"The Sarasin Group has been granted
an Investment Business Firm Category 2 license from the Central Bank of Bahrain
(CBB) to offer advisory services to wealthy private clients," the Sarasin
Group said in a statement on Tuesday.
The Sarasin Group is incorporated in the
Gulf Cooperation Council (GCC) states and India as Sarasin-Alpen. It operates
alongside its investment banking associate, Alpen Capital. The two
organizations operate through a simple and successful business model where the
investment banking services of Alpen Capital complement the private banking
activities of Sarasin-Alpen.
"We welcome Bank Sarasin's decision
to expand its operations in the Arabian Gulf by establishing Sarasin-Alpen in
Bahrain. Despite the prevailing
international market conditions, there is still demand for investment services
from professional advisers. The future of Bahrain, the GCC and the Middle East
economies is very promising," said Ahmed Al-Bassam, director of licensing
and policy, Central Bank of Bahrain.
"As the 'best private bank in the
Middle East' (The Banker Middle East Awards 2010) we are confident that we can
offer tailored advisory services to our new clients in Bahrain that will
provide genuine value-added benefits to their investment portfolios," said
Rohit Walia, executive vice chairman and CEO of Bank Sarasin-Alpen.
"We are delighted to announce our
presence in Bahrain, yet another country in this important strategic region.
Sarasin-Alpen has been very successful in establishing itself in the Middle
East over the last five years and we are now looking to replicate this success
story in Bahrain," said Fidelis M. Goetz, head of private banking at Bank
Sarasin & Co. Ltd.
"The Middle East is one of three
key regions on which we are focusing our hopes for the future. The pervasive
dynamism of this region offers an attractive growth potential that will enable
us to press ahead with our geographic diversification," said Joachim H.
Straehle, CEO of Bank Sarasin.
The Sarasin Group has its roots as a
leading Swiss private bank. As an international financial service provider
committed to sustainability, the group is now represented in more than 20
locations in Europe, the Middle East and Asia. By end of June 2010 it managed
total client assets of 96.2 billion Swiss francs and employed around 1,500
staff.
