BMI today announced that it had received a license from the Central Bank of Seychelles to set up its Offshore Banking venture. BMI Offshore Bank, a Joint Venture with locally incorporated Nouvobanq, the largest bank in Seychelles, will be managed by BMI and engage in Offshore Banking and Private Banking services as well as provide access to Trust and Investment services. The new venture is expected to be operational by the third Quarter of 2008.