AA – Turkey’s Banking Regulation and Supervision Agency granted Bank of Bahrain & Kuwait (BBK) permission to open a representative office in Turkey in June 2016. BBK has a diversified shareholder structure that includes citizens of the Kingdom of Bahrain, the Kuwait Investment Authority, and the Pension Fund of Bahrain. BBK’s shares are listed on the Bahrain Bourse.
The bank’s total assets stood at USD 9.6 billion as at 31 December 2015, an increase of 4.3 percent over the USD 9.2 billion recorded in the previous year. Equity of the bank stood at USD 957 million at the end of 2015 (2014: USD 952 million).
Headquartered in Bahrain, the bank has presence in Kuwait, India, and United Arab Emirates. Operating in retail and commercial banking, BBK has obtained the necessary authorizations and licenses from the regulatory bodies in both Bahrain and Turkey to open a representative office in Istanbul. Through this office the bank will be able to liaise with prospective clients, financial institutions, and local enterprises in Turkey that are involved in trade with Bahrain and the GCC.
The bank recently raised its Tier 1 capital by USD 265 million, which will provide the base to fund its strategic expansion plans, which include Turkey.