BMI Bank

BMI Bank, a subsidiary of Al Salam Bank – Bahrain, is a retail bank, registered in Bahrain and regulated by the Central Bank of Bahrain. The Bank offers its customers a complete range of innovative and unique financial products and services through its extended network of 10 branches and 28 ATMs as at the end of 2013. The Bank reported a net profit of USD 8.8 million (BD 3.3 million) for the fiscal year ended 31st December 2013, an increase of 577% as compared to 2012 which represents its second full-year of profitability as well as its tenth straight net quarter of profit. Total assets at the end of 2013 stood at USD 1.9 billion (BD 0.7 billion) with an excellent Capital Adequacy Ratio of over 16% and very strong liquidity as reported during 31st December 2013. On the 8th of September 2013, the Board of Directors of Al Salam Bank-Bahrain (ASBB) and BMI Bank announced that they had resolved to merge the two entities. Correspondingly the previous shareholders of BMI Bank approved the business combination with ASBB at the Extraordinary General Meeting (EGM) held on the 7th of November 2013 following a similar approval by the shareholders of ASBB during its EGM on the 8th of October 2013.The business combination would be carried out by way of exchanging 11 ASBB shares for each BMI Bank share wherein ASBB would acquire 58,533,357 BMI Bank shares of BD1 each and issue 643,866,927 ASBB shares of 100 fils each. As of the 30th of March 2014, both Banks updated their respective CRs to give effect to the share swap and consequently BMI Bank’s new Shareholders on record is now ASBB and ASBB Business Holding. BMI Bank operates an international branch in Qatar, owns and operates the Diners Club cards franchise in Bahrain and has a 21.33% shareholding in Gulf African Bank – Kenya.