CBB licence for Bank Sarasin & Cie |
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Manama, Bahrain - 21 July 2008 - The Central Bank of Bahrain (CBB)Central Bank of Bahrain (CBB)
has granted an Investment Business License (Category 2) to the leading Swiss private bank, Bank Sarasin, to establish a subsidiary in Bahrain.
Bahrain-incorporated Sarasin (Bahrain) B.S.C. (c) (under formation) will provide full range of unique investment advisory, and tailor-made asset management solutions to high net worth individuals and entrepreneurs.
Founded in 1841, Bank Sarasin & Co. Ltd is one of Switzerland's leading private banking institutions. Bank Sarasin's core activities include investment advisory and asset management services for private and institutional clients, as well as investment funds business.
The bank's Bahrain operation will be its third in the GCC region. Bank Sarasin currently operates a subsidiary, Sarasin-Alpen LtdSarasin-Alpen Ltd, in Dubai and Sarasin-Alpen (Qatar) LLC in Doha.
"The CBBCBB is delighted to welcome Bank Sarasin to Bahrain," said Mr. Ahmed Al Bassam, Director of Licensing & Policy, at the CBBCBB.
Unprecedented economic expansion in the GCC region is providing momentum to renewed growth prospects for private banking, which accounts for one-third of total revenues generated by the region's banking industry, he said, citing a report of international consultancy firm, McKinsey & Co.
"We are delighted to have received the license for our Bahrain joint venture with the El-Khereiji Group. Expanding our presence to the attractive growth region of Bahrain will further contribute to our successful development in the Middle East, and our ability to serve clients in this important region," said Eric G. Sarasin, Chairman of Sarasin (Bahrain) B.S.C. (c) and Head of Private & Institutional Clients Switzerland Division of Bank Sarasin & Co. Ltd. "We have been very impressed with the Central Bank of Bahrain's progressive regulatory approach, which is very encouraging in terms of supporting the growth of a dynamic, vibrant financial sector from which to further serve the Gulf and broader Middle East region."
-Ends-
Central Bank of Bahrain (CBBCBB)
Contact: External Communications Unit
Tel: +973 17547357/17547360
E-mail: media@cbb.gov.bh
Website: www.cbb.gov.bh
Sarasin (Bahrain) B.S.C. (c)
Bahrain World Trade Center
(West Tower), 34th Floor
King Faisal Highway
P.O. Box 75670
Manama - Kingdom of Bahrain
Telephone + 973 17 517 888
© Press Release 2008
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