BMI Offshore Bank Begins Operations In Seychelles

by Lorys Charalambous, Tax-News.com, Cyprus

24 July 2008

BMI Offshore Bank (BMIO) has announced the official launch of its offshore banking operations in Seychelles.

BMIO, a joint venture between Bahrain based BMI Bank and locally incorporated Nouvobanq, will be managed by BMI Bank and engage in offshore banking and private banking services as well as provide access to trust and investment services for both corporate and private customers residing abroad.

A special ceremony to commemorate the launch was held earlier this month, attended by Government officials and senior dignitaries, key business people connected to the offshore industry, Andrew Bainbridge, Chief Executive Officer of BMI Bank, Karl Stumke, Wholesale Banking Director of BMI Bank, as well as other bank officials, guests and media.

Speaking about the launch, Andrew Bainbridge, Chief Executive Officer of BMI Bank said:

“I am delighted to announce the launch of our first offshore bank here in the Seychelles. BMI Bank was set up with a vision to create a universal bank with presence in selected emerging markets and now with the launch of BMIO, we are well on our way to achieving it. BMIO will receive support from the head office in Bahrain, to ensure that the team is equipped with all the necessary tools and resources to run a successful banking operation here in Seychelles. Seychelles is an attractive location, supported by the good legal and regulatory framework of the country as well as its continuing economic progress.”

BMIO will initially offer transactional banking from current and call accounts, deposits and investments on varying terms and internet banking facilities. New products that will be introduced in the coming quarter include Debit and Credit cards, loan financing, trust business and a range of other investment products.

"We are excited about the prospects for business and look forward to building strong and lasting relationships with customers as well as other partners in the industry to promote and enhance the reputation of the jurisdiction. We seek to operate a business that brings together a team of experienced and committed staff, with simple and efficient processes that will make a difference in the market in the way we respond to customer needs’’ said Frank Hoareau Managing Director of BMIO

BMIO received its license to operate from the Central Bank of Seychelles in March 2008.

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