The Central Bank of Bahrain (CBB) has granted a license to BSI AG (Generali), a leading Swiss private banking group, to open an office in Bahrain.

BSI AG (Generali), headquartered in Lugano, Switzerland, specialises in private banking and asset management services for both private and institutional clients, according to an official.

BSI AG, (rated A1 by Moody's) is a wholly owned subsidiary of the Generali Group, a leading player in the global insurance market based in Italy (also rated A1 by Moody's).

The Bahrain office will be BSI AG’s first presence in the Middle East region and will be offering advisory services specifically tailored to local needs.

It will be headed by Saad Osseiran, currently responsible for the Middle East private banking desk at BSI Generali UK, Ltd. and will constitute a “regional hub” for the Gulf Area.

“The CBB is delighted to welcome BSI Bank to Bahrain,” said Ahmed Abdul Aziz Al Bassam, director of licensing and policy, CBB.

“This is a further step, after the opening of BSI Bank Ltd. in Singpapore in 2005 and BSI Generali Asia Ltd. in Hong Kong in 2007," said Alfredo Gysi, chairman of the executive board, BSI AG.

"Apart from these, we have acquired Ifabanque SA in Paris in 2005 and Banca del Gottardo in Lugano, Switzerland, in 2007," he added.

"All these acquisitions are aimed at creating a banking group of international standing in the financial asset management sector, with strong roots in Switzerland and Europe and operations in most economically dynamic areas, such as, Middle East, Asia and Latin America,” he explained. - TradeArabia News Service