Manama: Mahmood Rafique, Editor: The Chairman of the board of directors BBK on Tuesday spelled out a strategy aims at fueling the inorganic growth of the bank through innovation, and mergers and acquisitions.
Murad Ali Murad, the Chairman of the Board of Directors told media that while BBK achieves remarkable growth a success story in the banking in the past five decades looks forward for inorganic growth means mergers and innovation instead of looking at traditional business lines of the bank.
Dr. Abdul Rahman Ali Saif, the Group CEO BBK said that bank would seek excellence in next 50 years through innovation as well as a focusing on inorganic growth patterns through mergers and acquisitions.
BBK, which marked the Golden Jubilee of establishment yesterday has been a key partner in the sustainable development of the Kingdom of Bahrain.
BBK established 1971 as a 50-50 per cent joint venture between Bahraini investors, traders and shareholders and the shares held by Kuwaiti institutions.
The journey of BBK started with a capital of BD1million which over the 50 years grew to well over BD500 million and a 100 per cent owned Bahraini entity and equity holders, shows the resilience and visionary leadership of the Kingdom of Bahrain.
These development patterns in next 50 years, the Chairman said, will depend on innovation and may be seeking mergers or acquisitions to stay at the top ladder.
During the past fifty years, the Bank has led a journey of leadership and innovation, offering one of the best financial and banking services in the Kingdom of Bahrain.
“BBK pledge to continue as leading bank’s role for the coming fifty years through maintaining its customers; confidence and supporting the current and future aspirations of Bahrain’s sustainable growth. BBK has also announced the launching of various initiatives in terms of banking products and community investments, including offering 50 scholarships to this year’s graduates from Bahrain’s public and private schools for enrollment in Bahrain University and Bahrain Polytechnic. In addition to repaying 50 of the Bank’s customer loans at a maximum of five thousand Bahraini Dinars. The Bank will announce the details of these initiatives later this year.
The Chairperson praised the development and prosperity that the Kingdom of Bahrain is witnessing under the leadership of His Majesty King Hamad bin Isa Al Khalifa, and His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, and the Prime Minister.
He also emphasized that BBK was proud of its ongoing contribution to Bahrain’s economic and social sustainable growth, meeting the aspirations of its leaders and citizens.
He praised the efforts of His Highness the Amir of Kuwait Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, and the regulatory and legislatives authorities in Bahrain and Kuwait.
The Chairperson shed a light on all aspects of the history of BBK, established in 1971, and the momentous events that it has witnessed during crucial periods in the history of Bahrain and the region over half a century.
“BBK has witnessed the golden era as being a Bahraini banking sector in the 1970s when Bahrain attracted regional and international banks, with the valuable support of late Prince Khalifa bin Salman Al Khalifa. The pillars of the banking industry integrated through a flexible environment that provided advanced legislation and qualified cadres. We have always exceeded our customers’ expectations at BBK, and we have achieved significant progress in terms of competition and growth, and we are now continuing those steady steps toward a brighter future.”
Dr. AbdulRahman Saif, Group Chief Executive said that BBK has always affirmed its position as one of the most stable and well-established financial institutions in Bahrain and continues to develop and grow steadily year after year.
“The Bank is constantly working to launch innovative financial products that meet the aspirations of customers, expand its digital branches, and improve the performance of its subsidiaries. He also revealed that the Bank is continuing to develop its strategic and operational plans for the coming years under the slogan of “Leadership and Innovation” as BBK has always been one of the pioneers and innovators in the financial and banking sector.
Dr. Saif highlighted the bank’s future vision, which is based on the Bank’s five-decade journey of contribution and success.
“The national banking icons who have led the Ban’s successful path have given us a significant legacy with rich achievements, and it is our job to maintain and develop these achievements now and in the future.”
“BBK’s work environment is marked by loyalty and passion for excellence and innovation, which are passed to the Bank’s cadres for future generations, giving us the confidence that no matter how the banking industry evolves and data changes, BBK will remain at the forefront of institutions not only keeping pace with this development but rather lead it as well,” he added.
