Manama, Dec. 4 (BNA): The Central Bank of Bahrain (CBB) announced that it has issued a license to Mashreqbank PSC to open a wholesale bank branch in Bahrain, which allows the Bank to expand its activities as a wholesale bank in the Kingdom of Bahrain.
Mashreqbank was licensed by the CBB on 3rd December 1980 as an Offshore Banking Unit (OBU) (Wholesale branch) and later converted its license on 17th September 2005 to a Full Commercial Bank (FCB) (Retail branch) in the Kingdom of Bahrain, according to the CBB.
The Bahrain wholesale branch is expected to contribute in strengthening its relationship with the Gulf Region. Whereby it is targeted to engage with existing and potential investors; special focus will be given to Financial Institutions (local and international), Corporate Customers and High Networth Individuals will be dealt with selectively, acting as a hub to cover all the GCC countries, the CBB also said.
Mashreqbank PSC was established in 1967 in Dubai as Bank of Oman Ltd. In 1993, the Bank changed its name to Mashreqbank PSC. Mashreqbank is a public shareholding company regulated by the Central Bank of the United Arab Emirates and its shares are listed at the Dubai Financial Market since the creation of the local stock exchange. The Bank maintains 50 branches in all seven constituent emirates of Abu Dhabi, Ajman, Dubai, Fujairah, Ras Al Khaimah, Sharjah and Umm Al Quwain and also has 11 overseas offices including Bahrain, the CBB added.
Ahmed Al-Bassam, Director of Licensing, Central Bank of Bahrain said "We welcome Mashreqbank PSC decision to choose Bahrain as a hub to extend the Bank’s existing operations in the Middle East Market, and its presence in the region will undoubtedly reflect positively on the Bank's business and will help strengthen the trade relations between Kingdom of Bahrain and the United Arab Emirates.