Banks ready to fund more projects, says KHCB CEO

Bahrain banks have a great opportunity to finance new projects and drive the growth of the Kingdom in the coming years, Khalil Ismaeel Al Meer, CEO of Khaleeji Commercial Bank (KHCB) said.

If the government brings in more projects, banks in the Kingdom will be more than willing to support them, he added.

“I see the expected economic downturn in 2016 as an opportunity for the Bahrain banks, because they can step in and finance projects, help the government to increase the number of housing. Private sector can also play a major role in economy, instead of expecting the government to do everything,” KHCB CEO told DT News.

“GCC development fund and the focus of moving the economy away from oil reliance will help the Kingdom to emerge stronger, and sectors like tourism, banking, telecommunication, and other non-oil sectors will give lot of opportunities.” Bahrain Banks are very advanced and are able to raise funds, but offering higher interest rates could attract more deposits, he added.

“KHCB opened a branch in Juffair,” he said, adding that  no other bank in Bahrain has a physical presence in Juffair.

 “We are proud to be the first bank here and it is an attractive location,” he added. The bank, which clocked 110 per cent jump in profits for 2015, attributed its stellar performance to core banking activities and its reduced cost of funding.

The CEO also added that the bank has good growth prospects and is not looking for raising capital in near future.