2011 Annual Report - Khaleeji Commercial Bank BSC

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KHALEEJI COMMERCIAL BANK BSC Executive ManagEment From left to right: Mr. Mahdi A. Nabi Mohammed - AGM, Administration & Operations; Mr. Silvan Varghese - DGM & COO; Mr. Ebrahim H. Ebrahim - CEO & Board Member; Mr. Jassim Awadh Asghar - AGM, Corporate & Wholesale Banking; Mr. Fuad Taqi - DGM, Commercial Banking 16 Annual Report 2011
KHALEEJI COMMERCIAL BANK BSC In line with Central Bank of Bahrain (CBB) regulations, KHCB implemented IBAN, the standardised account numbering system. The system will increase the speed and accuracy of our customers’ transactions to other banks, whether locally or internationally. Corporate and Wholesale Banking 2011 continued to be a challenging year for corporates and businesses in Bahrain due to the turbulent period of unrest faced by the Country and the continuing effects of the global economic climate. Key sectors such as real estate, construction and tourism continue to feel the reverberations of the financial crisis and activity levels have not yet reached pre-crisis levels. The Real estate sector, a major contributor to the local economy, has been particularly affected, reflected in the decline in property values, limited number of transactions and low levels of activity. This to some extent contributed to deterioration in the credit quality of existing assets. During the year new transactions worth over BD 41.0 million was generated, but overall the corporate and wholesale banking assets showed a decline of 4.1% to BD 200.3 million as many customers repaid their facilities. We continue to work on nurturing existing client relationships and building new relationships locally and regionally. Particular focus has been on identifying and developing relationships in other GCC countries. We expect these efforts to bear fruit in the coming years. Investment Banking The investment banking business has been key to the Bank’s growth and success in the early years after the Bank was established. Over the last three years, the global financial crisis and its impact on the regional market, has had an adverse impact on the business environment. Investors have become cautious, withdrawing from the market and increasingly turning risk averse. In view of the new market environment the management’s focus has been on protecting and adding value to the Bank’s existing investment and working towards potential exits in 2011 and 2012. While exit dates were extended for many of the Bank’s investment products, the investment team continued to pursue all opportunities for exits. Overall, asset prices continued to be distressed in the GCC as well as Europe (especially Germany) where many of the Bank’s investment assets are located. Notwithstanding the challenging market conditions, the investment team has been successful in disposing of assets held under Gulf German Residence, Eqarat Al Khaleej and Janayen. The Surooh residential villa Business Report 17
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2011 Annual Report - Khaleeji Commercial Bank BSC

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