BSI AG (Generali) obtains CBB licence and opens its representative
office in the Kingdom of Bahrain.
Manama, Bahrain (ots)
- The Central Bank of Bahrain (CBB) has
granted a license to BSI AG (Generali), a major Swiss Private Banking
group, with assets under management totaling CHF 94 billion and
shareholders equity of around CHF 2.3 billion, to establish an office
BSI AG (Generali), headquartered in Lugano, Switzerland, is
incorporated under the laws of Switzerland, supervised and regulated
on a consolidated basis by the Swiss Federal Banking Commission
(SFBC). BSI AG specializes in Private Banking & Asset Management
services for both private & institutional clients with assets under
management of CHF 94 billion, 2,000 employees worldwide and
shareholders' equity of CHF 2.3 billion. BSI AG (A1 by Moody's) is a
wholly owned subsidiary of the Generali Group, a leading player in
the global insurance market (Aa3/Stable by Moody's).
The Bahrain office will be BSI AG's first presence in the Middle
East region and will be offering advisory services specifically
tailored to local needs. The Bahrain office will be headed by Mr.
Saad Osseiran, presently responsible for the Middle East Private
Banking Desk at BSI Generali UK, Ltd. and will constitute a "regional
hub" for the Gulf Area.
"This is a further step, after the opening of BSI Bank Ltd. in
Singapore in 2005 and of BSI Generali Asia Ltd. in Hong Kong in 2007
and the latest acquisitions of Ifabanque SA in Paris in 2005 and
Banca del Gottardo in Lugano, Switzerland, in 2007, to create a
banking group of international standing in the financial asset
management sector, with strong roots in Switzerland and Europe and
operations in most economically dynamic areas, such as, Middle East
and Asia" commented Alfredo Gysi, Chairman of the Executive Board of
"The CBB is delighted to welcome BSI Bank to Bahrain," said Mr.
Ahmed Abdul Aziz Al Bassam, Director, Licensing & Policy, at the CBB.
Mr. Al Bassam, then, added: "the region in general, and the GCC
particularly, is passing through a sound and renewing boom
unprecedented as yet, abreast with serious economic reforms that
undoubtedly help foster its momentum and longevity and pave the way
for the BSI Group as a new entrant to take advantage in such a
rapidly growing financial market".
And according to a new report from AT Kearney, a global strategic
management consulting firm, "a whopping USD 4 trillion in Middle
Eastern Market is available for investment, in both public and
BSI AG was founded in Lugano, Switzerland, in 1873, and is the
oldest bank in the canton of Ticino, Switzerland. Since 1998 it has
been 100%-controlled by the Generali Insurance Group. BSI specialises
in asset management and related services for private and
institutional clients, and is present in the major financial markets
ots Originaltext: BSI SA
Chantal Stampanoni Koeferli