC and MENA markets.

With a fund rating of ‘AA’ by Standard & Poor’s, the BBK-ING (L) Invest Middle East & North Africa fund brings with it various advantages like daily entry and daily liquidity, highly regarded investment managers with an excellent track record, thorough fundamental analysis for investment decision making and risk management capabilities of international standards amongst others.

“We are glad to announce this increase in the Net Asset Value of the fund during this short period of time. Being open ended, Investors can take benefit by entering this fund anytime and so far we have got good response from investors. The Bank has conducted due diligence and also invested in the fund which had a proven success record with a performance of 34.2% in the year 2009 and more than 10% year to date. The fund provides complete transparency to the customers, a monthly detailed report is being sent to all investors,” said A.Karim Bucheery, CE of BBK.

Other benefits of the fund include: no performance fee charged, no redemption charges involved and no lock up period for the investment.

BBK Rating affirmed with a stable Outlook

Mon, 31 May 2010 12:36:59 GMT

BBK, Bahrain’s pioneer in retail and commercial banking, has had its rating affirmed at A- for Long Term Issuer Default Rating “IDR” and at A for Foreign – Currency Long-Term IDR with stable outlook by Fitch, the international credit rating agency. The individual rating stands at C/D with stable outlook, which reflects the bank’s significant domestic franchise and the bank’s adequate capitalization.

The announcement comes after the Bank reported a net profit of BD 35.0 million for the year ended 31 December 2009 compared to BD 27.1 million in 2008 (an increase of 29.3%) and proved its ability to generate revenues despite the adverse market conditions and economic slowdown.
This international vote of confidence to the Bank is attributed to BBK’s diversified revenue streams, its position as a pillar in the Banking sector in the Kingdom of Bahrain, as well as its innovative drive to accelerate business growth in new areas and markets.

Commenting on the Fitch report, BBK Chief Executive A.Karim Bucheery, said, “We are pleased with this credit rating update, in such downturn market environment, which is obviously a strong signal to our stakeholders that the Bank continues to perform strongly despite of international economic meltdown. Fitch’s appreciation of BBK’s contribution to Bahrain’s banking sector and hence the support it would receive if needed by Bahraini authorities further reaffirms our strong franchise and by the same our commitment to continuing this tradition of diversifying and innovating our offering to maintain the leading position in the market and achieve high shareholder value.”

The Bank was able to sustain a comfortable liquidity position and capital adequacy ratio through growing customer deposits, which demonstrates customers’ confidence in the Bank in spite of the prevailing sentiment of uncertainty during 2009.

The strong performance of CrediMax, BBK’s credit card subsidiary and the leading credit card issuer in Bahrain further supports the strength of BBK’s retail banking franchise.

BBK announces the launch of a new investment product

Mon, 31 May 2010 12:38:36 GMT

Bahrain’s pioneer in retail and commercial banking, BBK, yesterday announced the launch of the BBK-ING (L) Invest Middle East & North Africa fund. It is an open ended equity fund that seeks long term capital appreciation by investing in a portfolio of companies whose securities are listed in the GCC and MENA markets. The fund aims to invest in listed equities after rigorous research is conducted before stocks are selected and intends to focus on the GCC markets. The fund is available for subscription starting from the 8th of February 2010.

With a fund rating of ‘AA’ by Standard & Poor’s, the BBK-ING (L) Invest Middle East & North Africa fund brings with it various advantages like daily liquidity, highly regarded investment managers with an excellent track record, thorough fundamental analysis for investment decision making and risk management capabilities of international standards amongst others.

“In keeping with our aim of providing our customers with a variety of attractive products, we have yet again lived up to our promise in the form of the BBK-ING (L) Invest Middle East & North Africa fund. The Bank has conducted due diligence and decided to invest in the fund. This fund has had a proven success record with a performance of 34.2% in the year 2009. To provide complete transparency to our customers, a monthly detailed report will also be sent to all investors and with the international risk management capabilities of ING we are sure this product will see great success,” said A.Karim Bucheery, CE of BBK.

Other benefits of the fund include: no performance fee charged, no redemption charges involved and no lock up period for the investment.

BBK offers Personal Loans to Tamkeen’s On-Job-Training Scheme Graduates

Sun, 13 Jun 2010 10:19:59 GMT

BBK, Bahrain’s pioneer in retail and commercial banking, held a signing ceremony at the BBK Headquarters on the 30th of May, to confirm the offering of Personal Loans (both Consumer and Car Loans) to graduates registered with Tamkeen’s On-Job Training Scheme. The ceremony was attended by BBK’s Chief Executive Mr. A. Kareem Bucheery, Tamkeen’s Chief Executive Mr. Abdulellah Al-Qassimi, and Alatheer Audit & Consulting Managing Partner Mr. Mirza Al-Marzooq, along with other members of the three organizations. Through relationships such as this with Tamkeen, BBK is proud to provide a way of assisting organisations dedicated to supporting Bahraini communities.

With this exclusive Agreement between BBK, Tamkeen, & Alatheer Audit & Consulting, BBK will begin offering consumer and car loans to graduates registered with the Tamkeen On-Job-Training Scheme. These graduates will consist of individuals employed by Al Atheer Audit & Consulting on behalf of Tamkeen for two years, who are contracted to work in various governmental and private organizations throughout Bahrain as trainees. They are currently gaining valuable work experience in these organizations with the objective of obtaining long-term jobs upon completion of the two year training program or earlier than this period.

Mr A. Karim Bucheery, BBK CE commented saying: “As part of our social responsibility, this latest partnership ensures that these graduates, who may otherwise have struggled to receive financial help, will now be able to obtain financing for their personal requirements without delay or difficulty through any BBK branch in Bahrain.”

Tamkeen’s CE Mr. Abdulellah Al-Qassimi added, “backed up by our common belief in enhancing and enriching the Bahraini individual’s life style, which we believe is the stepping stone that takes us to a better standard of living in the Kingdom, we are proud to launch such an initiative with BBK, given their established backgrounds and outstanding banking history in Bahrain.”

Alatheer Managing Partner, Mr. Mirza Al-Marzooq commented, “it is our pleasure to have been selected as the project manager for Tamkeen OJT project and therefore contributing to achieving the national objectives of this project. The BBK program for loans offering is certainly a distinguished benefit to the graduates which can only be made by such a bank which strongly believes and practices the aspects of social responsibility”.

BBK records a net profit of BD 12 million in the first Quarter 2009

Mon, 14 Jun 2010 05:20:36 GMT

Mr. Murad Ali Murad, Chairman of the Board of Directors of BBK, yesterday announced that the bank recorded a net profit of BD 11.9 million for the first three months of 2009, showing a growth of 7.3% over the same period of last year.

