(MENAFN- Arab News) MANAMA: Bank of Khartoum (BOK) announced that it is in the process of establishing its first overseas branch office in Bahrain to be known as Bank of Khartoum-International (BOK-I).
The Central Bank of Bahrain issued BOK-I with an Islamic wholesale bank branch license on Nov. 9.
Following subsequent compliance with local legal and regulatory requirements the branch office is expected to commence operations during the first quarter of 2016.
Fadi Salim Al-Faqih BOK board member and Group CEO said: 'The establishment of our first overseas branch in Bahrain is a highly significant milestone for Bank of Khartoum.'
Established in 1913 Bank of Khartoum is a leading Islamic financial institution in Sudan.
The CEO said: 'It serves to illustrate our transformational strategy to expand our geographic footprint outside Sudan and further strengthen ties with the GCC region.'
He added: 'We chose Bahrain due to its status as the Islamic hub of the GCC and MENA; and the pioneering reputation of the Central Bank of Bahrain for the highest standards of regulation and transparency in the region.'
With its roots deeply integrated in the country BOK has been a primary supporter and driver of the nation's economic and social development over the past century.
Today BOK is the bank of choice in Sudan for local corporates multinational corporations the UN non-governmental organizations embassies and consumers.
Its global correspondent banking partnership network comprises international and regional banks from the UK Europe the Middle East and Asia.