Rasheed Mohammed Al Maraj: Bahrain develops its financial centre in
the Gulf region
Address by His Excellency Rasheed Mohammed Al Maraj, Governor of the Central Bank of
Bahrain, at the BNP Paribas - Inauguration of new premises at the Bahrain Financial Harbor,
Manama, 9 November 2008.
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Monsieur de Courscel, Monsieur Durand, Ladies and Gentlemen:
It is an honour and a pleasure for me to join you today to celebrate the formal opening of the
BNP Paribas premises at the Bahrain Financial Harbor.
May I welcome M. de Courscel and his colleagues who have travelled from Paris to be with
us today. Their presence is indicative of the importance that BNP Paribas places on the
development of its business in the Gulf region and an acknowledgement of the role of
Bahrain as the leading financial centre of the region, can play in that development.
The bank's relationship with Bahrain goes back nearly 35 years and this relationship has
been rather special. With the granting of a Full Commercial Banking licence in February
1975, the bank became the first European mainland banking institution to conduct business
in Bahrain. Later in the same year, the bank was one of the first international institutions to
be granted an Offshore Banking Unit licence.
Therefore, from an historical perspective alone, the bank has been closely involved in, and
has become an integral part of, Bahrain's development as an international financial centre.
The professional competence of its staff, the commitment of local management to maintain
and enhance its operational base in Bahrain, and the support given to this concept by its
regional and head office directors, have been foundations upon which a success story has
been built.
At the beginning of this decade, Bahrain was officially appointed as the hub for the bank's
regional operations. The opening of these splendid premises at the Bahrain Financial Harbor
are a physical expression of the success that BNP Paribas has subsequently enjoyed in the
region.
These are, of course, challenging times for the global financial system. There now seems
little doubt that, in the short term at least, this region will not remain unaffected by the global
economic downturn. However, it is important to look beyond the immediate picture and focus
instead on the long-run prospects for global and regional economic growth. The fact that
BNP Paribas is now strengthening its commitment to this region, is testament to its view that
many good business opportunities are still to be found here.
I am confident that the success that BNP Paribas has enjoyed in Bahrain for the past 35
years will continue into the future. That success will be underpinned by the same principles
as in the past: adherence to sound business practice, enlightened staff policies and good
customer relations, all of which have been the framework within which the bank has
prospered.
Honoured guests, ladies and gentlemen, it is with great pleasure I declare open the BNP
Paribas office in the Bahrain Financial Harbor. May I wish the bank a successful and
prosperous evolution and continued close association with the development of Bahrain as
the leading international financial centre of the Gulf region.