The increase in the profits was mainly attributed to growth in fees and commission income of 11.6% over the same period last year. Net interest income reported BD 13.3 million, while foreign exchange & investment income reported BD 4.1 million during the first quarter of 2009. Operating cost stood at BD 9.9 million compared to the same period of last year of BD 8.3 million. The growth in operating cost is mainly on the account of investments being made under the strategic plan in building capabilities, developing new businesses, and on development of Bank’s human resources. The bank stands at a comfortable level of provision reserves against its investment portfolio which was created in 2008.

The bank’s balance sheet at the end of 31st March 2009 stood at BD 2,007 million compared to BD 2,165 million in December 2008. Loans & advances has grown by 11.9% over March 2008 to stand at BD 1,339 million, while customer deposits has grown by 9.5% over the same period of last year to stand at BD 1,243 million.

At a time when international financial crisis continues to negatively impact the performance of different sectors of the economy in many contraries around the global particularly the banking and financial sector, we feel proud to record a growth over last year’s profits” Mr. Murad Ali Murad said. He also added “the result reveals the bank ability to withstand and compete in times of turbulence”.

The bank was recently awarded with “Bahrain e-content Award” for the 3rd year in a row, reflecting the level of satisfaction the bank’s customers have in the level of the services offered by the bank.

On internal development, the bank has recently promoted three of its staff to join the executive management team, in the area of Financial Control, Retail Banking, and Information Technology. “being in time of financial turbulence will not prevent BBK to be a pioneer in hiring or promoting professional staff to key positions. We believe having quality staff is essential in delivering the quality of service which our customers seek”. Mr. A.Karim Bucheery, Chief Executive said.

Commenting on the bank’s performance, he said “BBK always proved to be strong in facing financial difficulties, though this was the toughest, thanks to the Bank’s strong core business which continued its positive trend. With our results for the first quarter, we feel confident that we will end 2009 recording strong performance and healthy balance sheet.”

BBK shows support towards Bahrain Institute for Special Education

Sun, 20 Jun 2010 05:15:11 GMT

In line with their strategic initiatives for a brighter community, Bahrain’s pioneer in retail and commercial banking, BBK handed over a cheque of BD 10000 as a gesture of their support towards Bahrain Institute for Special Education/ BISE. The cheque was handed over by Mr. Abdulkarim Bucheery, CE of BBK to the Institute’s representative in the presence of Mr. A.Hussain Bustani, AGM- Human Resources and Administration.

Bahrain Institute for Special Education/BISE has received regular support from the Bank through various regular donations over the past years. Those contributions help the institute to support, orphans and socially underprivileged children who suffer from Dyslexia and Attention Deficit Hyperactivity Disorder /ADHD and other Learning difficulties.

BBK reduces rates on Mortgage, Car and Consumer loans

Wed, 23 Jun 2010 11:41:57 GMT

Manama, Bahrain: BBK, Bahrain’s pioneer in retail and commercial banking, is launching a new promotional marketing campaign, advertising lower interest rates on its range of Car, Mortgage and Consumer loans and giving customers the opportunity to win trips to Dubai and get money off their loan fees.

Beyond great rates, customers who take a car, consumer or mortgage loan from BBK between June 15th and September 15th 2010 will qualify to enter a draw for the opportunity to win one of 21 amazing travel packages for 2 to Dubai. The trips include flights and accommodation at the incredible 5-star hotel: The Palace, The Old Town Hotel in Dubai. The first 100 customers can look forward to up to 50% discount off their loan fees too.

Axel Hofmann, Head of Retail Banking Division explained, “In a difficult financial climate our customers have had to sacrifice the size of their dreams. At BBK, we’ve reduced the interest rates on our loans so our customers don’t have to reduce the size of their dreams. In fact, we’re aiming to further add value to our customers by providing them with additional benefits through the special promotion.

BBK reports net profits of BD 23.4 million for the 2nd Quarter 2010 with 38.6% growth in its operating revenues

Mon, 12 Jul 2010 06:08:09 GMT

Click here to view the Second Quarter of 2010 Financial Statement

The Board of Directors of BBK has met yesterday to discuss and approve the BBK’s results for the six months ended June 2010. Mr. Murad Ali Murad, BBK Chairman of the Board of Directors announced that BBK reported net profit of BD 23.4 million, for the six month ended June 2010 higher than the same period last year by 5%.

The growth in profit was driven by a strong performance of investment related activities increasing investment income from BD 6.8 million as of June 2009, to BD 23.5 million in June 2010. Fees and commission income has also increased to BD 11.6 million, representing 5.4% increase over the same period last year, while net interest income reached BD 29.4 million.

Mr. Murad Ali Murad commented on the results saying “BBK’s newly implemented strategic plan is focused on building shareholders’ wealth and values on a long term through reporting a steady growth year after year, which we have witnessed in the results of this year. We are planning to continue increasing the value of BBK shareholders on the long term through a well balanced growth strategy”. The bank also continues building its general provision reserve during the year to account for any unexpected future downturns in the market.

The net profit for the three months ended June 2010 stood at BD 10.9 million compared to BD 10.4 million for the same period last year. The 5% increase in net profit was driven mainly by the increase in investment income from BD 2.7 million to BD 14.8 million, and the increase in fees and commission income by 7.3% to reach BD 5.9 million.

Mr. A.Karim Bucheery, the Chief Executive, added “As part of our growth strategy, we have invested in our modern branches & Financial Malls, technological platform, and human resources, as well as other strategic initiatives, which are perceived as long term investment for the bank, expected to pay-off in years to come. Hence, the Bank’s operating costs has increased by 7.9% compared to the same period last year, though the cost-to-income ratio stood at 34.3%”.

BBK has introduced the concept of Financial Malls in 2006, when it opened its first one in Adliya and currently has 6 financial malls distributed in different locations around the Kingdom of Bahrain, of which the latest has just been opened in Exhibition Road and will be launched officially on 14th July 2010. BBK is planning to open another financial mall in Isa Town before the end of 2010.

BBK’s balance sheet has grown by 17.2% to BD 2,408 million, compared to the same period of last year, and by 5.7% compared to December 2009. The bank has grown its customer deposits by 34.3% compared to June 2009 to reach BD 1,715 million, which reflects customer confidence in the bank. On the other hand, loans & advances stood at BD 1,234 million lower than the same period of last year by 8.5% due to limited lending opportunities and the Bank’s strategy to retrench from international lending in favor of local and regional lending. The non-trading investment portfolio increased by 36.7% to BD 402 million compared to June 2009.

Liquidity parameters as of June 2010 stood at very comfortable level, with liquid assets (Cash and balances with central banks, Treasury bills, trading investments, and placement with financial institutions) to total assets ratio, which have improved to 28.8% compared to the same period of last year of 16.9%. Also loan to customer deposit ratio improved from 106% to 72%, and loans to total deposit (including deposits from Banks) improved from 91% to 65%.

“The Bank had recently held its investors road show meetings to launch a benchmark size bonds under its current Medium Term Note Program, as part of diversification of its source of funding strategy. Though the Bank had very successful meetings with investors, it decided to postpone the issuance of its bonds till the market gets stabilized, and the prices becomes more reasonable”, the Chief Executive Said. “The Bank has a medium term note of US$500 million, maturing in March 2011, but the Bank is very much comfortable to repay the term notes on maturity using its internal source of funds and liquidity available to it”, he added.

