The Central Bank of Bahrain has granted EFG Bank a license to establish an office in Bahrain.
EFG Bank is a wholly-owned subsidiary of EFG International in Zurich, which manages over $37 billion in assets.
The new Bahrain office, which will provide wealth management solutions, is added to the bank’s list of 40 locations in 26 countries
“The CBB welcomes EFG Bank to Bahrain’s well-diversified financial services industry,” says Ahmed Abdul Aziz Al Bassam, director of licensing and policy at the CBB.
“We are delighted to have received our license from the Central Bank of Bahrain,” says Lawrence Howell, CEO of EFG International. “This will enable EFG Bank to expand its business in the growing Middle East Region.”
An increase in liquidity and wealth levels has created the need for a new private banking service in the Middle East, says Bassam Salem, CEO of EFG Bank for the Middle East.
“We are expanding our network across the Gulf region by developing time honored relationships with clients, leveraging our global network and differentiated product range,” adds Salem. “Bahrain is home to a growing community of wealth managers due to the Kingdom’s strategic location and close proximity to the region’s wealth hubs.”