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Al Salam Bank-Bahrain (“ASBB”) is pleased to announce that BMI Offshore Bank Seychelles (“BMIO”) has been successfully handed over to shareholders after being placed under administration by the Central Bank of Seychelles (“CBS”) in November 2014. Following CBS handover, BMIO is resuming regular operations after being acquired by a new joint venture between ASBB, as a 70% shareholder, and Seychelles Pension Fund (“SPF”), as a 30% shareholder, with a total paid-up capital of US$4.834 (SCR63.9 million). At the behest of shareholders, CBS has approved the rebranding of the entity as Al Salam Bank-Seychelles (“ASBS” or the “Bank”).The majority shareholder, ASBB, is a leading full serviced commercial bank offering Shari’a-compliant products headquartered in the Kingdom of Bahrain. The Bahrain-based bank was established in 2006 with a paid up capital of US$318 million (SCR4.2 billion). 

ASBB’s Board of Directors and management team is comprised of highly qualified and internationally experienced professionals with proven expertise in key areas of banking, finance, treasury, investments and related fields. ASBB witnessed substantial asset growth having completed two business combinations in a space of five years, first with Bahraini Saudi Bank in 2009 and the second with BMI Bank B.S.C in 2014. As of 31st December 2015, the total assets of ASBB stood at US$4.4 billion (SCR57.9 billion) with shareholders’ equity of US$844 million (SCR11.1 billion).

SPF is a statutory body established in January 2006 and is a full-fledged Pension Fund administering the national pension system of Seychelles. SPF has total assets of US$172 million (SCR2.3 billion) which has grown by 3 folds since inception. The investment portfolio of SPF is worth US$116 million (SCR1.5 billion) diversified over a number of asset classes, with real estate being its largest. 

Supported by two well established financial institutions, namely ASBB and SPF, ASBS is planning to launch full-service commercial banking by offering world class financial solutions. ASBS will aim at utilizing its strong foundations by introducing innovation and the latest technologies to Seychelles’ banking sector. The Bank will initially commence its operation as an offshore financial institution later expand by introducing domestic banking services with the aim of targeting various market segments and supporting local and regional SMEs and corporates. ASBS will nurture the needs of Seychelles’ domestic market aimed to spur development and growth in the local economy by playing a key role in various sectors of the economy such as the education, fishing, health, and housing industries amongst others.
Using Seychelles as the launching pad to other regional markets, ASBS will aim to expand by penetrating the banking sector of neighboring countries and create a bridge between the Gulf Cooperation Council countries and the Indian Ocean Rim countries.

ASBS will strive to adopt internationally recognized standards and best practices in corporate governance and operate with the highest levels of integrity, transparency and trust. ASBS is committed to its role as a concerned corporate citizen, actively seeking ways to contribute and add value to the social and economic wellbeing of the local communities in which it invests and operates in. Importing the values from its shareholders, ASBS will exert efforts in empowering women and supporting local and regional women empowerment initiatives. 
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