MANAMA, 26 August 2007 — Bahrain-based BankMuscat International (BMI) yesterday announced the appointment of Andrew Bainbridge as the new chief executive officer of the bank.
Sheikh AbdulMalik bin Abdullah Al-Khalili, chairman of BMI said: “Andrew brings with him a wealth of experience having spent the last 18 years with Barclays across UK, Europe, Africa as well as the Middle East and we are delighted to welcome him to the bank. BMI is a dynamic bank having grown from strength to strength over the past few years and we are confident that Andrew, together with the team in place, will be able to lead us in our vision to provide high quality products and services to an even wider range of customers.”
In his previous role with Barclays, Bainbridge was the chief operating officer for Emerging Markets following his role as chief operating officer & commercial banking director for retail and commercial banking, new markets, with responsibility for commercial and transactional banking across the region, as well as operations, non-financial risk and corporate affairs.
He said: “I am delighted to be joining BMI at a time when we seek to accelerate our growth in innovative products and services offered to customers while building on the excellent growth the bank has achieved in recent years.”
Prior to 2007, Bainbridge was based in South Africa as managing director responsible for the sub-Saharan Africa and the Indian Ocean business for Barclays. Before that, he was chief operating officer and risk director across Africa and the Middle East and has previously held senior roles in commercial banking in the UK and Africa. Bainbridge holds a degree in law (LLB) and is an associate of the Chartered Institute of Bankers.
BMI had posted a net profit of BD2.26 million for the first half ended June 30, 2007, an increase of 21 percent compared to the corresponding period in 2006 when the bank recorded a net profit of BD1.9 million. Loans and advances stood at BD321 million as compared to BD204 million on June 20, 2006.