BBK, Bahrain’s pioneer in retail and commercial banking officially inaugurates its fourth branch in the Republic of India, in New Delhi on November 24th 2014. The ribbon cutting ceremony, followed by a dinner reception in ITC Maurya Hotel was held under the patronage of BBK Chairman Mr. Murad Ali Murad and in the presence of the Bank’s Board of Directors, BBK Chief Executive Mr. A.Karim Bucheery, Mr. Mallikarjun Kota, Country Head – BBK India as well as dignitaries from GCC Countries and India.
On this occasion Mr. Murad Ali Murad, BBK Chairman stated: “Opening the branch today could not have been possible without the continuous efforts and successful visits of HM King Hamad bin Isa Al Khalifa to strengthen bilateral ties and cooperation specially in the economic and commerce arena with its worldwide counterparts.. His Majesty The King’s visit to the Republic of India and HRH The Crown Prince’s has resulted in the granting of the license to BBK to open its fourth branch in India, in the country’s capital New Delhi by the Reserve Bank of India. The bilateral trade ties with two-way non-oil trade which reached US$ 1.268 billion in 2012-13 has witnessed a lot of progress and growth. Hence, we look forward to continue developing our business in India, expand our presence, fulfil our commitment and be part of that fruitful cooperation and growth between these two friendly countries that goes back to many years.”
Mr. A.Karim Bucheery, BBK’s Chief Executive in his inauguration speech said: “The inauguration of this branch is another step towards bolstering our long banking relationship with India which was paved by the recent visits of HM The King and HRH the Crown Prince to India. Over the past three decades BBK has had the privilege of being associated with a cross-section of Indian businesses and industries –partnerships that we are immensely proud of. Our NRI services based in Bahrain, Kuwait and Dubai have played a critical role in serving the NRI community in the Gulf which is estimated at 5.5 million Indians in the GCC while also facilitating foreign currency remittances & investments in India by NRIs.”
BBK’s presence in India dates back to 1985 with the opening of its first branch in Mumbai, followed by a second one in Hyderbad, Then in 2013, BBK launched the third branch in the country, in Kochi (Kerala). With the Bank’s continuous expansion strategy to cover major cities and regions in India, the fourth branch in New Delhi is the latest milestone in BBK’s presence in this important market, offering full fledges services and products like the other BBK branches in India, the New Delhi branch also serves the NRI (Non-Resident-Indians) Clients with the fully fledged NRI desk that caters to a variety of needs of Non-Resident Indians with an array of financial services like personalized banking, equity broking and wealth management.
“We see an ever-growing opportunity for ourselves and our esteemed clients to participate in this mutually beneficial inter-country partnership. To cement our banking ties further, BBK has regularly infused capital into India. The most recent occasion being in June 2014. By doing so, we have enhanced our ability to serve with greater depth, a broader spectrum of clientele in this country.” added Mr. A.Karim Bucheery
In line with its strategic plan set to push its expansion by focusing and penetrating existing markets that the Bank is already operating in, BBK is further growing its India operations and reinforcing its leading position as regional financial institution and facilitator to act as a “bridge” between the GCC and India, assisting NRI’s to do business in the Gulf States back home and supporting Gulf investors in the Republic of India. India is an emerging market, and part of the G-20 major economies of the world, and BBK being the leading Arab Bank with presence in India puts the Bank in a position to be able to leverage that for the benefit of its clients, shareholders and the two countries.