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Khcb expanding branch network

Khaleeji Commercial Bank (KHCB) announced that the Bank will be opening 3 more branches; in Sanad, Muharaq and Budaya during this year; in line with the strategy to expand the retail and commercial banking business of the Bank.

Dr. Fuad Al Omar, Chairman of KHCB said “The key focus for us in the medium term is to build the scale necessary for the Bank to become a leading player in the local and regional market. We will continue to aggressively grow our commercial and retail banking business while exploring other options including viable acquisitions of other entities and asset portfolios.”

In line with the Bank’s revised business model and strategic direction, in 2010 the Bank launched a full suite of consumer finance products including auto financing, personal financing, mortgage financing and Visa-branded credit card.” We would like to build on the positive market response to these products and use the new branches to reach a larger segment of customers. We will continue to hire qualified and experienced professional to meet the requirements of our expansion. In 2011, we expect to increases the number of staff by about 15%, on top of 10% increase in 2010.” Dr. Al Omar added.

CEO and Board Member Mr. Ebrahim H. Ebrahim said: “We currently have only two branches, both in Manama (in Zamil Tower and BFH), limiting our access to a large segment of Bahrain’s population. The new branches will help us to significantly enhance our reach and increase our market share. Ultimately we intend to have branches in all the key population centers of Bahrain. Our electronic banking channels including ATMs, and internet banking will continue to be available to our customers at no additional cost to them.”

“In line with our growth plans we are also exploring options to acquire portfolio of assets and entities with existing consumer finance business. We believe that there are attractive opportunities in the local market for acquisition of portfolios. On the investment banking front, we are working towards some potential exits during the year as the markets gradually improve, especially in countries like India and Qatar. In 2011, we are well positioned to take advantage of the opportunities and grow our business.” Mr. Ebrahim added.