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CBB Licence for BSI AG (Generali)
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 in Bahrain.
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 BSI AG.
"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 private sectors".
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 worldwide.
ots Originaltext: BSI SA