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Tuesday, 24 November 2009 07:17 UAE time

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Swiss bank pulls out of Bahrain joint venture

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Thursday, 06 August 2009
DEAL U-TURN: Bahrain Central Bank has been informed of Bank Sarasin's decision to pull out of a joint venture in Bahrain. (Getty Images)
DEAL U-TURN: Bahrain Central Bank has been informed of Bank Sarasin's decision to pull out of a joint venture in Bahrain. (Getty Images)

Swiss private bank Sarasin has pulled out of its joint venture in Bahrain, the firm has announced on Thursday.

Bank Sarasin tied up with the El-Khereiji group back in December 2007 and received a licence from regulators last year to set up an investment business together.

But bosses have now cited unsatisfactory economic circumstances for withdrawing from the partnership and has informed the Central Bank of Bahrain of its decision to voluntarily surrender its investment business licence, the company said in a statement on its website.


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The move does not effect Sarasin's other middle eastern joint ventures in Dubai and Qatar.

Bank Sarasin (Bahrain) was to provide a full range of investment advisory, and tailor-made asset management solutions to high net worth individuals and entrepreneurs.

Founded in 1841, Bank Sarasin & Co Ltd is one of Switzerland’s leading private banking institutions.

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