Société Générale Private Banking (SGPB) has shut its Bahrain office and moved operations to the United Arab Emirates as part of a worldwide strategy to reduce costs.
A SGPB spokesman said the Paris-based bank will centralise its Middle East private banking business around offices in Dubai and Abu Dhabi.
The spokesman would not comment on the staff and assets affected by the closure although it is understood that Société Générale’s branch in Bahrain was small.
The French lender is working with the Bahraini regulation authorities on legal and administrative processes to ease the operation, SGPB said.
“We are taking all necessary measures to ensure the best possible transition for clients and staff”, the SGPB spokesman told PBI.
Other banks such as HSBC Group and Credit Agricole Group shut their offices in Bahrain in the wake of mass unrest that hit the Bahraini kingdom last year.