The Central Bank of Bahrain (CBB) has granted a licence to leading international private bank, EFG Bank to establish a Representative Office in Bahrain.
EFG Bank is a wholly-owned subsidiary of EFG International, a global private banking group headquartered in Zurich, Switzerland. EFG International, a publicly listed on the SWX Swiss Exchange, manages assets in excess of US$37 billion.
As EFG International’s principal operating subsidiary, EFG Bank is present in 40 locations in 26 countries. The Bank’s Bahrain office will provide wealth management solutions to their clients, both institutional and individual, in the region.
“The CBB welcomes EFG Bank to Bahrain’s well-diversified financial services industry,” said Mr. Ahmed Abdul Aziz Al Bassam, Director, Licensing & Policy, at the CBB.
Mr. Lawrence Howell, Chief Executive Officer of EFG International, said: “We are delighted to have received our license from the Central Bank of Bahrain. This will enable EFG Bank to expand its business in the growing Middle East Region.”
EFG Bank aims to be one of the region’s leading financial services provider, said Mr. Bassam Salem, Chief Executive Officer of EFG Bank for the Middle East. “We are expanding our network across the Gulf region by developing time honored relationships with clients, leveraging our global network and differentiated product range,” he said.
An upsurge in liquidity and increase in wealth levels in recent years is providing a new growth momentum for private banking services in the region, Mr. Al Bassam pointed out.
“Bahrain is home to a growing community of wealth managers due to the Kingdom’s strategic location and close proximity to the region’s wealth hubs,” he said.
Bahrain also provides a well-regulated, transparent and market friendly environment for financial institutions.
“The CBB is highly cognizant of the dynamic nature of the financial services industry and we are committed to ensuring that Bahrain remains the location of choice for financial institutions wishing to do business in the region,” said Mr. Al Bassam.