CBB approves transfer of HSBC Bahrain retail business to BBK
The strategic transaction includes the transfer of all retail loans, deposits, credit cards and accounts of approximately 75,000 HSBC Bahrain retail customers, along with the HSBC employees who are supporting those customers.
Commenting on the transaction, BBK Group chief executive Yaser Alsharifi emphasised the warm welcome HSBC customers and employees will receive as both banks continue to work together to ensure a smooth onboarding process for everyone concerned.
'We are actively engaged in the planning and integration work that will bring HSBC's customers and talented professionals into BBK's extensive product suite and dynamic working environment. Together, we will ensure best-in-class service and continued strong relationships for HSBC customers,' he said.
Mr Alsharifi also highlighted BBK's comprehensive readiness to deliver on the transaction this year citing the bank's resilient operational framework, cutting-edge technological infrastructure and highly experienced workforce as the key elements to ensuring the smoothest possible transition. This robust foundation aims to ensure minimal service disruption while providing transferring clients with access to BBK's extensive suite of tailored banking products and solutions.
For his part, Ahmed Taqi, general manager of retail banking at BBK, reaffirmed the bank's commitment to delivering innovative and high-quality financial solutions tailored to customer needs.
'Our vast network spans 17 retail branches, three BBK Lite branches, and 77 ATMs, including smart and interactive teller machines, alongside 24/7 call centre support and a growing digital offering through BBKPLUS branches and our mobile app. To enhance accessibility, we also provide 17 debit card issuance machines and 13 certificate issuance machines, ensuring customers can conveniently access essential banking services around the clock,' Mr Taqi said.
Additionally, the bank uniquely offers secure safe deposit boxes, premium banking through 'Al Wajaha' and 'BBK Prive', and a range of deposit accounts – from Al Hayrat savings offering prize draws, to multi-currency and youth-targeted accounts.
It also provides competitive lending solutions, including personal, auto, and housing loans with long-term repayment options. Instant insurance services 'Secura' is offered at all branches.
Mr Taqi added: 'BBK remains fully committed to delivering outstanding financial solutions tailored to the unique needs of customers in Bahrain, including those who will transfer to us later this year. We are confident that our offerings will not only meet but exceed expectations, reflecting our unwavering pursuit of service excellence and innovation.'
In a related context, Mr Alsharifi underscored BBK's pride in its wholly owned subsidiary, CrediMax, for pioneering credit card products that deliver advanced electronic services, secure payment solutions and a comprehensive suite of rewards programmes. He also reiterated BBK Group's commitment to delivering an elevated banking experience to transferring HSBC customers.
Concluding his remarks, Mr Alsharifi acknowledged the pivotal role played by the Bahraini government and the CBB in strengthening the nation's financial and banking ecosystem, noting how their support has empowered initiatives that drive sectoral growth and resilience, and said: 'The transfer of HSBC's retail banking operations in Bahrain represents a key achievement in our pursuit of strategic objectives, enhancing our market reach and shareholder value. This milestone aligns with BBK's broader vision of strengthening its foothold in the banking sector by leveraging strategic opportunities that support the bank's long-term ambitions.'
Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
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