BBK Honors 48 Employees as part of their annual Service Award Ceremony

Wed, 14 Jul 2010 09:13:32 GMT

Few days away from Labor Day, BBK celebrates the loyalty of its staff by honoring 48 long-standing employees at a ceremony hosted by Chief Executive A.Karim Bucheery.

The BBK team members were awarded for their service of 35, 30, 25, 20, 15 or 10 years at the ceremony which was held at the Gulf Hotel. In addition to being awarded with cash prize and recognition plaques, a luncheon was held in their honor, attended by BBK executive management.
At the event, A.Karim Bucheery thanked the employees for their notable contributions to BBK’s development and their loyalty to the organization. He emphasized on BBK’s strategy to build the Bank’s human capabilities and invest in training in order to retain talented individuals.
Addressing the group, A.Karim Bucheery said, “BBK’s success relies in its pool of talent. Their professionalism at all levels and across every area of operations has shone through at all times. Their loyalty has successfully contributed to the strength of the business where in 2009, BBK was able to achieve record performance despite their complex challenges of the financial sector.”

BBK is renowned for providing attractive training and career development opportunities and have contributed and continues to contribute to the banking talent pool for the financial services industry as a whole in the Kingdom of Bahrain.

A.Hussain Bustani, Assistant General Manager, HR and Administration also stressed on the Bank’s ability to retain its employees’ base specially in light with the growing competition and added “ stemming from its belief in always enhancing the Bank – employee relationship, and never failing to reward employees dedication, loyalty and hard work, BBK continues to introduce rewards schemes incentivizing employees not only to deliver the best service to the Bank’s customers but also building the culture of partnership”

The award ceremony, which is held on an annual basis, is part of BBK’s approach to always reward employees’ dedication and appreciate their efforts and loyalty.

The employees who were awarded were:

Ebrahim Mohammed Al Ansari
Essam Saleh Al Shafiey
Nadeem Abdulaziz Al Kooheji
Yaser Abdulla Sabt
Zakaria Abdulhameed Al Busta
Basem Ahmed Abdulrahman
Raj Kumar Dugar
Rashad Ahmed Akbari
Jumana Al Sayed Ahmed Khalifa
Nojood Ahmed Jassim
Huda Abdulla Ghaith
Elham Rashid Al Ansari

BBK launches Exhibition Road Financial Mall

Thu, 15 Jul 2010 05:04:38 GMT

BBK, Bahrain’s pioneer in retail and commercial banking, held an official opening yesterday for its Exhibition Road Financial Mall. BBK was the first to introduce this unique, one-stop-shop concept to the Kingdom of Bahrain with the launch of the Adliya Financial Mall in 2006. The Exhibition Road location brings the total number of BBK Financial Malls throughout Bahrain to 6. It will be providing a range of financial products alongside additional services such as external car sales in combination with services from its subsidiaries and strategic partners.

The opening ceremony commenced with a welcome by BBK Chief Executive, Mr. Abdulkarim Bucheery to all guests and was followed by the ceremonial ribbon cutting by BBK Chairman Mr. Murad Ali Murad and Mr. Khaled Hamad, Executive Director- Banking Supervision, Central Bank of Bahrain. The event was attended by members of BBK Board of Directors and of the Executive management, as well as other dignitaries.

The Financial Mall concept offers customers a pleasurable banking experience with a comprehensive range of corporate and retail financial products and services, as well as the opportunity to travel through Dadabhai, obtain insurance through Secura, send or receive money through Western Union, carry out credit card transactions through CrediMax, settle utility bills and much more.

All Financial Malls are staffed with highly trained employees, so customers can expect the most efficient service, in a brighter atmosphere and with the ease of parking space, and for even more convenience, a 24 hour drive through ATM.

Upon completion of the ceremonial ribbon cutting, a tour of the Financial Mall was conducted followed by a special Q&A session where Mr. Murad Ali Murad addressed members of the media and attended to their queries.

Mr Abdulkarim Bucheery, also stated, “Despite a challenging climate, we are very proud to continue to bring to our customers the latest of what is proving to be an excellent and revolutionary concept. The emphasis on our Financial Malls is to enable customers to enjoy a brighter banking experience through completing financial and non-financial transactions under one roof, hence avoiding queues and saving valuable time. Beyond this, BBK Financial Malls continue to contribute to the Bahraini society through increased local employment and training leading to the provision of better banking services for our customers. Further to the launch of our Exhibition Road Financial Mall Branch, and in line with our objective to benefit the larger number of our customers with this brighter banking experience, the 7th Financial Mall, located in Isa Town is planned to be open before the end of the year 2010.”

The Exhibition Road Financial Mall will be open for business from 8am-5pm Saturday until Wednesday. For further information, customers can contact 17207777.

Travel Finance from BBK and Dadabhai Travel

Thu, 15 Jul 2010 11:43:27 GMT

Travel Finance is now available at BBK for all travel related services purchased from Dadabhai Travel.

Customers purchasing travel packages or tickets from Dadabhai Travel including the Dadabahai Travel counters at BBK’s Adliya, Budaiya, Exhibition Road Financial Malls and the City Centre branch can now finance their travel package or tickets from BBK at a very attractive interest rate.

For the eighth year in a row BBK honours its staff's children

Tue, 27 Jul 2010 12:13:21 GMT

Under the auspices of Mr. Abdulkarim Bucheery - Chief Executive, the Staff Social Committee at BBK - Bahrain’s pioneer in retail and commercial banking - arranged a ceremony which was held on 13th of July 2010 at the Bank's headquarters, in honour of the Bank staff's children who have completed their secondary school education with distinction. The ceremony was attended by the Executive Management, the honoured students and their parents.

Mr. Abdulkarim Bucheery opened the event by delivering a short speech in which he welcomed the students and their parents and expressed his pleasure for the outstanding results that the students have achieved. He said that BBK, very much in line with its corporate identity is dedicated to excellence and to encouraging community welfare and higher standard. This is dependant on the well educated students of today, who are the makers of the brighter tomorrow! He also thanked the Staff Social Committee for arranging this annual ceremony.

For this occasion, the student Mohammed Najeeb gave out a speech on behalf of his colleagues in which he expressed his joy and appreciation towards his parents who gave him the opportunity to grow in his education and succeed. Thankful words came across as he expressed his happiness by saying,” This is a special occasion for me and I would like to read out something I have written. I can never understand a person, without putting myself in his shoes, at this age, I cannot understand what parents go through, and since I am a male here, I will never experience the heart of my mother.

In every day routine, I sometimes get lazy in doing what you ask me to do, but you carried me everywhere for nine months, brought me into this world, took care of me, fed me, spent on me, educated me, taught me how to behave and did many other things I may not even be aware of to make me the person I am today.

