7th APRIL 2015 - Vol.XXXVIII No.018
Business News

KHCB plans to launch retail banking service

MANAMA: Khaleeji Commercial Bank (KHCB) is set to launch itself across the region as a full service retail banking operation.

As part of its new strategy, it yesterday launched its new brand identity.

Designed to reflect the wave of change the bank is riding into a dynamic and exciting future, the logo retains key elements of the earlier design.

"It is simple yet elegant, with a vibrant icon that is in keeping with the bank's new vitality and dynamism. Its corporate red and blue colours have been fashioned into two sleek sails that pioneer paths through new waters, signifying the new momentum," a spokesman said.

"For us the new brand marks a watershed, a transformation in keeping with the changing times," said chairman Dr Fuad Al Omar.

"The sails of the new logo signify the spirit of change that will take us into the exciting future. A future we look to build upon our solid foundation of conducting business in accordance with international codes and best practices.

"And by venturing into new areas of operation and consolidating the reputation we have so assiduously developed over the past as one of the region's leading Islamic banks.

"Our core philosophy of creating and enhancing shareholder value remains the same but we hope to come up with a range of retail focused banking and investment products based on sound market knowledge and financial expertise," he said.

"Over the past year, we have all seen how the global financial crisis has altered consumer orientation and mindset and how financial institutions across the world have been forced to change the way they think and act," he added.

"We are keenly aware of this shift and we seek to reflect our concerns by identifying ourselves more closely with the needs of our clients, broadening our retail banking focus and strengthening our current position," he said.

"We are seriously looking at offering the full range of retail banking products by the second and third quarters of 2010, including mortgage finance, auto finance, personal finance and credit cards," said chief executive officer Ebrahim H. Ebrahim.

"Going forward, we will continue to expand and diversify our business and customer base by introducing innovative products and enhancing our existing services.

"The unveiling of the new brand identity is perfectly timed, as we look to reposition the bank's image and distinguish it from the competition while building stronger bonds with our customers," he added.

l Meanwhile, Gulf Finance House (GFH) is considering increasing its stake in KHCB instead of selling it under its asset sales programme, its chief executive said yetersday.

Ted Pretty said that GFH was no longer considering selling its stake in the bank.

"Our shareholding in Khaleeji, I actually want more of Khaleeji, than sell it," he said. He said that the shareholding in Khaleeji was increasingly attractive to GFH due to the plans to enter the more stable retail business.

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