The Qatar branch, regulated by the Qatar Financial Centre Regulatory Authority (QFCRA), will offer regulated activities including providing and arranging credit facilities, accepting deposits and dealing in investments
Announcing this appointment, Andrew Bainbridge, Chief Executive Officer of BMI said: “Qatar is one of the most attractive markets in the region with excellent economic growth and banking sector performance and I am delighted to announce the appointment of Abbas Al Derazi as the Managing Director of our first overseas Greenfield expansion. Abbas has the right mix and experience to successfully launch our Qatar business which will be a significant step towards realizing BMI’s objective of becoming an international bank.”
Abbas will have the overall responsibility for the performance and the functioning of the Qatar Branch as well as continuing to develop our business across the GCC. For Qatar, as for everywhere we will operate, the priorities will be to deliver great customer service, build out infrastructure, be in control at all times and exceed our financial targets.”
Prior to his appointment as the MD for Qatar, Abbas Al Derazi was the Country Manager and the General Manager of BMI, Bahrain. BMI was the first Bahrain based Retail Bank to receive a category 1 license to operate at the Qatar Financial Centre and is expected to commence operations in May 2008.