You spend your time working everyday (just to make me happy), and I go to school to have fun without knowing what you’re going through.
Your love cannot be replaced or compared to mine. Your love exceed the sky, has no bounds that I know of.

You’ve walked with me my journey since I was young, till here when I graduated from school. Every step I’ve taken, I thought I alone have achieved it, without looking to my side to see that you were always there, selfish I was.

If achieving good result s what makes you happy, then know that I’ve worked hard to achieve this, just to make you smile. That smile makes my life worth living.

Everything that I am right now is because of you.

Three simple words, ‘I love you’ are not enough. I should show it to you.

Mom and Dad, I know those years where quite tough and that you’ve tried your best. I know I’ve put you through a lot, forgive me for every mistake I’ve done. I’d like to thank both of you so much for making me who I am right now. I hope I made you proud. BBK has not been just a Bank where our parent’s every day go to work and come back home. BBK has become a part of our lives, It’s programs, such as these bring each person and his family closer to one another, as also with members of other families, forming a bond which is unique, creating a new family. If it wasn’t for BBK, we would not be standing here in front of you, making our parents proud, feeling acknowledged for our hard work and trouble we have been through in our daily lives in school. My friends, I’m glad that I have met you. I enjoyed my time, and I hope you did too. I learned a lot from you, and I pray each one of us to be seen in top positions one day in the not too distance future.”

Closing the ceremony, Mr. Bucheery presented to the honoured students valuable gifts, as well as commemorative shields for their outstanding achievements.

Ms. Abeer Swar- Vice President/ Staff Social Committee – ended the ceremony with a speech in which she expressed on behalf of the Committee and all the Bank staff, their thanks and appreciation to BBK and its senior management for the encouragement and support that the staff, as well as their children, receive for promoting their studies and achieving higher degrees and qualifications. She said it is really something to be proud of that BBK is the leader Bank in Bahrain to hold such a ceremony.

BBK shows support towards Mohammed Bin Khalifa Bin Salman Al Khalifa Cardiac Centre - donates BD 30,000

Sun, 01 Aug 2010 04:48:47 GMT

In line with their strategic initiatives for a brighter community, Bahrain’s pioneer in retail and commercial banking, BBK handed over a cheque of BD 30,000 as a gesture of their support towards Mohammed Bin Khalifa Bin Salman Al Khalifa Cardiac Centre. The cheque was handed over by Mr. Abdulkarim Bucheery, CE of BBK to Dr. Resan H. Al Badran, Director of the Cardiac Centre, in the presence of Dr. Fouad Abdulqader Saeed, Deputy Director and Mr. Abdulla Al Eid Administrator from the Cardiac Centre, Mr. Reyadh Sater, GM- Shared Services Group, BBK, Mr. A.Hussain Bustani, AGM- Human Recourses and Administration, BBK and the Corporate Communications team from the Bank.

Receiving its generous annual donation from the Bank, Mohammed Bin Khalifa Bin Salman Al Khalifa Cardiac Centre gets its support to foster its medical services and count eligible to purchase up to date equipments for the centre.

BBK shows support towards Bahrain Disabled Sports Federation - donates BD 4,000

Tue, 03 Aug 2010 04:53:34 GMT

In line with their strategic initiatives for a brighter community, Bahrain’s pioneer in retail and commercial banking, BBK handed over a cheque of BD 4,000 as a gesture of their support towards Bahrain Disabled Sports Federation. The cheque was handed over by Mr. Abdulkarim Bucheery, CE of BBK to Shaikh Ahmed bin Salman Al Khalifa, Chairman, Bahrain Disabled Sports Federation, in the presence of Mr. Reyadh Sater, GM –Shared Services Group, and Mr. Abdul Hussain Bustani, AGM- Human Resources and Administration Division from BBK.

The Federation has received regular assistance from the Bank through various donations over the past years. Through these contributions, the Bank has always supported Bahrain Disabled Sport Federation, in supporting the sport team and the disabled athletes to participate in many local and International events and championships.

BBK shows support towards Muharraq Social Welfare Centre - donates BD 6,000

Wed, 04 Aug 2010 06:58:44 GMT

In line with their strategic initiatives for a brighter community, Bahrain’s pioneer in retail and commercial banking, BBK handed over a cheque of BD 6,000 as a gesture of their support towards Muharraq Social Welfare Centre. The cheque was handed over by Mr. Abdulkarim Bucheery, CE of BBK to Mr. Waleed Abdulla Al Zamil, Chairman, Muharraq Social Welfare Centre, in the presence of Mr. Khalil Al Muraikhi and Mr. Abdullatif Al Hazeem, Board Members, Muharraq Social Welfare Centre, Mr. Abdul Hussain Bustani, AGM-Human Resources and Administration Division, BBK and the Corporate Communications team from BBK.

The Centre has received regular assistance from the Bank through various regular donations over the past years. These contributions have financially supported the centre and assisted with the salaries of the employees. Furthermore, this donation has also provided required assistance for the elderly, such as medicines and medical equipment to help with their treatment.

BBK shows support towards Al Baraka Society - donates BD 10,000

Thu, 05 Aug 2010 05:50:24 GMT

In line with their strategic initiatives for a brighter community, Bahrain’s pioneer in retail and commercial banking, BBK handed over a cheque of BD 10,000 as a gesture of their support towards Al Baraka Society. The cheque was handed over by Mr. Abdulkarim Bucheery, CE of BBK to Mr. Waheed Al Doseri, President of Al Baraka Society, in the presence of Mr. Abdul Hussain Bustani, AGM-Human Resources and Administration Division, BBK and other officials from both organizations.

The society has received regular assistance from the Bank through various donations over the past years. These regular donations have contributed to the financial resources of Al Baraka Society and enabled it to provide electrical equipment for the less fortunate families in the Muharraq governorate as part of the annual summer project of the society.

BBK shows support towards Bahrain Deaf Society - donates BD 5,000

Mon, 09 Aug 2010 07:56:25 GMT

In line with their strategic initiatives for a brighter community, Bahrain’s pioneer in retail and commercial banking, BBK handed over a cheque of BD 5,000 as a gesture of their support towards the Bahrain Deaf Society. The cheque was handed over by Mr. Abdulkarim Bucheery, CE of BBK to Mr. Mahdi Al Noami, President, Bahrain Deaf Society, in the presence of Mr. Radhi Al Ali, Vice President, and Mr. Reyadh Sater, GM-Shared Services Group, Mr. Abdul Hussain Bustani, AGM- Human Resources and Administration Division from BBK and other officials from both organizations.

Receiving this sort of contribution assisted the society in its financial resources, never the less made it possible to integrate the deaf into the Bahraini society and provide them with many beneficial training courses.

