English - BMI Bank

Board of Directors’ Report
Board of Directors’ Report
//Board of Directors’
Report
The year 2010 was another year of customer
base growth and consolidation for BMI Bank
with a steady roll out of new customer centric
products and services. We continued with the
transformation of our business into a stronger
retail and commercial banking one. With the
introduction of our new state-of-the-art core
banking system, we have taken strong steps
towards delivering on our commitment to
provide customers with unique, simple and
convenient financial solutions.
//Local market
Bahrain’s economy posted good
results in 2010, with expansion
in most sectors and inflation
well in hand. In December 2010,
a report by the International
Monetary Fund (IMF) estimated
GDP growth at 4% in 2010, up on
the 2009 figure of 3%. The IMF
assessment predicted that this
growth would accelerate to 5%
in 2011 on the basis of higher oil
prices and careful management of
the economy by the government
and the Central Bank of Bahrain
(CBB). CBB data has also shown
that Bahrain’s debt to GDP ratio
was 27.3% at the end of the
first half of the year. Much of
the debt is the result of higher
state spending to stimulate the
economy and strengthen the
country’s infrastructure. Bahrain
is backing up its plans with some
considerable budget outlays
during 2011-2012. Total state
expenditure is expected to be
US$ 13.9 billion, with generous
allocations to sectors that
support the country’s long-term
development goals.
The financial services sector
remains central to the Bahrain
economy. However, given the
impact of the global slowdown
on finance and construction, the
government has been looking
to build other sectors and shift
employment patterns from
expatriates to nationals. This
includes creating jobs for Bahrainis
in new areas such as manufacturing,
information technology, tourism
and transportation to help support
Composition of BMI Bank’s Board of Directors as listed on page #18 to #21 is as of 31 December
2010. Subsequent to this date, there has been a change in the composition of the Board of
Directors. For the latest list of Directors, kindly visit the Bank’s web site on bmibank.com.bh and
browse through the about BMI Bank section.
Sheikh Khalid bin Mustahail Al Mashani
Deputy Chairman
8 // BMI Bank Annual Report 2010
BMI Bank Annual Report 2010 // 9