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.
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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.
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By GlobalData