BBK shows support towards Steps Rehabilitation Center

Thu, 12 Aug 2010 06:15:55 GMT

In line with their strategic initiatives for a brighter community, Bahrain’s pioneer in retail and commercial banking, BBK handed over a cheque of BD 14,000 as a gesture of their support towards sponsoring rehabilitation programmes for a specific group of children who get care from Steps Rehabilitation Centre. The cheque was handed over by Mr. Abdulkarim Bucheery, CE of BBK to Mrs. Fawzia Abdulkhaliq, Managing Director of Steps Rehabilitation Center in the presence of Mr. Abdul Hussain Bustani, AGM- Human Resources and Administration Division and the Corporate Communications team from the Bank.

As one of the leading financial institutions in the Kingdom of Bahrain, providing regular contributions to various humanitarian causes and societies throughout the years, BBK has supported entities including major clubs, charity funds and social initiatives. These initiatives are aimed at achieving the sole goal and vision of a brighter future and community in the Kingdom of Bahrain.

Capinnova announces second quarter results

Wed, 18 Aug 2010 08:29:48 GMT

Capinnova Investment Bank, the Shari’a compliant investment banking arm of BBK, announced that the Bank has reported a net profit for the 3 months ended 30th June 2010 of US $159 thousand as compared to net loss of US $821 thousand for same period in 2009. The gross revenue for the 3 months ended June 2010 was US $1.89 million in comparison to US $1.17 million for the 3 months ended 30th June 2009.

The net profit reported for the 6 months ended June 2010 was US $1.62 million as compared to a net loss of US $2.47 million during the same period in 2009. The gross revenue for the period increased to US$ 5.26 million as compared to US $1.59 million for 2009.

Capinnova is a newly established investment bank that started its operation at the beginning of 2009 with an authorized capital of US$500 million and issued and paid-up capital of US$ 125 million that was later on increased to US$151.5 million. The bank aims to provide quality investment products and innovative solutions to companies, financial institutions and high net worth individuals.

Mr. Abdul Kareem Bucheery, Chairman at Capinnova Investment Bank said: “We are delighted to have reported profits in the first and also in the second quarter of 2010. These numbers reflect the strength of our business model at a very challenging time faced by the industry. We are also very pleased to note the remarkable increase in our gross revenues notwithstanding the fact that we are a newly established investment bank that commenced operations in difficult market conditions”.

Mr. Jamal Hijres, Chief Executive Officer at Capinnova Investment Bank said “At Capinnova, we are doing our best to cope with the current tough market conditions and our focus on introducing innovative Islamic banking products and services should make us even better prepared for the longer term”.
Last year Capinnova also invested in building the biggest commercial mall in Muharraq area. Total cost of the project is worth approximately US$50 million. This year the bank also acquired 50 per cent stake in Sakana Holistic Housing Solutions. Furthermore, in April 2010 Capinnova invested US$20 million in EBLA Computer Consultancy - Kuwait, a leading GCC entity that is engaged in the provision of IT solutions and IT consultancy services in the MENA region.

New Design Cheque Book

Sun, 29 Aug 2010 06:25:42 GMT

We are glad to inform you of our new promotional offer whereby with every Cheque Book you request, you will receive another Cheque Book for free.

This offer starts on 18th July 2010 and is valid for three months.

The objective of the new cheque design is to increase efficiency by improving the quality and accuracy of written information on cheques while enhancing security and fraud prevention and ultimately improving your overall banking experience.

Don’t miss out this offer, where as the cut-off date for presenting cheques in the current design through the clearing system is 1st August 2011 after which there will be a charge imposed for clearing such cheques. As such, please ensure that you use any stock of current design cheques you might have and replace them with the new design prior to the cut-off date to avoid any charges to your account.

BBK Employees Visit the Salmaniya Medical Complex Pediatric Ward

Mon, 06 Sep 2010 09:50:51 GMT

In line with its corporate social responsibility, BBK, Bahrain’s pioneer in retail and commercial banking, organized a visit to the Salmaniya Medical Complex where a number of its employees visited the children receiving treatment at the SMC – paediatric ward on the 4th of September 2010.

During their visit the employees presented gifts to the in house patients on the occasion of Eid al Fitr.

BBK Ends Its Annual Summer Training Program

Mon, 06 Sep 2010 09:57:29 GMT

In line with its strategic initiatives for a brighter community, Bahrain’s pioneer in retail and commercial banking, BBK, ends its summer training program for the year 2010 which ran for two consecutive months commencing on the 1st of July.

This yearly practice which has been conducted by the Bank for several years now benefits a large number of university students offering a unique opportunity to spend their summer holidays productively, learn and develop new skills as well as gain experience in different work roles in the real corporate world. They apply their class room learning in real work situations, interact with customers and Bank employees as well as gain valuable insight and understanding that can not possibly be achieved in a formal university setting. The program also offers summer internship opportunities to the children of the Banks staff which help them bond better with the organization that their parents work for. As a token of appreciation, the Bank also offers a small stipend to all trainees.

This year, as in the previous years, BBK received a large number of applications and through a rigorous selection process, the Bank selected 29 trainees from across the Kingdom studying in various private and overseas universities. The selected trainees have been distributed to different departments based on their specializations and have been placed under the guidance and supervision of specific officials who mentored and guided them during the internship period.

New Isa Town Financial Mall

Thu, 07 Oct 2010 11:55:20 GMT

Kindly note that due to the impending opening of the Isa Town Financial Mall on Sunday 10 October, the Isa Town branch and its ATMs will be closed on a permanent basis effective Wednesday 6 October 2010.

During October 6 and 7, kindly visit the Riffa FM for your banking needs.

We apologies for any inconvenience caused and look forward to welcoming you soon in our new Isa Town Financial Mall!

Please click here to view the location of the new Isa Town Financial Mall!

System Upgrade

Thu, 07 Oct 2010 12:14:36 GMT

Dear Customers,
Please note that we will be upgrading our banking software system on Saturday 09/10/2010 from 1.00 AM to 3.00 AM. As such, during that period the following services will not be available :
• Internet Retail Banking services
• Internet Corporate Banking service
• SMS Services

We apologize for any inconvenience caused

Third Quarter Financial Results

Tue, 19 Oct 2010 06:27:16 GMT

A 25% rise in net profits, BBK end the 3rd Quarter of the year with remarkable results

Mr. Murad Ali Murad, Chairman of the board of directors of BBK announced that BBK reported BD 31.3 million net profit for the nine months ended September 2010, which was 25% higher than the same period of last year.

The growth in profit was driven by higher investment income of BD 19.1 million over the same period of last year. Fees and commission income has increased by 14% over September 2009 to reach BD 18.6 million. The Bank also has increased its general provision reserve during the year as part of the Bank’s effort to build a strong general provisions reserve against future unexpected market downturns, which resulted in improving the provision coverage ratio to a very comfortable level and well above the minimum requirements by the CBB..

