The Bank of Intesa Sanpaolo (PB) has been granted a representative office licence from the Central Bank of Bahrain to operate in the country.
Headquartered in Switzerland, Intesa Sanpaolo Private Bank (Suisse) was established in 2001. It is fully owned by Italy’s Intesa Sanpaolo.
Ahmed Abdulaziz Al-Bassam, director of licensing, said that the Central Bank of Bahrain welcomed Intesa Sanpaolo Private Bank’s (Suisse) decision. Bahrain currently hosts several Swiss Banks that provide private banking in the region, according to local newswire, Bahrain News Agency.
Julius Baer, one of the top global private banks with more 400bn Swiss francs ($404.8bn) of assets under management, has advisory licences in Bahrain and Beirut and operates representative offices in Abu Dhabi and Cairo in Egypt.
The GCC remains the fastest-growing market for the Julius Baer with the UAE and Saudi Arabia, the region’s two biggest economies, being the prime geographies for business.
Flowing in the opposite direction, Bahrain-based Investcorp has announced a strategic minority investment in Banque Paris Bertrand Sturdza, an independent, Swiss-regulated private bank based in Geneva and Luxembourg.
The bank, which has assets under management (AuM) of $5.4bn, provides independent investment advice and customised investment solutions to over 400 high-net-worth individuals, family offices and institutional clients mainly from Switzerland and Europe.
The bank will be renamed Banque Paris Bertrand SA (PB), and will remain operationally independent, a statement said.