Crestbridge, the Jersey-based independent trust, fund and corporate services provider, has established an outpost in the Middle Eastern country of Bahrain, through the acquisition of Ohad Trust BSC, a Manama-based business in the same sectors.
In a statement, Crestbridge said it had received regulatory approval from the Bahrain Central Bank, which meant that Ohad was now officially “part of the Crestbridge Group”.
A full re-branding is planned for later in the year, according to Crestbridge.
Ohad became Bahrain’s first licensed trust provider in 2005, and according to Crestbridge, is the No. 1 provider in the Bahrain market of so-called private investment undertakings, or PIUs. It also provides Shariah-compliant and such financial products for the Muslim market as Sukuk, which are Islamic-law bonds.
Crestbridge said its acquisition of Ohad meant that it was also gaining an team of experienced Islamic finance professionals.
In Manama, Crestbridge will have its offices in Ohad’s existing quarters in the Bahrain World Trade Centre.
Here, Graham Journeaux and Naser Obaid will continue to lead the operation, which Crestbridge said currently consists of more than ten staff, and they “will be supported by staff transfers from the Crestbridge Group”.
Obaid, who is an Ohad director, said Ohad’s team has worked “very successfully with the team at Crestbridge over the last few years”, and saw the acquisition as “a very exciting opportunity for us and for the region”.
In addition to Jersey, Crestbridge maintains offices in London, Luxembourg and the Cayman Islands.