NBB credit ratings soar
National Bank of Bahrain’s (NBB) credit ratings were upgraded recently by Capital Intelligence (CI).
NBB’s long-term foreign currency rating was upgraded to “A-” from “BBB+”, and the support rating to “1” from “2”. The agency reaffirmed the bank’s short-term foreign currency rating at A2 with the financial strength rating remaining at A.
NBB’s new ratings are set at the country ceiling for Bahrain. Both the long and short-term ratings for NBB are among the highest for banks in the Gulf region.
NBB managing director and chief executive Hassan Ali Juma said: “The latest ratings upgrade reflect the continued strengthening of the Bank’s financial position, its strong capitalisation, stable funding base and sound asset quality.”
R&M appoints director
Reichle & De-Massari (R&M), the leader in Swiss structured cabling solutions, announced the appointment of Eugene Botes as the technical director for Middle East and India region. Eugene will be based at R&M’s regional headquarters in the Airport Free Zone, Dubai.
BMI launches scheme
BankMuscat International (BMI), launched a two per cent cash back scheme on all purchases made on BMI’s Visa credit card with immediate effect for a limited period.
BMI general manager Abbas Al Derazi said: “BMI is committed to offer products and services that cater to our customer’s financial needs, while offering them something extra. As the holiday season approaches, the two per cent cash back, one of the highest in the market, is our way of adding value to our customers whilst at home or travelling.”
Production raised
Gulf Extrusions, one of the largest aluminium extrusion plants in the Gulf, announced that it has increased its production line by 40 per cent as it moves ahead with its expansion programme. The company, which has installed two new extrusion press lines to add to its four existing presses, has already achieved a 30 per cent increase in output capacity from January to May this year, compared to figures for the same period last year.
