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.

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.