Mr. Murad Ali Murad commented on the results saying “Despite the conservative general provisions taken during the year, the bank was able to report impressive results for the period. One of the main cornerstones of the current three years strategic plan of the Bank is to enhance general reserve and provision reserves against the Bank’s assets to strengthen the Bank’s ability to withhold future market shocks if any, at which we were successful so far during 2010, and will continue doing the same during the coming years. Growth of retail banking is another cornerstone of our strategic plan; hence another two Financial Malls have been opened during the year to support our long term strategic objective. We are pursuing our strategic plan aggressively, and have the full confident that BBK will achieve the objectives set forth in the strategic plan with a great success.”

The investment in various strategic objectives including human resources, Financial Malls, technology, and other initiatives resulted in increasing the operating expenses of the Bank by 6% to reach BD 33.3 million, though the cost to income ratio improved from 45% as of September 2009 to 38% as of September 2010.

The net profit for the three months ended September 2010 stood at BD 7.9 million compared to BD 2.7 million for the same period last year. The increase in net profit was driven mainly by the increase in investment income from BD 1.1 million to BD 3.3 million, higher fees and commission by 30% to reach BD 7.1 million, and lower provisioning charges of BD 4.7 million, compared to BD 9.2 million for the three months ended September 2009.

BBK’s balance sheet has grown by 29% to BD 2,476 million, compared to the same period of last year. The Bank managed to boost its customer deposits growth by 52% to reach BD 1,790 million, which reflects our customer confidence in the Bank. The restructuring of the Bank’s investment activities undertaken as part of the Bank’s strategy has resulted in increasing the non-trading investment portfolio to BD 434 million with increase of 33% compared to September 2009. On the other hand, Loans & advances stood at BD 1,239 million compared to BD 1,291 million in September 2009.

On the liquidity position of the Bank, Mr. A.Karim Bucheery, BBK’s Chief Executive, said “the Bank stands at a very comfortable liquidity position as evidenced by major liquidity parameters. For instance, liquid assets (Cash and balances with central banks, Treasury bills, trading investments, and placement with financial institutions) to total assets ratio improved from 13% to 29%, while loans to customer deposit ratio improved from 110% to 69%. We were able to significantly increase our customer deposits by more than 50% compared to last year, of which the appreciation goes to our valuable customers and supportive shareholders for their trust and faith in the Bank. With such abundant liquidity position, we are at very comfortable level to repay our senior bond maturing in March 2011 from the Bank’s internal funds, regardless of the issuance of our planned senior Euro Medium Term Bonds.”

BBK Supports Institue for the Blind

Mon, 25 Oct 2010 10:53:03 GMT

In line with their strategic initiatives for a brighter community, BBK- Bahrain’s pioneer in retail and commercial banking- handed over a cheque of BD 15,000 as a gesture of their support towards the Saudi Bahrain Institute for the Blind. The cheque was handed over by Mr. Abdulkarim Bucheery, CE of BBK to the Institute’s Chairman Mr. Mohammed Hussain Al Joder in the presence of Mr. Abdulwahid Al Khayat, Institute Director, Mr. Reyadh Sater, BBK General Manager- Shared Services Group and Mr. Abdul Hussain Bustani, Assistant General Manager of Human Resources and Administration in the Bank.

The Institute has received regular support from the Bank through various regular donations over the past years. Those contributions have provided further backing to the Institute’s financial resources and enabled it to buy the latest Waves Pro-Braille Embosser in addition to modernizing the Institute’s fleet of buses by buying 3 new buses to provide transport facilities for the blind students and teaching staff. In addition, the Bank has contributed to the creation of a special unit for persons with poor vision through buying lenses and devices to help improve vision for such group of students.

The Institute’s Director expressed his thanks and appreciation to BBK for the huge support received by the Institute from the Bank during the last years. He also expressed his gratitude to the Bank’s executive management led by Mr. Abdulkarim Bucheery, CE of BBK who provides special care to the Institute in addition to his care and support for other handicapped centers and institutes in the Kingdom of Bahrain.

Speaking about the Bank’s donation to the Institute, Mr. Al Khayat said: “The Institute’s administration will continue its upgrade of its own transport fleet considering that transport facilities are vital for the Institute’s students who are transported from the Institute to their homes in addition to carrying blind students to their classes in the Ministry’s schools where they attend refresher and training courses.

BBK enhances its online services

Sun, 31 Oct 2010 12:05:33 GMT

BBK, Bahrain's pioneer in retail and commercial banking has launched its latest advertising campaign detailing the enhancement of its online offering. www.bbkonline.com has been thoughtfully redesigned to incorporate better functionality and more advanced features to deliver customers a faster, safer and more convenient service than ever before.

BBK has added a wide range of new features and benefits to improve customers’ overall online user experience. It has done so through enabling customers to list and segregate their accounts, display a real-time account summary, enjoy shortcut options for quick payments and activity history as well as viewing loan, fixed deposit and transaction activity details.

Additionally, customers can now create quick and auto payments for bills and transfers such as credit card payments, Batelco, Zain telecoms bills and electricity and water payments – all through a preset payment instruction and a schedule of recurring payments, without occurring additional charges. Beyond this, they can now top-up Al Hayrat accounts in multiples of BD 50.

CrediMax customers can also enjoy the new website features for their credit cards, such as performing real-time credit card payments, stopping personal and supplementary credit cards and managing supplementary card limits.

Mr. Axel Hofmann, Head of Retail Banking Divison, said: “At BBK, we always want to be at the financial forefront for all our customers’ needs. Enhancing our website is just one of our many steps to make customers’ lives easier. Collectively, these new features and benefits at bbkonline.com will allow our customers to perform many banking transactions in a faster, safer and more convenient way, 24 hours a day, 7 days a week.

Furthermore, it is worth mentioning that bbkonline.com has been voted winner of the prestigious Bahrain eContent Award under the e-Business category for the third year in a row for its innovative and comprehensive website.

Al Hayrat October Winners

Sun, 31 Oct 2010 12:26:05 GMT

Name Amount 1 Hassan Atiya Al Haddar $5000 2 Maria Jassim Al Ahmed $5000 3 Madina Ahmed Khalifa $5000 4 Nawal Mohamed Alqasimi $5000 5 Ismail Ghuloom Karimi $5000 6 Ebrahim mohd AlGhanam AlSubaie $5000 7 Mohammed Ridha Abdulrahman $5000 8 Lateefa mohammed Ahmed $5000 9 Yousif Abdulhussain Mohammed $5000 10 Najeeba Sayed Shubbar $5000 11 Mohamed Mahmood Khalil $5000 12 Hussain Osama Mirza $5000 13 Khalifa Omar Khalfan $5000 14 Jawad Ghuloom Abbas $5000 15 Madina Abdulla Ghuloom $5000

BBK shows support towards the Public Commission for the Protection of Marine Recourses, Environment & Wildlife (Al-Areen Wildlife Park) - donates BD 3,000

Tue, 02 Nov 2010 05:02:14 GMT

In line with their strategic initiatives for a brighter community, Bahrain’s pioneer in retail and commercial banking, BBK handed over a cheque of BD 3,000 as a gesture of their support towards the Al-Areen Wildlife Park. The cheque was handed over by Mr. Reyadh Sater, Acting Chief Executive, General Manager- Shared Services Group of BBK to Mr Ismail Moh’d Al Madani in the presence of Mr. Abdul Hussain Bustani, Assistant General Manager- Human Resources & Administration, BBK and Abeer Swar, Corporate Communications Officer- BBK.

