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Bahrain Branch

Bahrain Branch

FINANSBANK A.S. BAHRAIN BRANCH INTRODUCTORY INFORMATION

Date of Licensing:    5 June 1999
Date of Activation:    14 July 1999
Licensing Type:    Wholesale Branch of a Foreign Bank
Initial Staff Size:    3
Existing Staff Size:    8
Finansbank A.Ş. Bahrain Branch has been licensed under the regulations and subject to the provisions of the Central Bank of Bahrain (CBB) Law in State of Bahrain on June, 1999. The Branch commenced operations on July, 1999 as a full branch of QNB Finansbank A.Ş., Istanbul. Later on July 2006 the existing categories of investment and offshore banks were to be replaced by a single category of "Wholesale bank" with an amendment implied by CBB on sector-based licensing frameworks.

CBB Purpose Codes for SWIFT transfers

Activities:

The main areas of activity of the branch include;

  • Granting and administration of Cash Credit Facilities (Client Profile is mainly Turkish corporate companies)
  • Issuance and administration of Non-cash Credit and Trade Finance Facilities
  • Opening Current and Time Deposit Accounts
  • Treasury instruments like Money Market, Eurobond, Turkish-Bills, Structured Notes, Options, Foreign Exchange, Swaps (currency swaps, cross-currency swaps and interest rate swaps) 

Legal Limitations on Activities:

There are no specific legal limitations for dealing with non-residents of Bahrain. On the other hand, as per Central Bank of Bahrain Licensing Regulation the branch must comply with below minimums in its dealings with the residents of Bahrain except for CBB licensees;

  • BHD 7,000,000 (~USD 18,600,000) for each cash credit granted
  • BHD 7,000,000 (~USD 18,600,000) for each deposit received
  • USD 100,000 for each financial instrument sold 

Compliance Responsibilities:

The branch should comply with the Central Bank of Bahrain rules & regulations. Therefore, all the activities have to be subject to Bahrain Law. On the other hand, the branch should also comply with QNB Finansbank A.Ş. rules and regulations.

The branch intends to continue operations within good banking terms and grow in quality of asset under full control of its Head Office and regulatory authorities.

Audit/Inspection Exposure:

The branch fully complies with IAS (International Accounting Standards) principles in accounting practices and is audited annually by an independent audit company. Annual audit of Anti Money Laundering Policy and Procedures is obligated by Central Bank of Bahrain to independent auditors as well. In addition to external control, the branch is also inspected by Central Bank of Bahrain at unspecified periods. The internal inspection is performed annually by Finansbank Auditors.

Reporting Requirements:

The Bahrain branch reports its financials on monthly, quarterly and yearly basis to Central Bank of Bahrain

Branch Contact Details:

General Manager: Alev İşler NAGIB (Mrs)  alev.nagib@qnbfinansbank.com
Treasury Manager: Ülker ÖZDİLEK (Ms)  ulker.ozdilek@qnbfinansbank.com
Credits Manager: Sertan İRTİŞ (Mr)  sertan.irtis@qnbfinansbank.com
Compliance Officer - MLRO : Bünyamin POLAT (Mr)  bunyamin.polat@qnbfinansbank.com 
Reporting Officer:  Fatma Nur OZBOLAT (Mrs) fatmanur.ozbolat@qnbfinansbank.com  

For Enquiries and Complaints:

Tel: +973 17211322 Ext: 103
E-mail: ozlbahrain@qnbfinansbank.com