BankMuscat hires chief executive

Prior to 2007, Bainbridge was based in South Africa, as Barclays managing director responsible for Sub-Saharan Africa and the Indian Ocean.

BankMuscat International (BMI) has appointed former Barclays senior banker Andrew Bainbridge as its new CEO, according to the Bahrain domiciled finance house.

Speaking on behalf of the board of directors, Sheikh AbdulMalik bin Abdullah Al Khalili, chairman of BMI said: "Andrew brings with him a wealth of experience having spent the last 18 years with Barclays across UK, Europe, Africa as well as the Middle East and we are delighted to welcome him to the bank."

Bainbridge was previously with Barclays, as its COO for emerging markets.

Speaking on his appointment as CEO, Bainbridge said: "I am delighted to be joining BMI at a time when we seek to accelerate our growth in innovative products and services offered to customers while building on the excellent growth the bank has achieved in recent years."

Prior to 2007, Bainbridge was based in South Africa, as Barclays managing director responsible for Sub-Saharan Africa and the Indian Ocean. Previous to this Bainbridge was COO and risk director across Africa and the Middle East and has held senior roles in commercial banking in the UK and Africa.

Bainbridge holds a degree in Law and is an associate of the Chartered Institute of Bankers. He also sits as a non-executive director on the board of Guarantco, a donor-backed company that facilitates the issuance of local currency guarantees in underdeveloped countries to support business growth and the deepening of local capital markets.

BMI recently posted a net profit of BD 2.26 million (US$5.99m) for the first half ended 30 June 2007, an increase of 21% compared to the same period in
2006 when the bank recorded a net profit of BD 1.9 million (US$4.9m).

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