Al Areen Wildlife Park has received regular support from the Bank through various donations over the past years. Those contributions help the institution with the additional financial aid required to provide the necessary resources for helping protect the Kingdom’s precious wildlife and environment.

Capinnova to finance Mecca project

Thu, 04 Nov 2010 07:16:22 GMT

Capinnova Investment Bank, the Shari’a compliant investment banking arm of BBK offered a US $16,5 million bridge financing facility to support the financing of a religious hospitality project in Mecca. The project consists of a hotel located 1.3 km away from the Haram. The development is in the final stages of completion and will be the first of its kind providing Muslims worldwide (including non-GCC residents) an opportunity to have an interest in Mecca project. The creative structure enables foreign investors return from a hotel asset in the holy city of Mecca through investing in a Cayman Island (Special Purpose Vehicle).

Mr. Jamal Hijres, Chief Executive Officer of Capinnova Investment Bank said: “We are delighted to have participated in this prestigious project in the holy city of Mecca, which turned out to be a rather complex and novel structure. The project will be the first to a series of transactions primarily focusing on Mecca’s religious hospitality market. Furthermore, Capinnova has also been appointed as the exclusive marketing agent to place the Cayman Island SPV’s shares, which derives 35% returns from the hotel asset in Mecca. Capinnova is planning to utilize the broad network of its parent BBK to identify potential investors, offering them a highly-rewarding secured structured product that meets both the spiritual rewards as well as maximization of investors’ wealth”.

Think Pink it's Thursday

Sun, 07 Nov 2010 06:48:52 GMT

As part of the Banks commitment to the health care of the people in its community and in line with its Corporate Social Responsibility, BBK, Bahrain’s pioneer in retail and commercial banking, organized an awareness day which aimed to show support to what has been phenomenally described by the Pink month also known as Breast Cancer Awareness month.

Calendars were marked down to Thursday the 14th of October 2010 as the Banks employees demonstrated their support by splashing out all the beautiful shades of pink.

BBK has been a pioneer in showing its support to the community as it has assisted many profitable and non for profit societies such as Think Pink Bahrain last year as well as the Bahrain Cancer Society.

The Corporate Communications Department of the Bank organized a photo shoot session which took place towards the end of the day encompassing all the supporters.

BBK shows support towards Bahrain Al Shamil Rehabilitation Centre

Mon, 08 Nov 2010 04:55:47 GMT

In line with their strategic initiatives for a brighter community, Bahrain’s pioneer in retail and commercial banking, BBK handed over a cheque of BD 8,000 as a gesture of their support towards the Bahrain Al Shamil Rehabilitation Centre. The cheque was handed over by Mr. Reyadh Sater, Acting Chief Executive of BBK to Mrs. Bedoor Khalaf, Director of the Bahrain Al Shamil Rehabilitation Centre, in the presence of Ms. Fatima Al Ziymoor, Public Relations coordinator at the Centre, Mr. Abdul Hussain Bustani, Assistant General Manager of Human Resources and Administration Division, BBK and Ms. Abeer Swar, Corporate Communications Officer, BBK.

The Bahrain Al Shamil Rehabilitation Centre has received regular support from the Bank through various donations over the past years. Those contributions help the Centre with the additional financial aid required for the maintenance of the its building. The Centre enables children with disabilities such as speech and communication disorders, mental retardation, Down’s syndrome, hearing disorder, Autism and difficulties in learning to gain the basic living skills in order to be self dependant through various kinds of therapy, while training family members on the importance of their role and contribution in teaching and training those disabled children.

BBK awarded for distinguished Corporate Governance practices

Tue, 09 Nov 2010 05:17:55 GMT

Bahrain’s pioneer in retail and commercial banking, was honored for “Distinguished Corporate Governance” at the “Hawkamah-UAB 2010 Bank Corporate Governance Award” ceremony held in Muscat on 1st November, 2010. BBK’s commitment for Corporate Governance best practices have been recognized for the second consecutive year as it was the winner of last year’s 1st prize “2009 Bank Corporate Governance Award”. Mr. Reyadh Sater, General Manager Shared Services Group – BBK, attended the ceremony and accepted the award on behalf of the Bank.

In announcing the award, Professor Andrews, the chairman of the jury panel, lauded the commitment displayed by BBK in furthering the Corporate Governance practices, always ahead of the regulatory standards, as the Bank continues to be proactive in taking initiatives to enhance the Corporate Governance standards.

On this occasion, Mr. Murad Ali Murad, Chairman – BBK shared his perspective by saying, “Recognizing the Bank’s distinguished Corporate Governance practices for this year shows BBK continuous commitment to the core values of Corporate Governance. It is one of our priorities to abide by accountable and fair policies that govern the functionality of the Bank and we look forward to maintaining this excellence in the coming years.”

“BBK has always maintained high levels of compliance with regulatory authorities in Corporate Governance matters. Our principles are communicated to all levels throughout the Bank to assure transparency and excellent governance. We are very proud to receive such award” said Mr Abdulkarim Bucheery, Chief Executive – BBK.

Mr. Reyadh Sater, General Manager Shared Services Group – BBK, remarked, “It was an honor to receive the award on behalf of BBK. Our Bank has continuously pursued excellence in serving its stakeholders which explains our dedication and determination towards outstanding Corporate Governance”.

Hawkamah, The Institute for Corporate Governance and the Union of Arab Banks (UAB) has launched the award, “Hawkamah-UAB 2010 Bank Corporate Governance Award”, in 2007 as a regional initiative aiming at recognizing and honoring Arab banks that have gone the extra mile in improving their corporate governance practices. Some 35 Banks competed for the Award this year from countries including Bahrain, Egypt, Iraq, Jordan, Kuwait, Morocco, Oman, Qatar, Sudan, Syria, Tunisia and the UAE.

The judging panel for the Award included eminent international corporate governance experts - Alan McIntyre, Partner of PricewaterhouseCoopers (PwC), Professor Andrew D Chambers, author and worldwide authority on corporate governance; and Chris Pierce, CEO of Global Governance Services Ltd.. The Jury panel judged that the quality of the applications and the corporate governance efforts and improvements made by banks had significantly improved over the past year, increasing the difficulty of choosing the top banks.

Dr. Nasser Saidi, Executive Director, Hawkamah Institute for Corporate Governance remarked, "Hawkamah is pleased to congratulate and honor our winners for their excellence in corporate governance. Our banks are the basis of financial intermediation in the region and underlie the performance of our economies. . Their success is our success. “

BBK launches its seventh Financial Mall in Isa Town

Thu, 11 Nov 2010 05:05:38 GMT

BBK, Bahrain’s pioneer in retail and commercial banking, officially hosted the opening of its new and comprehensive Financial Mall in Isa Town yesterday.

