Bahrain EDB has hailed the decision by BSI Bank, one of the oldest banks in Switzerland, to base its regional headquarters in the Kingdom as a boost to its financial sector.

BSI Bank, which has assets under management in excess of $85 billion, is the latest in a string of leading international financial services firms who have decided to locate in the Kingdom. In the last year, Notz Stucki, Canara Bank and PineBridge Investments have all opened regional offices in Bahrain which is now host to more than 400 financial institutions.

To mark the bank’s expansion in Bahrain, its group CEO, Stefano Coduri, will soon tour the Kingdom and meeting the new enlarged team. While in the region, he is scheduled to meet with key officials who have supported BSI Bank during the process of gaining a full license which include Rasheed Mohammed Al Maraj, governor of the Central Bank of Bahrain; and Mahmood Al Kooheji, CEO of Mumtalakat.

Bahrain EDB was involved in the intial process of the conversion of BSI Bank’s representative office in the Kingdom into a full license as the company expanded its business. In the past year, BSI has tripled the size of its team in the Kingdom and the new license will allow it to provide the region with comprehensive wealth planning services, a statement from EDB said.  

The company is seeking to take advantage of the growing demand for wealth management services in the GCC. The asset management team has started to provide the full range of wealth management and custody services for its private and institutional clientele (both Islamic and conventional) in the region and BSI Bank will shortly start offering comprehensive wealth planning solutions throughout the region via a dedicated team, the statement said.

Edmondo Sarteur, chief executive of BSI Bahrain, said: “We believe that Bahrain is the ideal place for BSI to locate its Middle East operations, and I am delighted to welcome our group CEO, whose visit is a reflection of BSI Bank’s commitment to Bahrain and our business in the GCC.”

“BSI has had a presence in the Kingdom for the past few years and during this time we have been impressed with the high level of professionalism, both of the regulatory entities as well as with the other private institutions,” he said. “The decision to expand our operations has been born out of these positive experiences and we would like to thank the Central Bank of Bahrain and Bahrain Economic Development Board for their assistance throughout this process.”

Kamal bin Ahmed, minister of transportation and acting chief executive of the Bahrain Economic Development Board (EDB), said: “We are delighted that BSI Bank has decided to establish their regional headquarters in Manama. Their decision to expand operations is a reflection of the enduring strength of Bahrain’s financial services sector and GCC economy which now exceeds $1 trillion.” – TradeArabia News Service