Bank Sarasin is to offer advisory services in
Bahrain through a new entity, Sarasin-Alpen (Bahrain) BSC, a year
after it halted a separate venture in the Gulf state.
The Central Bank of Bahrain has approved an
Investment Business Firm Category 2 licence allowing Sarasin-Alpen
(Bahrain) BSC to offer advisory services to wealthy private
clients.
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Bank Sarasin hinted to PBI in
May it wanted to re-launch a joint venture with Bank
Sarasin-Alpen, its Dubai-based subsidiary.
Sarasin-Alpen’s private banking arm will
collaborate with Alpen Capital, the bank’s investment banking unit.
The licence allows the Sarasin subsidiary to deal in, advise and
arrange deals involving financial instruments with its private
banking clients.
Sarasin’s big three markets
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By GlobalDataThe Middle East is one of three key markets
for the Rabobank-owned Swiss private bank and the deal.
Bank Sarasin reported assets under management
in the Middle East and Asia of CHF15bn ($14.5bn) in the half year
to 30 June 2010. It would not split out its Middle East
figures.
Sarasin’s first subsidiary, Bank Sarasin
(Bahrain), was granted a licence in July 2008 when it established a
joint venture with Bahrain-based El-Khereiji Group in 2007. However
it decided not to proceed in August last year citing poor economic
circumstances.
Sarasin said it also plans to open a
representative office of Bank Sarasin-Alpen in Abu Dhabi. Bank
Sarasin-Alpen also has offices in Doha, Qatar and Muscat, Oman.
