08.19.08

BMI Offshore Bank launches operations in Seychelles

Posted in Offshore Banking, Offshore Services, Seychelles banking, Seychelles offshore jurisdiction at 10:24 am by Robert Klien

In July, BMI Offshore Bank (BMIO) has announced that its offshore banking operations in Seychelles have been officially launched.

BMI Offshore Bank is a joint venture between Bahrain-based BMI Bank and Seychelles-incorporated Nouvobanq. Managed by BMI Bank, the venture will deal with offshore banking and private banking services and provide access to trust and investment services for corporate and private customers who reside abroad.

To celebrate the launch, a special ceremony was held. The event was attended by Government officials, key businessmen related to the offshore industry, Chief Executive Officer of BMI Bank Andrew Bainbridge, Wholesale Banking Director of BMI Bank Karl Stumke and other bank representatives, media and guests.

Chief Executive Officer of BMI Bank, Andrew Bainbridge, said that the launch of the first offshore bank in the Seychelles is an important move. BMI Bank was established with a vision to form a universal bank with presence in selected emerging markets and this move is the way to achieve it. He also said that BMIO will be supported by the head office in Bahrain in order to run a successful banking operation in Seychelles.

Initially, BMI Offshore Bank will offer deposits and investments on varying terms, transactional banking from current and call accounts, and internet banking facilities. Then, new products including Debit and Credit cards, loan financing, trust business and a range of other investment products will be introduced.

A license to operate was received by BMIO from the Central Bank of Seychelles in March 2008.

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