Bahrain: Banks accused of neglecting small-scale expat investors

Bahrain: Banks accused of neglecting small-scale expat investors

Almost all banks in Bahrain are accused of continuously snubbing small-scale expat investors by delaying or rejecting the prospects of opening an account with them.

Many small-scale investors told The Daily Tribune that “decent treatment is only given to businessmen investing at least in the excess of BD5,000 at these banks although there is no minimum cap on investment for expatriates or foreigners.”

Speaking to The Daily Tribune, an expatriate investor in the Kingdom said the situation is ridiculous. “This trend seriously developed during the pandemic season and continues to grow now in an increased magnitude. Everyone knows that opening a bank account is vital to start a business in the Kingdom and what happens when that process gets delayed?

“I know many expatriate and foreign businessmen who arrived in the Kingdom with plans to invest in various sectors. Now they all are planning to leave after being exhausted with these long delays in opening an account. I must say this is nothing short of an humiliation and this act of snub must be brought to the immediate attention of the Commerce and Industry Ministry and the Central Bank of Bahrain (CBB).”

The investor asked how the banks in the Kingdom could be conservative