Swiss private bank Sarasin-Alpen is planning to shut down its operations in Oman by the end of this month, according to Times of Oman.
The reason behind the shutters is not clear yet, but it could be due to a global restructuring plan, after the bank was acquired by Safra Group, another Swiss private banking group.
Go deeper with GlobalData
Sarasin Alpen, which has been operating in Oman with a licence from Capital Market Authority (CMA), offers private banking services for high net worth individuals and institutions.
In addition to Oman, Sarasin Alpen has operations in Dubai, Abu Dhabi, Qatar and Bahrain in the Middle East region.
The bank’s operations were under pressure following US regulator’s probe into tax evasion by their citizens who parked their funds in Swiss private banks, according to CMA sources.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