The opening ceremony commenced with BBK Chief Executive, Mr. A.Karim Bucheery, welcoming the guests, followed by the ceremonial ribbon cutting by BBK Chairman, Mr. Murad Ali Murad. The event was attended by the Central Governor of the Central Governorate, Mr. Mubarak Al Fadhel, along with members of the Bank’s Board of Directors and Executive Management, as well as other dignitaries.

BBK’s Chairman, Mr. Murad Ali Murad, commented on this special day saying, “This is a proud moment for us all, as the opening of our 7th Financial Mall located in Isa Town personifies our devotion towards the achievement of the goals set in for the 3 year strategy 2010 – 2012, and our continuous commitment to strive to offer our customers a Brighter Banking experience. The Isa Town Financial Mall offers an array of services to a wider segment of customers and provides them with the benefit of conducting their daily financial transactions in the comfort of a highly modernised and spacious surrounding.”

Mr. Bucheery, Chief Executive of the Bank stated, “Despite the hefty investment behind this revolutionary concept, we are pleased that through BBK’s Financial Malls and the constant expansion of the Bank’s activities, we continue to contribute to the Bahraini society through increased local employment and training leading to the provisions of better banking services for our customers.”

With this new Financial Mall which replaces the old branch also located in Isa Town, the Bank now has an expansive reach of seven Financial Malls across the Kingdom of Bahrain in addition to a wide network of branches and ATMs. Operating in major areas like Manama (Adliya and Exhibition Road), Budaiya, Al Hala, Muharraq, Riffa Town, the Financial Mall was launched by BBK as a revolutionary concept to serve its growing customer base enabling them to conduct financial and non financial transactions under one roof.

With car parking facility, the Isa Town Financial Mall offers a comprehensive range of corporate and retail financial products and services, as it also allows the customers to obtain insurance through Secura, send or receive money through Western Union, carry out credit card transactions through Credimax, and settle utility bills. Safe deposits boxes are also available, as well as Priority Banking services for its VIP customers. With a land area of 1000 sq. mt., the Isa Town Financial Mall which is headed by Mrs. Zainab Nasser, consists of 17 employees divided into 8 tellers, 6 customer service representatives, and 2 team leaders.

Upon completion of the ceremonial ribbon cutting, a tour of the Financial Mall was conducted followed by a special Q&A session where both Mr. Murad Ali Murad and Mr. A.Karim Bucheery addressed members of the media and attended to their queries.

Iqra (2) New Offering by Shaikh Ebrahim Center at Malkeya

Sun, 21 Nov 2010 06:02:57 GMT

With a generous contribution from the BBK- Bahrain’s pioneer in retail and commercial banking- the Shaikh Ebrahim bin Mohammed Al Khalifa Center for Culture & Research has started finalizing plans for opening Iqra (2), a second branch of the library that the Center has established in Muharraq. Iqra (2) will be set up in the house that used to be occupied by Malkeya Village mayor and it is planned to open next March coinciding with the launch of the Spring of Culture 2011.

The significance of the project lies in providing educational material for the local area’s children and to preserve the typical Bahraini architecture of the house. The upper floor of the building will be maintained as part of the building’s heritage while the ground floor will be a library to serve children in the 6-12 years group.

This initiative is part of the steps taken by the Centre to forge partnerships between the non-profit making local organizations and the private sector backed by BBK which believes in its corporate responsibility towards the Bahraini community. For this purpose, the Centre’s Board of Trustees headed by HE Shaikha Mai bint Mohammed Al Khalifa played welcomed Mr. Abdulkarim Bucheery, BBK Chief Executive who kindly presented the Bank’s contribution in the presence of Mr. Reyadh Sater, BBK General Manager- Shared Services Group, Mr. Abdul Hussain Bustani, Assistant General Manager- Human Resources and Administration Division and Ms. Abeer Swar, Corporate Communications Officer -BBK in addition to Mrs. Aesha Matar, Board Member at the Center, Shaikha Noor Al Khalifa and Mrs. Ezmeralda Qabani.

This new Iqra (2) Library project, which is the second branch of the Library in Malkeya, comes after the success of the Library in Muharraq, which has enhanced the participation of children and integrating them in the cultural field through the Library’s continuous activities.

Committed to its stakeholders, BBK gives utmost priority to its Business Continuity Management

Sun, 09 Jan 2011 08:22:54 GMT

In line with CBB’s mandatory Business Continuity requirements and following the highest international standards, Bahrain’s pioneer in retail and commercial banking, BBK, has been actively pursuing its Business Continuity Management programme. BBK, one of the first bank’s in the Kingdom of Bahrain to have built its own dedicated and state-of-art Business Continuity Center so as to be able to provide its customers and stakeholders with a continuity of critical banking services, and at the same time secure its vital assets in case of any unforeseen incident.

To ensure that the Business Continuity Management programme and the Center are fully equipped and functional, BBK conducted a Crisis Management Simulation Exercise on the 11th of December, 2010. The purpose of this exercise was to simulate a real life scenario, and then subsequently put the bank-wide Business Continuity Plan in practice to ensure that critical banking services could be recovered and made available to its customers. This exercise was managed and coordinated by the Bank’s dedicated Business Continuity Team.

During the exercise, the complete BBK Executive Management Team including the CE Mr. Abdulkarim Bucheery, General Manager of Shared Services Mr. Reyadh Sater, and General Manager of Banking Group Sh. Rashed Al Khalifa, participated and put into practice the Crisis Management Plan. They were given multiple strategic challenges to manage during the simulation exercise. While the Executive Management was managing the crisis strategically, the Business Continuity Teams from the Business and Support units were managing the crisis at a tactical and operational level by exercising their respective Business Continuity Plans. Approximately 120 employees from all areas of the Bank participated in this exercise during which all critical components of the Business Continuity Plan were put into practice successfully. From the time of the sudden initiation of the crisis situation, to the actual recovery and availability of critical banking services to its customers – the complete plan was executed smoothly.

A simulation Media Conference was conducted to exercise the handling of real-life media questions during a crisis. Mr. Abdulkarim Bucheery, Mr. Reyadh Sater, Sh. Rashed Al Khalifa, along with the Head of Corporate Communications and the Head of Business Continuity Planning Unit constituted the BBK Media Conference panel with the rest of the attendees acting as media representatives.

At the closing of the exercise, Mr. Abdulkarim Bucheery expressed his satisfaction and commented “The success of the Business Continuity simulation exercise is a major milestone for BBK. It demonstrates the Bank's commitment towards its customers, its aim to always strive for excellence and dedication towards its stakeholders and at the same time ensuring its compliance with all requirements of the local regulatory bodies. We are always proud to be at the forefront of banking services in Bahrain with the most advanced technology and to also remain the market leaders in terms of compliance and innovation.”

BBK