“The year 2013 proved to be relatively better for the retail banking sector with most banks reporting good results. Furthermore, the consolidation of banks through mergers and acquisitions continued which should result in stronger and better capitalised financial institutions in the Kingdom,” said Deputy Chairman Dr Farid Al Mulla.

BAB continued to increase its activity level by organising, attending and/or endorsing 69 events and issuing 84 press releases during the year to promote Bahrain’s banking sector. Some highlights of the year included seminars and round tables on the Impact of FATCA, Regulatory Compliance, Pay Compensation, Payment Risk, Women in Banking, Fraud Trends in Financial Sectors, the Summer Internship Programme with the University of Bahrain, Financing for Entrepreneurs and Professional Liability Insurance.

The major event of the year was a well-attended Bahrain reception in Washington, D.C., during the IMF/World Bank meetings that was hosted by the Minister of Finance, the Governor of the Central Bank and several directors and member representatives.

“The new Board elected during the last AGM reviewed the mission and objectives of the Association. We looked at BAB’s major activities over the past five years, discussed where the association could add value to the industry and determined that BAB should focus on three key areas: regulatory compliance issues, primary research and analytics, and high-level training, especially at the Board level for member banks in view of increasing corporate governance requirements. Tenders were issued to a number of advisory firms to determine the scope of the changes and financial requirements and to advise how they can be achieved,” said Dr Al Mulla.

“Simultaneously the Board held several consultative meetings with the Governor and Executive Directors of the CBB to share mutual concerns on the Bahraini economy, banking sector and policy matters. The Association also held two ‘Meet the Press’ briefings to update members of the media on developments in the financial sector and listen to their concerns. ” he added.

BAB Chief Executive Officer Robert Ainey noted that net surplus for the year was BHD 21,792 compared to a small one of BHD 6,807 the previous year. This resulted in an accumulated surplus of BHD 32,581 from BHD 10,789 in 2012.

 “The year ahead will be challenging as all of us at BAB implement the new initiatives that the Board has decided will produce a banking association that will bring more value to its members in the services that it provides,” concluded Ainey.