Jersey-based corporate services provider Crestbridge has closed the acquisition of Ohad Trust, a Bahrain-based trust, fund and corporate services provider.

Ohad became the first licensed provider of trust services in Bahrain after it secured its ancillary services provider license. The company provides Sharia compliant and Islamic Finance products such as Sukuk.

The deal is wrapped up after Crestbridge secured approval from the Central Bank of Bahrain. As part of the acquisition, Ohad will be fully rebranded during the course of this year.

Crestbridge said that Ohad owner’s Graham Journeaux and Naser Obaid will continue to lead the Bahrain office, and will be supported by staff transfers from the company.

Crestbridge group managing director Paul Perris said: "As a leading independent provider of trust, fund and corporate services to UHNW and institutional clients we are delighted to add Bahrain to our network of jurisdictions.

“We welcome the team from Ohad which has a wealth of experience of operating in the region spanning almost 15 years. The Middle East is strategically important and having on the ground capability in Bahrain enables us to continue to add value to clients who require increasingly sophisticated support in relation to their local and international assets."

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Obaid said: "We have worked very successfully with the team at Crestbridge over the last few years and see this initiative as a very exciting opportunity for us and for the region."