Sarasin-Alpen receives a license from the Central Bank of Bahrain
The Sarasin Group which has its roots as a Swiss private bank announced the establishment of an office in Bahrain. The new entity – Sarasin-Alpen (Bahrain) BSC, has been granted an Investment Business Firm Category 2 license from the Central Bank of Bahrain (CBB) to offer advisory services to wealthy private clients.
The Sarasin Group is incorporated in the GCC and India as Sarasin-Alpen. It operates alongside its Investment Banking associate, Alpen Capital. The two organizations operate through a simple and successful business model where the investment banking services of Alpen Capital complement the private banking activities of Sarasin-Alpen.
Ahmed Al-Bassam, Director of Licensing & Policy, Central Bank of Bahrain, said: "We welcome Bank Sarasin & Co. Ltd decision to expand its operations in the Arabian Gulf by establishing Sarasin-Alpen in Bahrain. Despite the prevailing international market conditions, there is still demand for investment services from professional advisors. The future of Bahrain, the GCC and the Middle East region economies is very promising."
Rohit Walia, Executive Vice Chairman and CEO of Bank Sarasin-Alpen: "As the 'Best Private Bank in the Middle East' (The Banker Middle East Awards 2010) we are confident that we can offer tailored advisory services to our new clients in Bahrain that will provide genuine value-added benefits to their investment portfolios."
Fidelis M. Goetz, Head of Private Banking at Bank Sarasin & Co. Ltd: "We are delighted to announce our presence in Bahrain, yet another country in this important strategic region. Sarasin-Alpen has been very successful in establishing itself in the Middle East over the last five years and we are now looking to replicate this success story in Bahrain."
Joachim H. Straehle, CEO of Bank Sarasin & Co. Ltd: "The Middle East is one of three key regions on which we are focusing our hopes for the future. The pervasive dynamism of this region offers an attractive growth potential that will enable us to press ahead with our geographic diversification."
- Deflation shocks in emerging markets and the GCC currency peg
- Crashing oil: has the time come for GCC countries to tax their citizens?
- Moody indeed: how did Moody's rate the ME's banks for 2015?
- The Middle East's Switzerland? Lebanon's banking secrecy is here to stay
- Precious retirement: why UAE expats are moving their pensions out of the UK