Top Swiss bank wins Bahrain licence
Manama, May 28, 2013
Julius Baer, a leading Swiss private banking group, has won a investment firm licence from The Central Bank of Bahrain (CBB) to establish its own unit in the Kingdom.
The new subsidiary, Julius Baer Bahrain will launch its own operations and provide service and advise to sophisticated private clients and in global wealth management, said a statement from CBB.
On the Swiss bank foray, Ahmed Al-Bassam, the director of Licensing & Policy, CBB said, “We welcome Julius Baer’s decision to expand its operations in the region by establishing as subsidiary in Bahrain.”
“The presence of an arm of a reputable institution such as the leading Swiss private banking group Julius Baer, in the Kingdom of Bahrain is an added value to the leading role that Bahrain holds as a financial center in the region.” he added.
A renowned Swiss private bank with origins dating back to 1890, Julius Baer's total client assets amount to CHF 309 billion ($321 billion) as at April 30, 2013, with assets under management accounting for CHF 220 billion.
It is the principal operating company of Julius Baer Group, whose shares are listed on the SIX Swiss Exchange and form part of the Swiss Market Index (SMI) of the 20 largest and most liquid Swiss stocks.-TradeArabia News Service